[Federal Register Volume 85, Number 185 (Wednesday, September 23, 2020)]
[Notices]
[Pages 59797-59800]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21003]


=======================================================================
-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0083;-0085;-0137;-0148; -0182;-0194]


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the renewal of 
the existing information collections described below (OMB Control No. 
3064-0083;-0085;-0137;-0148;-0182-0194).

DATES: Comments must be submitted on or before November 23, 2020.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW, 
Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street building (located on F Street), 
on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collections of 
Information

    1. Title: Recordkeeping and Disclosure Requirements in Connection 
with Regulation M (Consumer Leasing)
    OMB Number: 3064-0083.
    Form Number: None.
    Affected Public: State nonmember banks and state savings 
associations engaging in consumer leasing.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     Estimated                               Estimated       Estimated
      Information collection          Type of burden      Obligation  to respond     number of     Estimated  frequency      time per     annual  burden
           description                                                              respondents        of responses          response         (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping and Disclosure       Recordkeeping.......  Mandatory..............              52  On Occasion...........           0.375           1,950
 Requirements in Connection with
 Regulation M (Consumer Leasing).
Recordkeeping and Disclosure       Third-Party           Mandatory..............              52  On Occasion...........           0.375           1,950
 Requirements in Connection with    Disclosure.
 Regulation M (Consumer Leasing).
--------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 59798]]

    Total Estimated Annual Burden: 3,900 hours.
    General Description of Collection: Regulation M (12 CFR 1013), 
issued by the Bureau of Consumer Financial Protection, implements the 
consumer leasing provisions of the Truth in Lending Act. Regulation M 
requires lessors of personal property to provide consumers with 
meaningful disclosures about the costs and terms of the leases for 
personal property. Lessors are required to retain evidence of 
compliance with Regulation M for twenty-four months. There is no change 
in the methodology or substance of this information collection. The 
estimated annual burden is unchanged.
    2. Title: Record Keeping, Reporting and Disclosure Requirements in 
Connection with the Equal Credit Opportunity Act Regulation B.
    OMB Number: 3064-0085.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         Estimated
                                                                         Estimated        average        Estimated                           Estimated
    Information collection      Type of burden      Obligation to       number  of        annual       total annual   Estimated time per   annual burden
         description                                   respond          respondents    frequency  of     responses          response          (hours)
                                                                                         responses
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit Reporting History       Reporting.......  Mandatory..........           3,309             850       2,812,650  2 minutes.........          93,755
 (1002.10).
                                                                     -----------------------------------------------------------------------------------
    Total Reporting Burden...  ................  ...................  ..............  ..............  ..............  ..................          93,755
--------------------------------------------------------------------------------------------------------------------------------------------------------
Disclosure for Optional Self-  Third-Party       Voluntary..........             972           2,500       2,430,000  1 minute..........          40,500
 Test (1002.5).                 Disclosure.
Notifications (1002.9).......  Third-Party       Mandatory..........           3,309           1,715       5,674,935  2 minutes.........         189,165
                                Disclosure.
Appraisal Report Upon Request  Third-Party       Mandatory..........           3,309             190         628,710  1 minute..........          10,479
 (1002.12(a)(1)).               Disclosure.
Notice of Right to Appraisal   Third-Party       Mandatory..........           3,309           1,650       5,459,850  1 minute..........          90,998
 (1002.14(a)(2)).               Disclosure.
                                                                     -----------------------------------------------------------------------------------
    Total Third-Party          ................  ...................  ..............  ..............  ..............  ..................         331,142
     Disclosure Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Record Retention               Recordkeeping...  Mandatory..........           3,309             360       1,191,240  1 minute..........          19,854
 (Applications, Actions, Pre-
 Screened Solicitations)
 (1002.12).
Record Retention (Self-        Recordkeeping...  Mandatory..........             972               1             972  2 hours...........           1,944
 Testing) (1002.12).
Record Retention (Self-        Recordkeeping...  Mandatory..........             243               1             243  8 hours...........           1,944
 Testing Self-Correction)
 (1002.15).
                                                                     -----------------------------------------------------------------------------------
    Total Recordkeeping        ................  ...................  ..............  ..............  ..............  ..................          23,742
     Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 448,639 hours.
    General Description of Collection: Regulation B (12 CFR part 1002) 
issued by the Consumer Financial Protection Bureau, prohibits creditors 
from discriminating against applicants on any bases specified by the 
Equal Credit Opportunity Act; imposes, reporting, record keeping and 
disclosure requirements; establishes guidelines for gathering and 
evaluating credit information; and requires creditors to give 
applicants certain written notices. There is no change in the method or 
substance of the collection. The overall reduction in burden hours is a 
result of economic fluctuation. In particular, the number of 
respondents has decreased while the reporting frequency and the 
estimated time per response remain the same.
    3. Title: Interagency Guidance on Asset Securitization Activities.
    OMB Number: 3064-0137.
    Form Number: None.
    Affected Public: Insured State Nonmember Banks and State Savings 
Associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Estimated
      Information collection                                                         Estimated     Estimated  frequency      time per        Estimated
           description                Type of burden      Obligation  to respond     number of         of responses          response     annual  burden
                                                                                    respondents                               (hours)         (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Documentation of Fair Value......  Recordkeeping.......  Mandatory..............              20  On Occasion...........               4              80
Asset Securitization Policies--    Recordkeeping.......  Mandatory..............               6  On Occasion...........              32             192
 New Entrant.
Asset Securitization Policies--    Recordkeeping.......  Mandatory..............               2  On Occasion...........               3               6
 Upgrades of Policies.
MIS Improvements--New Entrant....  Recordkeeping.......  Mandatory..............               6  On Occasion...........              21             126
MIS Improvements--Systems          Recordkeeping.......  Mandatory..............               2  On Occasion...........               5              10
 Upgrades.
--------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 59799]]

