Notice2022-17229
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
August 11, 2022
Issuing agencies
Treasury DepartmentComptroller of the CurrencyFederal Reserve SystemFederal Deposit Insurance Corporation
Abstract
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the OCC, the Board, and the FDIC (the agencies) may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. On January 20, 2022, the Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, requested public comment for 60 days on a proposal to extend for three years, with revision, the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a), which are currently approved collections of information. As described in the SUPPLEMENTARY INFORMATION section, after considering the comments received on the proposal, the agencies are proceeding with the proposed revisions to the FFIEC 009 and FFIEC 009a, but with certain modifications. In addition, the agencies will make clarifying revisions to the report form and instructions in response to comments received on the proposal. The agencies are giving notice that they are sending the collections to OMB for review. If approved by OMB, these revisions would take effect for the December 31, 2022, report date.
Full Text
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<title>Federal Register, Volume 87 Issue 154 (Thursday, August 11, 2022)</title>
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[Federal Register Volume 87, Number 154 (Thursday, August 11, 2022)]
[Notices]
[Pages 49647-49651]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-17229]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
Proposed Agency Information Collection Activities: Comment
Request
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury;
Board of Governors of the Federal Reserve System (Board); and Federal
Deposit Insurance Corporation (FDIC).
ACTION: Joint notice and request for comment.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the OCC, the Board, and the FDIC (the agencies) may
not conduct or sponsor, and the
[[Page 49648]]
respondent is not required to respond to, an information collection
unless it displays a currently valid Office of Management and Budget
(OMB) control number. On January 20, 2022, the Federal Financial
Institutions Examination Council (FFIEC), of which the agencies are
members, requested public comment for 60 days on a proposal to extend
for three years, with revision, the Country Exposure Report (FFIEC 009)
and the Country Exposure Information Report (FFIEC 009a), which are
currently approved collections of information. As described in the
SUPPLEMENTARY INFORMATION section, after considering the comments
received on the proposal, the agencies are proceeding with the proposed
revisions to the FFIEC 009 and FFIEC 009a, but with certain
modifications. In addition, the agencies will make clarifying revisions
to the report form and instructions in response to comments received on
the proposal. The agencies are giving notice that they are sending the
collections to OMB for review. If approved by OMB, these revisions
would take effect for the December 31, 2022, report date.
DATES: Comments must be submitted on or before September 12, 2022.
ADDRESSES: Interested parties are invited to submit written comments to
any or all of the agencies. All comments, which should refer to the OMB
control number(s), will be shared among the agencies.
OCC: You may submit comments, which should refer to ``FFIEC 009 and
FFIEC 009a,'' by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#78080a1911161e1738171b1b560c0a1d190b561f170e"><span class="__cf_email__" data-cfemail="50202231393e363f103f33337e24223531237e373f26">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Office of the Comptroller of
the Currency, Attention: 1557-0100, 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``1557-0100'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection by any of the following methods:
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0100'' or ``FFIEC 009 and FFIEC 009a.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
Board: You may submit comments, which should refer to ``FFIEC 009
and FFIEC 009a,'' by any of the following methods:
<bullet> Agency website: <a href="http://www.federalreserve.gov">http://www.federalreserve.gov</a>. Follow the
instructions for submitting comments at: <a href="http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#7f0d1a180c511c1012121a110b0c3f191a1b1a0d1e130d1a0c1a0d091a51181009"><span class="__cf_email__" data-cfemail="f785929084d994989a9a92998384b79192939285969b85928492858192d9909881">[email protected]</span></a>. Include ``FFIEC
009 and FFIEC 009a'' 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 on 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. Accordingly, your comments will
not be edited to remove any identifying or contact information.
FDIC: You may submit comments, which should refer to ``FFIEC 009
and FFIEC 009a,'' by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/regulations/laws/federal/">https://www.fdic.gov/regulations/laws/federal/</a>. Follow the instructions for submitting comments on the FDIC's
website.
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#0d6e6260606863797e4d4b49444e236a627b"><span class="__cf_email__" data-cfemail="fb989496969e958f88bbbdbfb2b8d59c948d">[email protected]</span></a>. Include ``FFIEC 009 and FFIEC
009a'' in the subject line of the message.
