[Federal Register Volume 88, Number 239 (Thursday, December 14, 2023)]
[Notices]
[Pages 86646-86648]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27460]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0022; -0137; -0148]


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 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the renewal of 
the existing information collections described below (OMB Control No. 
3064-0022; -0137 and -0148).

DATES: Comments must be submitted on or before February 12, 2024.

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.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory

[[Page 86647]]

Affairs, Office of Management and Budget, New Executive Office 
Building, Washington, DC 20503.

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: Uniform Application/Uniform Termination for Municipal 
Securities Principal or Representative.
    OMB Number: 3064-0022.
    Forms: 6200/54; 6200/55.
    Affected Public: Individuals, Insured state nonmember banks and 
state savings associations.
    Burden Estimate:

                             Summary of Estimated Annual Burden (OMB No. 3064-0022)
----------------------------------------------------------------------------------------------------------------
                                       Type of burden                        Number of      Time per     Annual
      Information collection            (frequency of        Number of     responses per    response     burden
      (obligation to respond)             response)         respondents     respondent      (HH:MM)     (hours)
----------------------------------------------------------------------------------------------------------------
Uniform Application for Municipal   Reporting (On                      1               1         1:00          1
 Securities Principal or             Occasion).
 Representative (Form MSD-4)
 (Mandatory).
Uniform Termination Notice for      Reporting (On                      1               1         1:00          1
 Securities Principal or             Occasion).
 Representative (Form MSD-5)
 (Mandatory).
                                                         -------------------------------------------------------
    Total Annual Burden (Hours)...  ....................  ..............  ..............  ...........          2
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: The 1975 Amendments to the 
Securities Exchange Act of 1934 established a comprehensive framework 
for the regulation of the activities of municipal securities dealers. 
Under section 15B(a) of the Securities Exchange Act, municipal 
securities dealers which are banks, or separately identifiable 
departments or divisions of banks engaging in municipal securities 
activities, are required to be registered with the Securities and 
Exchange Commission in accordance with such rules as the Municipal 
Securities Rulemaking Board (MSRB), a rulemaking authority established 
by the 1975 Amendments, may prescribe as necessary or appropriate in 
the public interest or for the protection of investors. One of the 
areas in which the Act directed the MSRB to promulgate rules is the 
qualifications of persons associated with municipal securities dealers 
as municipal securities principals and municipal securities 
representatives. The MSRB Rules require persons who are or seek to be 
associated with municipal securities dealers as municipal securities 
principals or municipal securities representatives to provide certain 
background information and conversely, require the municipal securities 
dealers to obtain the information from such persons. Generally, the 
information required to be furnished relates to employment history and 
professional background including any disciplinary sanctions and any 
claimed bases for exemption from MSRB examination requirements. The 
FDIC and the other two Federal bank regulatory agencies, the 
Comptroller of the Currency, and the Federal Reserve Board, have 
prescribed Forms MSD-4 to satisfy these requirements and have 
prescribed Form MSD-5 for notification by a bank municipal securities 
dealer that a municipal securities principal's or a municipal 
securities representative's association with the dealer has terminated 
and the reason for such termination. State nonmember banks and state 
savings associations that are municipal security dealers submit these 
forms, as applicable, to the FDIC as their appropriate regulatory 
agency for each person associated with the dealer as a municipal 
securities principal or municipal securities representative. There is 
no change in the methodology or substance of this information 
collection. This reduction in estimated annual burden (from 4 hours in 
2021 to 2 hours currently) is due to the decrease in the estimated 
number of respondents.
    2. Title: Interagency Guidance on Asset Securitization Activities.
    OMB Number: 3064-0137.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                             Summary of Estimated Annual Burden (OMB No. 3064-0137)
----------------------------------------------------------------------------------------------------------------
                                       Type of burden                        Number of      Time per     Annual
      Information collection            (frequency of        Number of     responses per    response     burden
      (obligation to respond)             response)         respondents     respondent      (HH:MM)     (hours)
----------------------------------------------------------------------------------------------------------------
1. Documentation of Fair Value,     Recordkeeping (On                 19               1        04:00         76
 ``Valuation and Modeling            Occasion).
 Processes,'' pp. 6-7 (Voluntary).
2. Asset Securitization Policies--  Recordkeeping (On                  5               1        32:00        160
 Implementation, ``Independent       Occasion).
 Risk Management Function,'' pg. 4
 (Voluntary).
3. Asset Securitization Policies--  Recordkeeping (On                  2               1        03:00          6
 Ongoing, ``Independent Risk         Occasion).
 Management Function,'' pg. 4
 (Voluntary).
4. MIS Improvements--               Recordkeeping (On                  5               1        21:00        105
 Implementation, ``Independent       Occasion).
 Risk Management Function,'' pp. 4-
 6 (Voluntary).

[[Page 86648]]

 
5. MIS Improvements--Ongoing,       Recordkeeping (On                  2               1        05:00         10
 ``Independent Risk Management       Occasion).
 Function,'' pp. 4-6, and ``Audit
 Function or Internal Review,''
 pg. 8 (Voluntary).
                                                         -------------------------------------------------------
    Total Annual Burden (Hours)...  ....................  ..............  ..............  ...........        357
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: The Interagency Guidance on 
Asset Securitization Activities informs bankers and examiners of safe 
and sound practices regarding asset Securitization. The information 
collections contained in the Interagency Guidance are needed by 
institutions to manage their asset Securitization activities in a safe 
and sound manner. Bank management uses this information as the basis 
for the safe and sound operation of their asset securitization 
activities and to ensure that they minimize operational risk in these 
activities. There is no change in the method or substance of the 
information collection. The 94-hour increase in estimated annual burden 
(from 263 hours in 2021 to 357 hours currently) is the result of 
economic fluctuation. In particular, the number of respondents has 
increased while the reporting frequency and the estimated time per 
response remain the same.
    3. Title: Interagency Statement on Sound Practices Concerning 
Complex Structured Finance Transactions.
    OMB Number: 3064-0148.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                             Summary of Estimated Annual Burden (OMB No. 3064-0148)
----------------------------------------------------------------------------------------------------------------
                                   Type of burden                       Number of       Time per        Annual
     Information collection        (frequency of       Number of      responses per     response        burden
    (obligation to respond)          response)        respondents      respondent        (HH:MM)       (hours)
----------------------------------------------------------------------------------------------------------------
Complex Structured Finance       Reporting (On                    1               1           25:00           25
 Transactions (Voluntary).        occasion).
                                                   -------------------------------------------------------------
    Total Annual Burden          .................  ...............  ..............  ..............           25
     (Hours):.
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: The Interagency Statement on 
Sound Practices Concerning Complex Structured Finance Transactions 
describes the types of internal controls and risk management procedures 
that the Agencies believe are particularly effective in assisting 
financial institutions to identify, evaluate, assess, document, and 
control the full range of credit, market, operational, legal and 
reputational risks. A financial institution that engages in complex 
structured finance transactions should maintain a set of formal, 
written, firmwide policies and procedures that are designed to allow 
the institution to identify and assess these risks. There is no change 
in the methodology or substance of this information collection. The 
estimated annual burden is unchanged.

Request for Comment

    Comments are invited on: (a) Whether the collections of information 
are 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 collections, 
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 collections 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 at Washington, DC, December 11, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-27460 Filed 12-13-23; 8:45 am]
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