    Total Estimated Annual Burden: 414 hours.
    General Description of Collection: The Interagency Guidance on 
Asset Securitization Activities informs bankers and examiners of safe 
and sound practices regarding asset Securitization. The information 
collections contained in the Interagency Guidance are needed by 
institutions to manage their asset Securitization activities in a safe 
and sound manner. Bank management uses this information as the basis 
for the safe and sound operation of their asset securitization 
activities and to ensure that they minimize operational risk in these 
activities. There is no change in the method or substance of the 
information collection. The overall 257-hour increase in estimated 
annual burden (from 157 hours in 2017 to 414 hours currently) is the 
result of economic fluctuation. In particular, the number of 
respondents has increased while the reporting frequency and the 
estimated time per response remain the same.
    4. Title: Interagency Statement on Sound Practices Concerning 
Complex Structured Finance Transactions.
    OMB Number: 3064-0148.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Estimated
      Information collection                                                         Estimated     Estimated  frequency      time per        Estimated
           description                Type of burden      Obligation  to respond     number of         of responses          response     annual  burden
                                                                                    respondents                               (hours)         (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Complex Structured Finance         Recordkeeping.......  Mandatory..............               4  On Occasion...........              25             100
 Transactions.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 100 hours.
    General Description of Collection: The Interagency Statement on 
Sound Practices Concerning Complex Structured Finance Transactions 
describes the types of internal controls and risk management procedures 
that the Agencies believe are particularly effective in assisting 
financial institutions to identify, evaluate, assess, document, and 
control the full range of credit, market, operational, legal and 
reputation al risks. A financial institution that engages in complex 
structured finance transactions should maintain a set of formal, 
written, firm-wide policies and procedures that are designed to allow 
the institution to identify and assess these risks. There is no change 
in the methodology or substance of this information collection. The 
estimated annual burden is unchanged.
    5. Title: Retail Foreign Exchange Transactions.
    OMB Number: 3064-0182.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Estimated
    Information collection                          Obligation  to       Estimated       Frequency of        Estimated       time per        Estimated
         description            Type of burden         respond           number of         response        total annual      response     annual  burden
                                                                        respondents                          responses        (hours)         (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reporting Requirements.......  Reporting.......  Mandatory..........               1  On Occasion.......               1              16              16
--------------------------------------------------------------------------------------------------------------------------------------------------------
    Total Reporting Burden...  ................  ...................  ..............  ..................  ..............  ..............              16
--------------------------------------------------------------------------------------------------------------------------------------------------------
Third-Party Disclosure         Third-Party       Mandatory..........               1  On Occasion.......               1             166             166
 Requirements.                  Disclosure.
--------------------------------------------------------------------------------------------------------------------------------------------------------
    Total Third-Party          ................  ...................  ..............  ..................  ..............  ..............              16
     Disclosure Burden.
Recordkeeping Requirements...  Recordkeeping...  Mandatory..........               1  On Occasion.......               1           1,332           1,332
--------------------------------------------------------------------------------------------------------------------------------------------------------
    Total Recordkeeping        ................  ...................  ..............  ..................  ..............  ..............           1,332
     Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 1,514 hours.
    General Description of Collection: This information collection 
implements section 742(c)(2) of the Dodd-Frank Act (7 U.S.C. 2(c)(2)(E) 
and FDIC regulations governing retail foreign exchange transactions as 
set forth at 12 CFR part 349, subpart B. The regulation allows banking 
organizations under FDIC supervision to engage in off-exchange 
transactions in foreign currency with retail customers provided they 
comply with various reporting, recordkeeping and third-party disclosure 
requirements specified in the rule. If an institution elects to conduct 
such transactions, compliance with the information collection is 
mandatory.
    Reporting Requirements--Part 349, subpart B requires that, prior to 
initiating a retail foreign exchange business; a banking institution 
must provide the FDIC with a notice certifying that the institution has 
written policies and procedures, and risk measurement and management 
systems and controls in place to ensure that retail foreign exchange 
transactions are conducted in a safe and sound manner. The institution 
must also provide information about how it intends to manage customer 
due diligence, new product approvals and haircuts applied to noncash 
margin.
    Recordkeeping Requirements--Part 349 subpart B requires that 
institutions engaging in retail foreign exchange transactions keep 
full, complete and systematic records of account, financial ledger, 
transaction, memorandum orders and post execution allocations of 
bunched orders. In addition, institutions are required to maintain 
records regarding their ratio of profitable accounts, possible 
violations of law, records of noncash margin and monthly statements and 
confirmations issued.