<bullet> Mail: Manuel E. Cabeza, Counsel, Attn: Comments, Room MB-
3007, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
<bullet> Hand Delivery: Comments may be hand delivered to the guard
station at the rear of the 550 17th Street Building (located on F
Street) on business days between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments received will be posted without
change to <a href="https://www.fdic.gov/regulations/laws/federal/">https://www.fdic.gov/regulations/laws/federal/</a> including any
personal information provided. Paper copies of public comments may be
requested from the FDIC Public Information Center by telephone at (877)
275-3342 or (703) 562-2200.
Additionally, commenters may send a copy of their comments to the
OMB desk officers for the agencies by mail to the Office of Information
and Regulatory Affairs, U.S. Office of Management and Budget, New
Executive Office Building, Room 10235, 725 17th Street NW, Washington,
DC 20503; by fax to (202) 395-6974; or by email to
<a href="/cdn-cgi/l/email-protection#97f8fee5f6c8e4e2f5fafee4e4fef8f9d7f8faf5b9f2f8e7b9f0f8e1"><span class="__cf_email__" data-cfemail="2946405b48765a5c4b44405a5a4046476946444b074c4659074e465f">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: For further information about the
information collections discussed in this notice, please contact any of
the agency staff whose names appear below. In addition, copies of the
FFIEC 009 and FFIEC 009a reporting forms can be obtained at the FFIEC's
website (<a href="https://www.ffiec.gov/ffiec_report_forms.htm">https://www.ffiec.gov/ffiec_report_forms.htm</a>).
OCC: Kevin Korzeniewski, Counsel, Chief Counsel's Office, (202)
649-5490. If you are hearing impaired, please dial 7-1-1 to access
telecommunications relay services.
Board: Nuha Elmaghrabi, Federal Reserve Board Clearance Officer,
(202) 452-3884, Office of the Chief Data Officer, Board of Governors of
the Federal Reserve System, 20th and C Streets NW, Washington, DC
20551. Telecommunications Device for the Deaf (TDD) users may call
(202) 263-4869.
FDIC: Manuel E. Cabeza, Counsel, (202) 898-3767, Legal Division,
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington,
DC 20429.
SUPPLEMENTARY INFORMATION:
I. Summary
Report Titles: Country Exposure Report and Country Exposure
Information Report.
Form Numbers: FFIEC 009 and FFIEC 009a.
Frequency of Response: Quarterly.
Affected Public: Business or other for profit.
OCC
OMB Number: 1557-0100.
[[Page 49649]]
Estimated Number of Respondents: 10 (FFIEC 009), 4 (FFIEC 009a).
Estimated Average Time per Response: 135 hours (FFIEC 009), 6.5
hours (FFIEC 009a).
Estimated Total Annual Burden: 5,400 hours (FFIEC 009), 104 hours
(FFIEC 009a).
Board
OMB Number: 7100-0035.
Estimated Number of Respondents: 49 (FFIEC 009), 37 (FFIEC 009a).
Estimated Average Time per Response: 135 hours (FFIEC 009), 6.5
hours (FFIEC 009a).
Estimated Total Annual Burden: 26,460 hours (FFIEC 009), 962 hours
(FFIEC 009a).
FDIC
OMB Number: 3064-0017.
Estimated Number of Respondents: 13 (FFIEC 009), 10 (FFIEC 009a).
Estimated Average Time per Response: 135 hours (FFIEC 009), 6.5
hours (FFIEC 009a).
Estimated Total Annual Burden: 7,020 hours (FFIEC 009), 260 hours
(FFIEC 009a).
General Description of Reports
The Country Exposure Report (FFIEC 009) is filed quarterly with the
agencies and provides information on international claims of U.S.
banks, savings associations, Edge and/or Agreement corporations, bank
holding companies, savings and loan holding companies, and U.S.
intermediate holding companies of foreign banking organizations
(collectively, U.S. banking organizations) that is used for supervisory
and analytical purposes. The information is used to monitor the foreign
country exposures of reporting institutions to determine the degree of
risk in their portfolios and assess the potential risk of loss. The
Country Exposure Information Report (FFIEC 009a) is a supplement to the
FFIEC 009 and provides publicly available information on material
foreign country exposures (i.e., all exposures to a foreign country in
excess of 1 percent of total assets or 20 percent of total capital,
whichever is less) of U.S. banking organizations that file the FFIEC
009 report. As part of the FFIEC 009a, reporting institutions also must
furnish a list of countries in which they have lending exposures above
0.75 percent of total assets or 15 percent of total capital, whichever
is less.
