Notice2022-07225
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
April 6, 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 Guidance on Leveraged Lending (FR 4203; OMB No. 7100-0354).
Full Text
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<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
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[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19933-19934]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07225]
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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 Guidance on
Leveraged Lending (FR 4203; OMB No. 7100-0354).
DATES: Comments must be submitted on or before June 6, 2022.
ADDRESSES: You may submit comments, identified by FR 4203, 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#b9cbdcdeca97dad6d4d4dcd7cdcaf9dfdcdddccbd8d5cbdccadccbcfdc97ded6cf"><span class="__cf_email__" data-cfemail="98eafdffebb6fbf7f5f5fdf6ecebd8fefdfcfdeaf9f4eafdebfdeaeefdb6fff7ee">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<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
M-4365A, 2001 C St. NW, Washington, DC 20551, 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
[[Page 19934]]
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 Guidance on
Leveraged Lending.
Agency form number: FR 4203.
OMB control number: 7100-0354.
Frequency: On occasion.
Respondents: The FR 4203 panel comprises all bank holding
companies, savings and loan holding companies, state member banks, and
state-chartered branches and agencies of foreign banks that engage in
leveraged lending activities.
Many community banks are not subject to the FR 4203 because they do
not engage in leveraged lending. The limited number of community and
smaller institutions that are involved in leveraged lending activities
may discuss with the Federal Reserve System whether and, if so, how to
implement these collections of information in a cost-effective manner
that is appropriate for the complexity of their exposures and
activities.
Estimated number of respondents: 37.
Estimated average hours per response: 755.
Estimated annual burden hours: 27,935.
General description of report: The guidance on leveraged lending
(Guidance) \1\ outlines high-level principles related to safe-and-sound
leveraged lending activities. The Guidance includes a number of
voluntary recordkeeping provisions that apply to financial institutions
that are engaged in leveraged lending activities and for which the
Board is the primary federal supervisor, including bank holding
companies, savings and loan holding companies, state member banks, and
state-chartered branches and agencies of foreign banks that engage in
these activities.
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\1\ ``Interagency Guidance on Leveraged Lending,'' March 21,
2013, available at <a href="https://www.federalreserve.gov/supervisionreg/srletters/sr1303a1.pdf">https://www.federalreserve.gov/supervisionreg/srletters/sr1303a1.pdf</a>. The Guidance was published jointly by the
Board, the Office of the Comptroller of the Currency, and the
Federal Deposit Insurance Corporation.
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Legal authorization and confidentiality: The recordkeeping
provisions of the Guidance are authorized pursuant to sections 9(6),
25, and 25A of the Federal Reserve Act \2\ (for state member banks,
agreement corporations, and Edge corporations, respectively); section
5(c) of the Bank Holding Company Act \3\ (for bank holding companies);
sections 10(b)(2) and 10(b)(3) of the Home Owners' Loan Act \4\
(savings and loan holding companies), and section 7(c)(2) of the
International Banking Act \5\ (state-licensed branches and agencies of
foreign banks, other than insured branches). The recordkeeping
provisions contained in the FR 4203 are voluntary.
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\2\ 12 U.S.C. 324, 602, and 625, respectively.
\3\ 12 U.S.C. 1844(c).
\4\ 12 U.S.C. 1467a(b)(2) and (b)(3).
\5\ 12 U.S.C. 3105(c)(2).
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Because these records would be maintained at each banking
organization, the Freedom of Information Act (FOIA) would only be
implicated if the Board obtained such records as part of the
examination or supervision of a banking organization. If the records
were obtained by the Board as part of an examination or supervision of
a financial institution, this information may be considered
confidential pursuant to exemption 8 of the FOIA, which protects
information contained in ``examination, operating, or condition
reports'' obtained in the bank supervisory process.\6\ In addition, to
the extent that information contained in these records constitutes
nonpublic commercial or financial information, which is both
customarily and actually treated as private by a banking organization,
it may be kept confidential under exemption 4 of the FOIA, which
exempts ``trade secrets and commercial or financial information
obtained from a person and privileged or confidential.'' \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, April 1, 2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-07225 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
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