[Federal Register Volume 84, Number 156 (Tuesday, August 13, 2019)]
[Notices]
[Pages 40051-40052]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17264]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Recordkeeping Provisions Associated with the Interagency Statement on 
Complex Structured Finance Activities (FR 4022; OMB No. 7100-0311).

FOR FURTHER INFORMATION CONTACT: 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.
    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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Board's public website at 
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be 
requested from the agency clearance officer, whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Recordkeeping Provisions Associated with the 
Interagency Statement on Complex Structured Finance Activities.
    Agency form number: FR 4022.
    OMB control number: 7100-0311.
    Frequency: Annual.
    Respondents: State member banks, bank holding companies (other than 
foreign banking organizations), savings and loan holding companies 
(SLHCs), and U.S. branches and agencies of foreign banks.
    Estimated number of respondents: 18.
    Estimated average hours per response: 10 hours.
    Estimated annual burden hours: 180.
    General description of report: In January 2007, the Board, the 
Office of the Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, the Securities and Exchange Commission, and the 
former Office of Thrift Supervision published guidance titled, 
``Interagency Statement on Sound Practices Concerning Elevated Risk 
Complex Structured Finance Activities.'' The Interagency Statement 
provides that financial institutions supervised by the Board should 
establish and maintain written policies and procedures for identifying, 
evaluating, assessing, documenting, and controlling risks associated 
with certain complex structured finance transactions (CSFTs), and 
should retain certain documents related to elevated risk CSFTs. For 
purposes of the Board's review, the term ``financial institution'' 
refers to state member banks, bank holding companies (other than 
foreign banking organizations), SLHCs, and U.S. branches and agencies 
of foreign banks.
    Legal authorization and confidentiality: The Board is authorized to 
issue the recordkeeping guidance associated with the Interagency 
Statement with respect to state member banks pursuant to sections 9(7), 
11(a), 21(4), and 25(4) of the Federal Reserve Act (12 U.S.C. 325, 
248(a), 483, and 602); with respect to bank holding companies pursuant 
to section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); 
with respect to savings and loan holding companies pursuant to section 
10(b) and (g) of the Home Owners' Loan Act (12 U.S.C. 1467a(b) and 
(g)); and with respect to U.S. branches and agencies of foreign banks 
pursuant to sections 7(c) and 13(a) of the International Banking Act of 
1978 (12 U.S.C. 3105(c) and 3108(a)). Because the recordkeeping 
provisions are contained within guidance, which is nonbinding, these 
provisions are voluntary. There are no reporting forms associated with 
the recordkeeping provisions of the Interagency Statement. Because any 
policies, procedures, or other records that were voluntarily created 
pursuant to the guidance in the Interagency Statement would be 
maintained at each financial institution, 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 financial institution. 
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 of the FOIA, which protects trade secrets or 
confidential commercial or financial information that is reasonably 
likely to

[[Page 40052]]

result in substantial competitive harm if disclosed (5 U.S.C. 
552(b)(4)).
    Current actions: On May 15, 2019, the Board published a notice in 
the Federal Register (84 FR 21778) requesting public comment for 60 
days on the extension, without revision, of the Recordkeeping 
Provisions Associated with the Interagency Statement on Complex 
Structured Finance Activities. The comment period for this notice 
expired on July 15, 2019. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, August 7, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-17264 Filed 8-12-19; 8:45 am]
 BILLING CODE 6210-01-P