[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]


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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.

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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. 
3064-0213 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
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    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