Notice2022-01417
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 25, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping Provisions Associated with the Interagency Statement on Complex Structured Finance Activities (FR 4022; OMB No. 7100-0311).
Full Text
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<title>Federal Register, Volume 87 Issue 16 (Tuesday, January 25, 2022)</title>
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[Federal Register Volume 87, Number 16 (Tuesday, January 25, 2022)]
[Notices]
[Pages 3809-3810]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01417]
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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, without
revision, the Recordkeeping Provisions Associated with the Interagency
Statement on Complex Structured Finance Activities (FR 4022; OMB No.
7100-0311).
DATES: Comments must be submitted on or before March 28, 2022.
ADDRESSES: You may submit comments, identified by FR 4022, by any of
the following methods:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#6c1e090b1f420f0301010902181f2c0a0908091e0d001e091f091e1a09420b031a"><span class="__cf_email__" data-cfemail="196b7c7e6a377a7674747c776d6a597f7c7d7c6b78756b7c6a7c6b6f7c377e766f">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
[[Page 3810]]
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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
146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m.
and 5:00 p.m. on weekdays. 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, Washington, DC 20551, (202)
452-3829.
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, and other documentation, will be
made available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested
from the agency clearance officer, whose name appears above. Final
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, 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,
Without Revision, the Following Information Collection
Report title: Recordkeeping Provisions Associated with the
Interagency Statement on Complex Structured Finance Activities.
Agency form number: FR 4022.
OMB control number: 7100-0311.
Frequency: Annually.
Respondents: State member banks, bank holding companies (other than
foreign banking organizations), savings and loan holding companies
(SLHCs), and U.S. branches and agencies of foreign banks.
Estimated number of respondents: 18.
Estimated average hours per response: 10.
Estimated annual burden hours: 180.
General description of report: The Interagency Statement on Sound
Practices Concerning Elevated Risk Complex Structured Finance
Activities (the Statement) \1\ states that certain financial
institutions should establish and maintain written policies and
procedures for identifying, evaluating, assessing, documenting, and
controlling risks associated with complex structured finance
transactions (CSFTs) and should retain certain documents related to
elevated risk CSFTs, which are a subcategory of CSFTs. The FR 4022
covers these information collections for financial institutions that
are subject to the Statement and that are supervised by the Board.
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\1\ See <a href="https://www.federalregister.gov/documents/2007/01/11/07-55/interagency-statement-on-sound-practices-concerning-elevated-risk-complex-structured-finance">https://www.federalregister.gov/documents/2007/01/11/07-55/interagency-statement-on-sound-practices-concerning-elevated-risk-complex-structured-finance</a>.
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Legal authorization and confidentiality: The Board's recordkeeping
guidance associated with the Statement relates to information that the
Board is authorized to collect under the Federal Reserve Act (with
respect to state member banks),\2\ under the Bank Holding Company Act
(with respect to bank holding companies),\3\ under the Home Owners'
Loan Act (with respect to SLHCs),\4\ and under the International
Banking Act (with respect to U.S. branches and agencies of foreign
banks).\5\ The FR 4022 recordkeeping provisions are voluntary.
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\2\ 12 U.S.C. 248(a).
\3\ 12 U.S.C. 1844(c).
\4\ 12 U.S.C. 1467a(b) and 1467a(g).
\5\ 12 U.S.C. 3105(c) and 3108(a).
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Any policies, procedures, or other records voluntarily created
based on the Statement would be maintained at the financial institution
that created them. The Freedom of Information Act (FOIA) would be
implicated only if the Board obtained such records as part of the
examination or supervision of a financial institution, in which case
the records may be protected from disclosure under FOIA exemption 8,
which protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process.\6\
Information provided on the FR 4022 may also be exempt from disclosure
pursuant to FOIA exemption 4 if it is nonpublic commercial or financial
information, which is both customarily and actually treated as private
by the respondent.\7\
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\6\ 5 U.S.C. 552(b)(8).
\7\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, January 19,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-01417 Filed 1-24-22; 8:45 am]
BILLING CODE 6210-01-P
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