Notice2022-16476
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
August 2, 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 Guidance on Leveraged Lending (FR 4203; OMB No. 7100-0354).
Full Text
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<title>Federal Register, Volume 87 Issue 147 (Tuesday, August 2, 2022)</title>
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[Federal Register Volume 87, Number 147 (Tuesday, August 2, 2022)]
[Notices]
[Pages 47212-47213]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16476]
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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 Guidance on Leveraged
Lending (FR 4203; OMB No. 7100-0354).
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, <a href="/cdn-cgi/l/email-protection#92fce7faf3bcf7fefff3f5fae0f3f0fbd2f4e0f0bcf5fde4"><span class="__cf_email__" data-cfemail="7e100b161f501b12131f19160c1f1c173e180c1c50191108">[email protected]</span></a>, (202)
452-3884.
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 Guidance
on Leverage Lending.
Collection identifier: 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 collection: 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
[[Page 47213]]
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 [that is] privileged or confidential.'' \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 April 6, 2022, the Board published a notice in
the Federal Register (87 FR 19933) requesting public comment for 60
days on the extension, without revision, of the FR 4203. The comment
period for this notice expired on June 6, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, July 27, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-16476 Filed 8-1-22; 8:45 am]
BILLING CODE 6210-01-P
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