Legal Basis and Need for Collection
These information collections are mandatory under the following
statutes: 12 U.S.C. 161 and 1817 (national banks), 12 U.S.C. 1464
(federal savings associations), 12 U.S.C. 248(a)(1) and (2), 1844(c),
and 3906 (state member banks and bank holding companies); 12 U.S.C.
1467a(b)(2)(A) (savings and loan holding companies); 12 U.S.C. 5365(a)
(intermediate holding companies); and 12 U.S.C. 1817 and 1820 (insured
state nonmember commercial and savings banks and insured state savings
associations). The FFIEC 009 information collection is given
confidential treatment (5 U.S.C. 552(b)(4) and (b)(8)). The FFIEC 009a
information collection is not given confidential treatment.
II. Current Actions
On January 20, 2022, the agencies requested public comment to
extend for three years, with revision, the FFIEC 009 and FFIEC 009a.
The comment period closed on March 21, 2022. The agencies received one
comment letter from a banking trade association. The commenter
requested clarification of certain aspects of the proposed FFIEC 009
and FFIEC 009a reporting forms and instructions. The specific comments
and the agencies' responses follow.
First, the commenter noted that the proposed change to the naming
of headers for Columns 13 through 17 and 18 through 22 of Schedule C,
Part I, which the agencies stated would be a nonsubstantive change,
could imply that the risk transfers reported on the FFIEC 009 would be
limited to only those with guarantors in countries other than that of
the immediate counterparty, but would no longer include risk transfers
between different sectors within the same country. The commenter
recommended renaming the headers to include both other sectors and
other jurisdictions to ensure there would be no substantive change in
reporting. The agencies agree with the commenter's recommendation and
have revised the headers accordingly. In connection with the proposed
changes to the FFIEC 009 and FFIEC 009a, it was the agencies' intent
that risk transfers continue to be reported according to existing
reporting practices and in line with the instructions.
Second, the commenter asked for clarification on whether claims
where cash collateral is provided should be included in Column 18 of
Schedule C, Part II. Furthermore, the commenter stated that the use of
``collateral'' with respect to Column 18 seemed out of place and not
parallel to the instructions for Column 17. In response to the comment,
the agencies have combined the instructions for Columns 17 and 18 to
emphasize that the same claims are to be reported, but the risk is to
be assigned by different criteria. Furthermore, the revised
instructions state that cash held as collateral should not be reported
in these columns.
Third, with regard to Schedule C, Part II, columns, 13 through 18,
the commenter asked for clarification on the reporting of collateral
held against claims where risk transfer occurs because the guarantor is
located in a different country, or is from a different sector than the
immediate counterparty even though collateral held against the claim
does not meet the definition of collateral for risk transfer. This
would occur in an overnight resale agreement, collateralized by
securities, with a foreign branch of a bank that is headquartered in a
third country. In response to the comment, the agencies have amended
the instructions to clarify that collateral held against claims that
are subject to risk transfer does not need to be reported in columns 13
through 18 of Schedule C, Part II.
Fourth, the commenter requested clarification on the reporting
basis for Columns 1 and 2 of Schedule L, as the agencies proposed to
rename the reporting basis for these columns in Appendix A of the
instructions but did not propose to change the substantive
instructions. The commenter proposed to amend the instructions for
these columns to state that deposits of a foreign branch are assumed to
be liabilities of the branch unless they are explicitly guaranteed
outside of the country where the branch is located. This represents a
change from the current instructions, which refer to deposits that are
redeemable elsewhere (rather than guaranteed elsewhere). The agencies
consider the modification as originally proposed to be a change in name
rather than a substantive alteration. The agencies note that there was
no change in the instructions for Columns 1 and 2 of Schedule L from
the 2019 version and the proposed amendment is out of scope for the
current revision. Accordingly, the agencies have decided not to change
the corresponding instructions as recommended by the commenter.
