Notice2022-11093
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
May 24, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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 100 (Tuesday, May 24, 2022)</title>
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[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31552-31553]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11093]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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).
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.
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Recordkeeping Provisions Associated with the
Interagency Statement on Complex Structured Finance Activities.
Collection identifier: FR 4022.
OMB control number: 7100-0311.
Frequency: Annual.
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.
[[Page 31553]]
Estimated average hours per response: 10.
Estimated annual burden hours: 180.
General description of collection: 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).
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Current actions: On January 25, 2022, the Board published a notice
in the Federal Register (87 FR 3809) requesting public comment for 60
days on the extension, without revision, of the FR 4022. The comment
period for this notice expired on March 28, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, May 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11093 Filed 5-23-22; 8:45 am]
BILLING CODE 6210-01-P
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