[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31552-31553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11093]


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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 for the Federal 
Reserve Board, 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (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. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve 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.

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

    Collection title: Recordkeeping Provisions Associated with the 
Interagency Statement on Complex Structured Finance Activities.
    Collection identifier: 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.

[[Page 31553]]

    Estimated average hours per response: 10.
    Estimated annual burden hours: 180.
    General description of collection: The Interagency Statement on 
Sound Practices Concerning Elevated Risk Complex Structured Finance 
Activities (the Statement) \1\ states that certain financial 
institutions should establish and maintain written policies and 
procedures for identifying, evaluating, assessing, documenting, and 
controlling risks associated with complex structured finance 
transactions (CSFTs) and should retain certain documents related to 
elevated risk CSFTs, which are a subcategory of CSFTs. The FR 4022 
covers these information collections for financial institutions that 
are subject to the Statement and that are supervised by the Board.
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    \1\ See https://www.federalregister.gov/documents/2007/01/11/07-55/interagency-statement-on-sound-practices-concerning-elevated-risk-complex-structured-finance.
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    Legal authorization and confidentiality: The Board's recordkeeping 
guidance associated with the Statement relates to information that the 
Board is authorized to collect under the Federal Reserve Act (with 
respect to state member banks),\2\ under the Bank Holding Company Act 
(with respect to bank holding companies),\3\ under the Home Owners' 
Loan Act (with respect to SLHCs),\4\ and under the International 
Banking Act (with respect to U.S. branches and agencies of foreign 
banks).\5\ The FR 4022 recordkeeping provisions are voluntary.
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    \2\ 12 U.S.C. 248(a).
    \3\ 12 U.S.C. 1844(c).
    \4\ 12 U.S.C. 1467a(b) and 1467a(g).
    \5\ 12 U.S.C. 3105(c) and 3108(a).
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    Any policies, procedures, or other records voluntarily created 
based on the Statement would be maintained at the financial institution 
that created them. The Freedom of Information Act (FOIA) would be 
implicated only if the Board obtained such records as part of the 
examination or supervision of a financial institution, in which case 
the records may be protected from disclosure under FOIA exemption 8, 
which protects information contained in ``examination, operating, or 
condition reports'' obtained in the bank supervisory process.\6\ 
Information provided on the FR 4022 may also be exempt from disclosure 
pursuant to FOIA exemption 4 if it is nonpublic commercial or financial 
information, which is both customarily and actually treated as private 
by the respondent.\7\
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    \6\ 5 U.S.C. 552(b)(8).
    \7\ 5 U.S.C. 552(b)(4).
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    Current actions: On January 25, 2022, the Board published a notice 
in the Federal Register (87 FR 3809) requesting public comment for 60 
days on the extension, without revision, of the FR 4022. The comment 
period for this notice expired on March 28, 2022. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, May 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11093 Filed 5-23-22; 8:45 am]
BILLING CODE 6210-01-P