[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71637-71639]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25496]


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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

[[Page 71638]]

three years, without revision, the Recordkeeping and Disclosure 
Requirements Associated with Regulation RR (FR RR; OMB No. 7100-0372).

DATES: Comments must be submitted on or before January 23, 2023.

ADDRESSES: You may submit comments, identified by FR RR, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St. NW, Washington, DC 20551, 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 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 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.

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, [email protected], (202) 
452-3884.

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. 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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will be 
made 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. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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, 
Without Revision, the Following Information Collection

    Collection title: Recordkeeping and Disclosure Requirements 
Associated with Regulation RR.
    Collection identifier: FR RR.
    OMB control number: 7100-0372.
    Frequency: Annual, event-generated.
    Respondents: Securitizers that are, or are a subsidiary of, a state 
member bank.
    Estimated number of respondents: 1.
    Estimated average hours per response:

Section 244.4

Standard Risk Retention

Horizontal Interest

Recordkeeping--0.5.
Disclosure--5.5.

Vertical Interest

Recordkeeping--0.5.
Disclosure--2.

Combined Horizontal and Vertical Interests

Recordkeeping--0.5.
Disclosure--7.5.

Section 244.5

Recordkeeping--0.5.
Disclosure--7.

Section 244.6

Recordkeeping--20.
Disclosure--3.

Section 244.7

Recordkeeping--30.
Disclosure--20.75.

Section 244.8

Disclosure--1.5.

Section 244.9

Disclosure--20.25.

Section 244.10

Disclosure--6.

Section 244.11

Recordkeeping--20.
Disclosure--2.5.

Sections 244.13 and 244.19(g)

Recordkeeping--40.
Disclosure--1.25.

Section 244.15

Recordkeeping--05.
Disclosure--20.

Section 244.16

Recordkeeping--40.5.
Disclosure--1.25.

Section 244.17

Recordkeeping--40.5.

[[Page 71639]]

Disclosure--1.25.

Section 244.18

Recordkeeping--40.5.
Disclosure--1.25.
    Estimated annual burden hours: 340.
    General description of collection: In 2014, the Board, Office of 
the Comptroller of the Currency (OCC), Federal Deposit Insurance 
Corporation (FDIC), U.S. Securities and Exchange Commission (SEC), 
Federal Housing Finance Agency (FHFA), and Department of Housing and 
Urban Development (HUD) adopted a joint final rule (credit risk 
retention rule) that implemented the credit risk retention requirements 
of section 15G of the Securities Exchange Act of 1934 (Exchange 
Act),\1\ which was added by section 941 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act.\2\ The Board's credit risk 
retention rule, which applies to any securitizer of asset-backed 
securities (securitizer) that is a state member bank (SMB) or a 
subsidiary of an SMB, is codified in the Board's Regulation RR--Credit 
Risk Retention (12 CFR part 244). Regulation RR includes a number of 
mandatory recordkeeping and disclosure requirements.\3\
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    \1\ 15 U.S.C. 78o-11.
    \2\ Public Law 111-203, 124 Stat. 1376 (2010).
    \3\ The FR RR currently takes burden for the SEC's credit risk 
retention rule insofar as it applies to securitizers that are, or 
are a subsidiary of, a bank holding company, savings and loan 
holding company, intermediate holding company, Edge or agreement 
corporation, foreign banking organization, or nonbank financial 
company supervised by the Board. The proposed extension of the FR RR 
would not include burden for the SEC's rule, because it is not a 
collection of information conducted or sponsored by the Board.
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    Legal authorization and confidentiality: The FR RR is authorized 
pursuant to section 15G of the Exchange Act, which requires the Board, 
jointly with the OCC, FDIC, and SEC, to prescribe risk retention 
regulations for securitizers (15 U.S.C. 78o-11). The FR RR is 
mandatory.
    Records kept and information disclosed pursuant to the requirements 
of the FR RR are not submitted to the Board, so the issue of 
confidentiality will not normally arise. If the Board's examiners 
obtain a copy of the records as part of an examination, the records may 
be exempt from disclosure under exemption 8 of the Freedom of 
Information Act, which exempts from disclosure matters that are 
``contained in or related to examination, operating, or condition 
reports prepared by, on behalf of, or for the use of an agency 
responsible for the regulation or supervision of financial 
institutions'' (5 U.S.C. 552(b)(8)).
    Consultation outside the agency: The credit risk retention rule was 
adopted on an interagency basis. The Board consulted with the OCC, 
FDIC, and SEC with respect to the extension, without revision, of this 
information collection.

    Board of Governors of the Federal Reserve System, November 17, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25496 Filed 11-22-22; 8:45 am]
BILLING CODE 6210-01-P