[[Page 59800]]

    Disclosure Requirements--The regulation requires that, before 
opening an account that will engage in retail foreign exchange 
transactions, a banking institution must obtain from each retail 
foreign exchange customer an acknowledgement of receipt and 
understanding of a written disclosure specified in the rule and of 
disclosures about the banking institution's fees and other charges and 
of its profitable accounts ratio. The institution must also provide 
monthly statements to each retail foreign exchange customer and must 
send confirmation statements following every transaction.
    The customer dispute resolution provisions of the regulation 
require certain endorsements, acknowledgements and signature language 
as well as the timely provision of a list of persons qualified to 
handle a customer's request for arbitration.
    There is no change in the method or substance of the collection. At 
present no FDIC-supervised institution is engaging in activities that 
would make them subject to the information collection requirements. The 
agency is keeping the estimated number of respondents to one (1) as a 
placeholder in case an institution elects to engage in covered 
activities in the future. There has been no change in the frequency of 
response or in the estimated number of hours required to respond.
    6. Title: Covered Financial Company Asset Purchaser Eligibility 
Certification.
    OMB Number: 3064-0194.
    Form Number: 7300/10.
    Affected Public: Any individual or entity that is a potential 
purchaser of assets from (1) the FDIC as receiver for a Covered 
Financial Company (CFC); or (2) a bridge financial company (BFC) which 
requires the approval of the FDIC, as receiver for the predecessor CFC 
and as the sole shareholder of the BFC (e.g., the BFC's sale of a 
significant business line).
    Burden Estimates:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Estimated
      Information collection                                                         Estimated     Estimated  frequency      time per        Estimated
           description                Type of burden      Obligation  to respond     number of         of responses          response     annual  burden
                                                                                    respondents                              (minutes)        (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Covered Financial Company Asset    Reporting...........  Mandatory..............              10  On Occasion...........              30               5
 Sales Purchaser Eligibility
 Certification.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 5 hours.
    General Description of Collection: Assets held by the FDIC in the 
course of liquidating any covered financial company must not be sold to 
persons who contributed to the demise of a covered financial company in 
specified ways (e.g., individuals who profited or engaged in wrongdoing 
at the expense of the failed institution, or seriously mismanaged the 
failed institution). 12 CFR part 380 requires prospective purchasers to 
complete and submit a Purchaser Eligibility Certification (PEC) to the 
FDIC. The PEC is a self certification by a prospective purchaser that 
it does not fall into any of the categories of individuals or entities 
that are prohibited by statute or regulation from purchasing the assets 
of covered financial companies. The PEC will be required in connection 
with the sale of assets by the FDIC, as receiver for a CFC, or the sale 
of assets by a BFC which requires the approval of the FDIC, as receiver 
for the predecessor CFC and as the sole shareholder of the BFC. There 
is no change in the methodology or substance of this information 
collection. The estimated annual burden is unchanged.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the 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; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on September 17, 2020.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2020-21003 Filed 9-22-20; 8:45 am]
BILLING CODE 6714-01-P