[Federal Register Volume 88, Number 140 (Monday, July 24, 2023)]
[Notices]
[Pages 47500-47503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-15565]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0176; -0184]


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995, invites the general public and other Federal 
agencies to take this opportunity to comment on the request to renew 
the existing information collections described below (OMB Control No. 
3064-0176; -0184). The notices of the proposed renewal for these 
information collections were previously published in the Federal 
Register on June 1, 2023, allowing for a 60-day comment period.

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

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.
     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 NW building (located on F Street 
NW), on business days between 7:00 a.m. and 5:00 p.m.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.

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 collection of 
information:
    1. Title: Reverse Mortgage Products.
    OMB Number: 3064-0176.
    Forms: None.
    Affected Public: Insured state nonmember banks and state savings 
associations making reverse mortgage.
    Burden Estimate:

[[Page 47501]]



                                       Summary of Estimated Annual Burden
                                               [OMB No. 3064-0176]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
    Information collection        (frequency of      Number of     responses per     response      Annual burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
1. Reverse Mortgage Products--  Recordkeeping...               1               1           40:00              40
 Implementation, 12 CFR 365
 (Mandatory).
2. Reverse Mortgage Products--  Recordkeeping...              30               1           08:00             240
 Ongoing, 12 CFR 365
 (Mandatory).
                                                 ---------------------------------------------------------------
    Total Annual Burden         ................  ..............  ..............  ..............             280
     (Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: Respondents must prepare and 
provide certain disclosures to consumers (e.g., that insurance products 
and annuities are not FDIC-insured) and obtain consumer 
acknowledgments, at two different times: (1) Before the completion of 
the initial sale of an insurance product or annuity to a consumer; and 
(2) at the time of application for the extension of credit (if 
insurance products or annuities are sold, solicited, advertised, or 
offered in connection with an extension of credit). There is no change 
in the substance or methodology of this information collection.
    2. Title: Volcker Rule Restrictions on Proprietary Trading and 
Relationships with Hedge Funds and Private Equity Funds.
    OMB Number: 3064-0184.
    Forms: None.
    Affected Public: Private Sector; Insured state nonmember banks and 
state savings associations.
    Burden Estimate:

                        Table 1--Summary of Estimated Implementation/Set-Up Annual Burden
                                               [OMB No. 3064-0184]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
    Information collection        (frequency of      Number of     responses per     response     Annual  burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
1. Section 351.4(c)(3)(i)--     Reporting (On                  1               1           00:15               0
 Limit Breaches and Increases    occasion).
 (Mandatory).
2. Section 351.20(d)--          Reporting                      1               1          125:00             125
 Requirements under Appendix A   (Quarterly).
 for Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
3. Section 351.20(i)--Notice    Reporting (On                  1               1           20:00              20
 and Response (Voluntary).       occasion).
4. Section 351.3(d)(3)--        Recordkeeping                  1               1            3:00               3
 Purchase and sale of            (On occasion).
 securities in Accordance with
 liquidity management plans
 (Mandatory).
5. Section 351.4(b)(3)(i)(A)--  Recordkeeping                  1               1            2:00               2
 Trading Desk Documentation      (On occasion).
 (Mandatory).
6. Section 351.4(c)(3)(i)--     Recordkeeping                  1               1           00:15               0
 Limit Breaches and Increases    (On occasion).
 (Mandatory).
7. Section 351.5(c)--Hedging    Recordkeeping                  1               1           80:00              80
 Instruments Documentation       (On occasion).
 (Mandatory).
8. Section                      Recordkeeping                  1               1           10:00              10
 351.10(c)(18)(ii)(C)(1)--Cust   (On occasion).
 omer facilitation vehicles
 (Mandatory).
9. Section 351.11(a)(2)--       Recordkeeping                  1               1           10:00              10
 Documentation on advisory or    (On occasion).
 related services to customers
 (Mandatory).
10. Section 351.20(b)--         Recordkeeping                  1               1          795:00             795
 Compliance Program for          (On occasion).
 Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
11. Section 351.20(c)--CEO      Recordkeeping                  1               1          300:00             300
 attestation for Covered Banks   (Annual).
 with Significant Trading
 Assets & Liabilities
 (Mandatory).
12. Section 351.20(d)--         Recordkeeping                  1               1           10:00              10
 Requirements under Appendix A   (On occasion).
 for Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
13. Section 351.20(e)--         Recordkeeping                  1               1          200:00             200
 Additional documentation for    (On occasion).
 covered funds for Covered
 Banks with Significant
 Trading Assets & Liabilities
 (Mandatory).
14. Section 351.20(f)(1)--      Recordkeeping                  1               1            8:00               8
 Simplified compliance program   (On occasion).
 for Covered Banks with no
 trading assets or liabilities
 (Mandatory).
15. Section 351.20(f)(2)--      Recordkeeping                  1               1          100:00             100
 Simplified compliance program   (On occasion).
 for Covered Banks with
 moderate trading assets and
 liabilities (Mandatory).

