[Federal Register Volume 88, Number 60 (Wednesday, March 29, 2023)]
[Notices]
[Pages 18546-18547]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06545]


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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 and Disclosure Requirements Associated with Regulation RR 
(FR RR; OMB No. 7100-0372).

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.
    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 (which contain more detailed 
information about the information collections and burden estimates than 
this notice), 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/reportingforms/home/review 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 and Disclosure Requirements 
Associated with Regulation RR.
    Collection identifier: FR RR.
    OMB control number: 7100-0372.
    General description of collection: In 2014, the Board, Office of 
the Comptroller of the Currency, Federal Deposit Insurance Corporation, 
U.S. Securities and Exchange Commission, Federal Housing Finance 
Agency, and Department of Housing and Urban Development 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,\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 or a subsidiary of 
a state member bank, 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 previously took 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 extension of the FR RR does 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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    Frequency: Annual, event-generated.
    Respondents: Securitizers that are, or are a subsidiary of, a state 
member bank.
    Total estimated number of respondents: 1.
    Total estimated annual burden hours: 340.\4\
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    \4\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR RR.
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    Current actions: On November 23, 2022, the Board published a notice 
in the Federal Register (87 FR 71637) requesting public comment for 60 
days on the extension, without revision, of the FR RR. The comment 
period for this notice expired on January 23, 2023. The Board did not 
receive any comments.


[[Page 18547]]


    Board of Governors of the Federal Reserve System, March 24, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-06545 Filed 3-28-23; 8:45 am]
BILLING CODE 6210-01-P