[Federal Register Volume 88, Number 187 (Thursday, September 28, 2023)]
[Notices]
[Pages 66848-66850]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-21160]


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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 three years, with revision, 
the Reporting, Recordkeeping, and Disclosure Requirements Associated 
with Regulation LL (FR LL; OMB No. 7100-0380).

DATES: Comments must be submitted on or before November 27, 2023.

ADDRESSES: You may submit comments, identified by FR LL, 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,

[[Page 66849]]

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, except for Federal holidays. 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 (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the 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 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, With 
Revision, the Following Information Collection

    Collection title: Reporting, Recordkeeping, and Disclosure 
Requirements Associated with Regulation LL.
    Collection identifier: FR LL.
    OMB control number: 7100-0380.
    General description of collection: Regulation LL--Savings and Loan 
Holding Companies (12 CFR part 238) requires certain large savings and 
loan holding companies (SLHCs) to submit a capital plan to the Board on 
an annual basis, request prior approval from the Board under certain 
circumstances before making a capital distribution, conduct company-run 
periodic stress tests, report the results of its company-run stress 
tests to the Board, publicly disclose a summary of the results of such 
stress tests, and comply with certain other reporting and recordkeeping 
requirements. Capital is central to a firm's ability to absorb 
unexpected losses and continue to lend to creditworthy businesses and 
consumers. The Board's capital planning requirements for large bank 
holding companies help to ensure that these firms have robust systems 
and processes that incorporate forward-looking projections of revenue 
and losses to monitor and maintain their internal capital adequacy. The 
Board's stress testing and stress capital buffer requirements help 
ensure that a firm can meet its obligations to creditors and other 
counterparties, as well as continue to serve as a financial 
intermediary through periods of financial and economic stress.
    Proposed revisions: The Board is proposing to revise the FR LL to 
account for several reporting provisions and one recordkeeping 
provision which have not been previously cleared by the Board under the 
PRA.

Reporting Requirements

    Section 238.132(c)(2)(i) provides that the Board may conduct a 
stress test on an SLHC (other than an foreign banking organization) 
with average total consolidated assets of $100 billion or more on a 
more or less frequent basis than would be required under paragraph 
(c)(1). Section 238.132(c)(3)(iii) permits an SLHC to request in 
writing that the Board reconsider the requirement to conduct a stress 
test on a more or less frequent basis than would be required under 
(c)(1). This request must include an explanation as to why the request 
for reconsideration should be granted. The Board will respond in 
writing within 14 calendar days of receipt of the request. This request 
would be submitted via the Federal Reserve's IntraLinks system.
    Section 238.143(a)(3)(ii) permits a Category II SLHC, Category III 
SLHC, or a SLHC with average total consolidated assets of greater than 
$250 billion to request in writing that the Board reconsider the 
requirement to conduct a stress test on a more or less frequent basis 
than would be required under paragraph (a)(2)(i). This request must 
include an explanation as to why the request for reconsideration should 
be granted. The Board will respond in writing within 14 calendar days 
of receipt of the request. This request would be submitted via the 
Federal Reserve's IntraLinks system.
    Section 238.143(b)(4) provides that if the Board requires a 
Category II SLHC, Category III SLHC, or a SLHC with average total 
consolidated assets of greater than $250 billion to include one

[[Page 66850]]

or more additional components in certain of its stress testing 
scenarios the Board will notify the company in writing and include a 
basis for its determination. Within 14 calendar days of receipt of this 
notification the company may request in writing that the Board 
reconsider the requirement that company include the additional 
component(s) or additional scenario(s), including an explanation as to 
why the request for reconsideration should be granted. The Board will 
respond in writing within 14 calendar days of receipt of the company's 
request. This request would be submitted via the Federal Reserve's 
IntraLinks system.

Recordkeeping Requirements

    Section 238.144(c)(1) requires a Category II SLHC, Category III 
SLHC, or a SLHC with average total consolidated assets of greater than 
$250 billion to establish and maintain a system of controls, oversight, 
and documentation, including policies and procedures, that are designed 
to ensure that its stress testing processes are effective in meeting 
the relevant requirements. These policies and procedures must, at a 
minimum, describe the covered company's stress testing practices and 
methodologies, and processes for validating and updating the company's 
stress test practices and methodologies consistent with applicable laws 
and regulations.
    Frequency: Ongoing, annual, bi-annual, or event-generated.
    Respondents: Foreign SLHCs with average total consolidated assets 
of greater than $250 billion and domestic covered SLHCs with average 
total consolidated assets of greater than $100 billion.
    Total estimated number of respondents: 1.
    Total estimated change in burden: 31.
    Total estimated annual burden hours: 14,430.\1\
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    \1\ 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 LL.

    Board of Governors of the Federal Reserve System, September 22, 
2023.
Erin M. Cayce,
Assistant Secretary of the Board.
[FR Doc. 2023-21160 Filed 9-27-23; 8:45 am]
BILLING CODE 6210-01-P