[[Page 47502]]

 
16. Section 351.11(a)(8)(i)--   Third-party                    1               1           00:30               1
 Offerings disclosures           Disclosure (On
 (Mandatory).                    Occasion).
                                                 ---------------------------------------------------------------
    Estimated Implementation    ................  ..............  ..............  ..............           1,664
     Annual Burden (Hours).
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Source: FDIC.
Note: The annual burden estimate for a given collection is calculated in two steps. First, the total number of
  annual responses is calculated as the whole number closest to the product of the annual number of respondents
  and the annual number of responses per respondent. Then, the total number of annual responses is multiplied by
  the time per response and rounded to the nearest hour to obtain the estimated annual burden for that
  collection. This rounding ensures the annual burden hours in the table are consistent with the values recorded
  in the OMB's regulatory tracking system.


                               Table 2--Summary of Estimated Ongoing Annual Burden
                                               [OMB No. 3064-0184]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
    Information collection        (frequency of      Number of     responses per     response      Annual burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
1. Section 351.4(c)(3)(i)--     Reporting (On                  7              20           00:15              35
 Limit Breaches and Increases    occasion).
 (Mandatory).
2. Section 351.20(d)--          Reporting                      2               4           41:00             328
 Requirements under Appendix A   (Quarterly).
 for Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
3. Section 351.20(i)--Notice    Reporting (On                  7               1           20:00             140
 and Response (Voluntary).       occasion).
4. Section 351.3(d)(3)--        Recordkeeping                  7               1            1:00               7
 Purchase and sale of            (On occasion).
 securities in Accordance with
 liquidity management plans
 (Mandatory).
5. Section 351.4(b)(3)(i)(A)--  Recordkeeping                  7               4            2:00              56
 Trading Desk Documentation      (On occasion).
 (Mandatory).
6. Section 351.4(c)(3)(i)--     Recordkeeping                  7              40           00:15              70
 Limit Breaches and Increases    (On occasion).
 (Mandatory).
7. Section 351.5(c)--Hedging    Recordkeeping                  2               1           80:00             160
 Instruments Documentation       (On occasion).
 (Mandatory).
8. Section                      Recordkeeping                  7               1           10:00              70
 351.10(c)(18)(ii)(C)(1)--Cust   (On occasion).
 omer facilitation vehicles
 (Mandatory).
9. Section 351.11(a)(2)--       Recordkeeping                  7               1           10:00              70
 Documentation on advisory or    (On occasion).
 related services to customers
 (Mandatory).
10. Section 351.20(b)--         Recordkeeping                  2               1          265:00             530
 Compliance Program for          (On occasion).
 Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
11. Section 351.20(c)--CEO      Recordkeeping                  2               1          100:00             200
 attestation for Covered Banks   (Annual).
 with Significant Trading
 Assets & Liabilities
 (Mandatory).
12. Section 351.20(d)--         Recordkeeping                  2               1           10:00              20
 Requirements under Appendix A   (On occasion).
 for Covered Banks with
 Significant Trading Assets &
 Liabilities (Mandatory).
13. Section 351.20(e)--         Recordkeeping                  2               1          200:00             400
 Additional documentation for    (On occasion).
 covered funds for Covered
 Banks with Significant
 Trading Assets & Liabilities
 (Mandatory).
14. Section 351.20(f)(1)--      Recordkeeping                  1               1            8:00               8
 Simplified compliance program   (On occasion).
 for Covered Banks with no
 trading assets or liabilities
 (Mandatory).
15. Section 351.20(f)(2)--      Recordkeeping                  5               1           40:00             200
 Simplified compliance program   (On occasion).
 for Covered Banks with
 moderate trading assets and
 liabilities (Mandatory).
16. Section 351.11(a)(8)(i)--   Third-party                    7              26           00:30              91
 Offerings disclosures           Disclosure (On
 (Mandatory).                    Occasion).
                                                 ---------------------------------------------------------------
    Estimated Ongoing Annual    ................  ..............  ..............  ..............           2,385
     Burden (Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

