[Federal Register Volume 89, Number 44 (Tuesday, March 5, 2024)]
[Notices]
[Pages 15872-15874]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04580]
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0213; -0208]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
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.
3064-0213 and -0208).
DATES: Comments must be submitted on or before May 6, 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 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: Restrictions on Qualified Financial Contracts of
Subsidiaries of certain FDIC Supervised Institutions; Revisions to the
Definition of Qualifying
[[Page 15873]]
Master Netting Agreement and Related Definitions.
OMB Number: 3064-0208.
Forms: None.
Affected Public: Private Sector.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0208]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per Annual
Information collection (obligation (frequency of Number of responses per response burden
to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Restrictions on Qualified Financial Reporting (On 1 1 10:00 10
Contracts of Subsidiaries of Occasion).
Certain FDIC-Supervised
Institutions and Applicable
Subsidiaries; Revisions to the
Definition of Qualifying Master
Netting Agreement and Related
Definitions, 12 CFR 382
(Voluntary).
-----------------------------------------------------
Total Annual Burden (Hours).... ..................... .............. .............. ......... 10
----------------------------------------------------------------------------------------------------------------
General Description of Collection: Part 382 of the FDIC regulations
(part 382) is necessary to give effect to such cross-default
restrictions in the International Swaps and Derivatives Association,
Inc. (ISDA) 2015 Universal Resolution Stay Protocol (ISDA Protocol).
Part 382 requires that FDIC-supervised institutions that are
subsidiaries of global systemically important banks (GSIBs) and their
counterparties either adhere to the ISDA Protocol or take the
prescribed steps to amend the contractual provisions of their Qualified
Financial Contracts (QFCs), consistent with the requirements in the
rule, within a specified period of time. If such institutions elect to
amend their QFCs in lieu of adhering to the ISDA Protocol, they must
seek the FDIC's approval of the proposed amendments, giving rise to
this information collection. The information collection is necessary to
ensure QFCs are amended in compliance with part 382. The rule applies
to FDIC-supervised institutions that are subsidiaries of GSIBs and sets
forth requirements parallel to those contained in similar rules
recently published by the Federal Reserve Board and the Office of the
Comptroller of the Currency with regard to entities they supervise to
ensure consistent regulatory treatment of QFCs among the various
entities within a GSIB group.
There is no change in the methodology or substance of this
information collection. The total estimated annual burden for this
information collection is 10 hours, which is a decrease of 10 hours
from the 2021 information collection submission (20 hours). This
decrease is a result of a reduction in the estimated annual number of
respondents because of the automation and standardization of business
processes.
2. Title: Industrial Banks and Industrial Loan Companies.
OMB Number: 3064-0213.
Forms: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0213]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per Annual
Information collection (obligation (frequency of Number of responses per response burden
to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
1. Initial Listing of Subsidiaries, Reporting (On 2 1 04:00 8
12 CFR 354.4(a)(1) (Mandatory). Occasion).
2. Annual Update of Subsidiaries Reporting (Annual)... 2 1 04:00 8
List, 12 CFR 354.4(a)(1)
(Mandatory).
3. Annual Report of Covered Company Reporting (Annual)... 2 1 10:00 20
and Subsidiaries and Other Reports
as the FDIC may require, 12 CFR
354.4(a)(3) (Mandatory).
4. Recordkeeping requirements in Recordkeeping 2 1 10:00 20
written agreement, 12 CFR (Annual).
354.4(a)(4) (Mandatory).
5. Contingency Plan, 12 CFR Reporting (Annual)... 1 1 345:00 345
354.4(b) (Mandatory).
-----------------------------------------------------
Total Annual Burden (Hours).... ..................... .............. .............. ......... 401
----------------------------------------------------------------------------------------------------------------
General Description of Collection: Part 354 of the FDIC regulations
(part 354) establishes filing requirements for industrial banks or
industrial loan companies (ILCs) and companies that are not subject to
Federal consolidated supervision by the Federal Reserve Board but
control an industrial bank or an ILC (covered company). Specifically,
part 354 requires any covered company and industrial bank or ILC
subsidiary of a covered company to enter into one or more written
agreements with the FDIC. However, the requirements under part 354 do
not apply to any industrial bank subsidiaries of covered companies that
were subsidiaries of covered companies prior to the effective date of
part 354--April 1, 2021. The requirements under part 354 give rise to
this information collection.
There is no change in the methodology or substance of this
information collection. The total estimated annual burden for this
information collection is 401 hours, which is a decrease of 56 hours
from the 2021 information collection submission (457 hours). This
decrease is a result of a reduction in the estimated annual number of
respondents.
[[Page 15874]]
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, on February 29, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-04580 Filed 3-4-24; 8:45 am]
BILLING CODE 6714-01-P