[Federal Register Volume 84, Number 122 (Tuesday, June 25, 2019)]
[Notices]
[Pages 29862-29864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13490]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice; request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Interagency Policy Statement on Funding and Liquidity Risk
Management (FR 4198; OMB No. 7100-0326).
DATES: Comments must be submitted on or before August 26, 2019.
ADDRESSES: You may submit comments, identified by FR 4198, by any of
the following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available on the Board's website at https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room
146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m.
and 5:00 p.m. on weekdays. For security reasons, the Board requires
that visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security
[[Page 29863]]
screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and
Budget, New Executive Office Building, Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act
(PRA) OMB submission, including the proposed reporting form and
instructions, supporting statement, and other documentation will be
placed into OMB's public docket files, if approved. These documents
will also be made available on the Board's public website at http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Interagency Policy Statement on Funding and Liquidity
Risk Management.
Agency form number: FR 4198.
OMB control number: 7100-0326.
Frequency: Annually.
Respondents: Bank holding companies, savings and loan holding
companies, state-licensed branches and agencies of foreign banks (other
than insured branches), corporations organized or operating under
sections 25 or 25A of the Federal Reserve Act (agreement corporations
and Edge corporations), and state member banks (collectively, financial
institutions).
Estimated number of respondents: Implementing recordkeeping, 30;
ongoing recordkeeping, 4,789.
Estimated average hours per response: Implementing recordkeeping,
160 hours; ongoing recordkeeping, 32 hours.
Estimated annual burden hours: 158,048 hours.
General description of report: The Interagency Policy Statement on
Funding and Liquidity Risk Management (Guidance) \1\ states that
financial institutions should develop and document liquidity risk
management policies and procedures commensurate with the institution's
complexity, risk profile, and scope of operations. Sections 3 and 6 of
the Guidance provide that financial institutions should maintain such
policies and procedures. Section 6 of the Guidance states that
financial institutions should have a contingency funding plan (CFP)
that sufficiently addresses potential adverse liquid events and
emergency cash flow requirements, and section 34 of the Guidance states
that the CFP should be documented.
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\1\ ``Interagency Policy Statement on Funding and Liquidity Risk
Management,'' 75 FR 13656 (March 22, 2010). The Guidance was
published jointly by the Board, the Office of the Comptroller of the
Currency, the Office of Thrift Supervision, the Federal Deposit
Insurance Corporation, and the National Credit Union Administration.
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Proposed revisions: The Board is proposing to revise the FR 4198 to
account for all of the recordkeeping provisions set forth in the
Guidance related to liquidity risk management policies, procedures, and
assumptions, and CFPs. The FR 4198 currently does not account for the
recordkeeping provisions related to CFPs and does not fully account for
the recordkeeping provisions related to liquidity risk management
policies, procedures, and assumptions.
Legal authorization and confidentiality: The recordkeeping
provisions of the Guidance are authorized pursuant to sections 9(6),
25, and 25A of the Federal Reserve Act \2\ (for state member banks,
agreement corporations, and Edge corporations, respectively); section
5(c) of the Bank Holding Company Act \3\ (for bank holding companies);
section 10(b)(3) of the Home Owners' Loan Act \4\ (savings and loan
holding companies); and section 7(c)(2) of the International Banking
Act \5\ (state-licensed branches and agencies of foreign banks, other
than insured branches). Because the recordkeeping provisions are
contained within guidance, which is nonbinding, they are voluntary.\6\
There are no reporting forms associated with this information
collection.
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\2\ 12 U.S.C. 324, 602, and 625, respectively.
\3\ 12 U.S.C. 1844(c).
\4\ 12 U.S.C. 1467a(b)(3).
\5\ 12 U.S.C. 3105(c)(2).
\6\ See SR 18-5/CA 18-7: Interagency Statement Clarifying the
Role of Supervisory Guidance (Sept. 11, 2018).
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Because these records would be maintained at each banking
organization, the Freedom of Information Act (FOIA) would only be
implicated if the Board obtained such records as part of the
examination or supervision of a banking organization. In the event the
records are obtained by the Board as part of an examination or
supervision of a financial institution, this information may be
considered confidential pursuant to exemption 8 of the FOIA, which
protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process (5 U.S.C.
552(b)(8)). In addition, the information may also be kept confidential
under exemption 4 for the FOIA, which protects ``commercial or
financial information obtained from a person [that is] privileged or
confidential'' (5 U.S.C. 552(b)(4)).
Consultation outside the agency: The Guidance was published jointly
by the Board, the Office of the Comptroller of
[[Page 29864]]
the Currency, the Office of Thrift Supervision, the Federal Deposit
Insurance Corporation, and the National Credit Union Administration.
There has been no consultation outside of the Federal Reserve System
with regard to the current proposal to extend the FR 4198 for three
years, with revision.
Board of Governors of the Federal Reserve System, June 20, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-13490 Filed 6-24-19; 8:45 am]
BILLING CODE 6210-01-P