[[Page 47503]]

 
Note: The annual burden estimate for a given collection is calculated in two steps. First, the total number of
  annual responses is calculated as the whole number closest to the product of the annual number of respondents
  and the annual number of responses per respondent. Then, the total number of annual responses is multiplied by
  the time per response and rounded to the nearest hour to obtain the estimated annual burden for that
  collection. This rounding ensures the annual burden hours in the table are consistent with the values recorded
  in the OMB's regulatory tracking system.

    OMB No. 3064-0184 Total Estimated Annual Burden (Hours): 4,049.
    General Description of Collection: Section 13 of the Bank Holding 
Company Act of 1956 (section 13) contains certain restrictions on the 
ability of a banking entity to engage in proprietary trading and to 
have certain interests in, or relationships with, a hedge fund or 
private equity fund. The FDIC's regulations at 12 CFR part 351 (part 
351) implement section 13 with respect to FDIC-supervised insured 
depository institutions (IDIs). The requirements in part 351 do not 
apply to FDIC-supervised IDIs that have, and if every company that 
controls it has, total consolidated assets of $10 billion or less and 
total trading assets and trading liabilities, that are five percent or 
less of total consolidated assets.\1\ Part 351 contains provisions that 
constitute information collections (ICs) under the Paperwork Reduction 
Act corresponding to policies, rules, and regulations regarding 
periodic reporting requirements, documentation of trading activities 
and compliance programs, and various other recordkeeping and disclosure 
requirements for FDIC-supervised IDIs that are subject to the 
requirements of part 351 (covered bank).
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    \1\ 12 CFR 351.2(r)(2).
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    There is no change in the substance or methodology of this 
information collection. The estimated annual burden for this 
information collection is 4,049 hours. This is an increase of 856 hours 
from the total estimated annual burden of 3,193 hours submitted in 
2020. As was the case in 2020, the FDIC assumes that all covered banks 
have completed the implementation portions of this information 
collection. Thus, the current estimated annual implementation burden is 
identical to the estimated annual implementation burden in 2020 (1,664 
hours).
    The increase in burden is driven entirely by the increase in the 
total annual ongoing burden which is now estimated to be 2,385 hours, 
an increase of 856 hours from the estimated annual burden used in 2020 
(1,529 hours). Specifically, the number of covered banks considered to 
have ``significant'' trading assets and liabilities has increased from 
one in 2020 to two in the current estimate. Generally, the ICs that 
apply only to these covered banks--such as those under Sec. Sec.  
351.20(a)--351.20(e)--have the highest estimated time per response, and 
an increase in the number of respondents will lead to a correspondingly 
large increase in the total estimated annual burden. This increase is 
attenuated by a decrease in the total number of covered banks with 
``moderate'' or ``significant'' trading assets and liabilities from ten 
in the 2020 ICR to seven in this ICR, which has led to a corresponding 
decrease in the total estimated annual burden for those line items that 
apply to all covered banks with ``moderate'' or ``significant'' trading 
assets and liabilities. The total estimated annual hourly burden for 
both implementation and ongoing compliance is shown in Tables 1 and 2 
above.

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: July 18, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-15565 Filed 7-21-23; 8:45 am]
BILLING CODE 6714-01-P