However, after further consideration and in the interest of clarity,
the agencies are revising the form to leave blank the ``Reporting
Basis'' entry in Appendix A (rightmost column) in the row addressing
Columns 1 and 2 of Schedule L (which was originally proposed to be
``Guarantor Basis''). This change provides a useful clarification
because the location is that of the foreign office, not the
counterparty, and thus neither Immediate-Counterparty nor Guarantor
Basis is applicable. Furthermore, as established in section
[[Page 49650]]
II.C of the FFIEC 009 general instructions, the Immediate-Counterparty
versus Guarantor Basis distinction is to be reported only for claims
and not for liabilities.
Fifth, the commenter noted that the draft reporting instructions
for Column 2 of the FFIEC 009a report instruct firms to report the sum
of Columns 6 through 10 from Schedule C, Part I, of the FFIEC 009
report,'' which are ``Claims on Local Residents in Non-Local
Currency.'' However, the proposal does not provide an indication in the
heading for Column 2 of the FFIEC 009a that the data reported in the
column should be limited to only claims on local residents in non-local
currency, nor is there any reference in the draft instructions for the
reporting of claims on local residents in local currency. The commenter
recommended the agencies clarify whether the data in Column 2 should
include claims on local residents in both local and non-local
currencies and subsequently modify the heading for Column 2 to clearly
specify what is to be captured.
The commenter also stated if the intention for new Columns 1 and 2
of the FFIEC 009a is to collect data on the total claims by the
immediate counterparty and as a result should reflect the claims in
both local and non-local currencies, the agencies should clarify the
reporting instructions for Column 2 to reference Column 12 from
Schedule C, Part I of the FFIEC 009 to incorporate claims on local
residents in local currency. The agencies agree both new Columns 1 and
2 of the FFIEC 009a should reflect total claims by immediate
counterparty and Column 2 should include claims that are reflected in
column 12, Schedule C, Part 1 of the FFIEC 009, in addition to those
reflected in columns 6 through 12. Therefore, the agencies agree with
the commenter's recommendation to include a reference to Column 12 from
Schedule C, Part I of the FFIEC 009 in the FFIEC 009a instructions for
Column 2 and will modify the heading for Column 2 on the FFIEC 009a
report form to specify what is included.
Sixth, the commenter noted that Schedule D of the FFIEC 009
collects information on the fair value of derivative contracts, and the
headers for new Column 1 ``Amount of Cross-border Claims Outstanding''
and Column 2 ``Amount of Foreign Office Claims on Local Residents'' of
the FFIEC 009a explicitly indicate that firms should exclude derivative
products. The commenter pointed out that referencing Schedule D in the
instructions for new Columns 8 through 11 of the FFIEC 009a created an
inconsistency and recommended removing the references to Schedule D
from the instructions of Columns 8 through 11. The agencies note that
the amounts in Columns 8 through 11, which are reported on an immediate
counterparty basis, correspond to the cross-sectoral aggregated amounts
in Columns 1 and 2 which are not intended to include derivatives.
Therefore, the agencies agree with the commenter's recommendation to
remove the references to Schedule D of the FFIEC 009 and will modify
the instructions accordingly.
Seventh, the commenter noted an inconsistency in the proposed FFIEC
009a instructions for Column 3 ``Amount of Cross-border Claims
Outstanding After Mandated Adjustments for Transfer of Exposure
(excluding derivative products)'' (existing Column 1), Column 4
``Amount of Foreign Office Claims on Local Residents (excluding
derivative products)'' (existing Column 2) and Columns 12 through 15
(existing Columns 6 through 9), which redistribute the same amounts
reported in Columns 3 and 4. The commenter noted that there is a
conflict because, by including references to FFIEC 009 Schedule D, the
instructions imply that Columns 12 through 15 include derivative
products, while derivatives are explicitly excluded from Columns 3 and
4. The commenter recommended that the agencies revise the reporting
instructions for Columns 12 through 15 to remove the references to the
FFIEC 009, Schedule D thereby removing derivatives from the reporting
of guarantor basis claims in the sector breakdown of Columns 12 through
15. The agencies agree there is an inconsistency, Columns 3 and 4
correctly exclude derivatives, whereas Columns 12 through 15 are
intended to include derivatives. Derivatives are listed in Column 5 and
included in Column 6, total claims on a guarantor basis, which is the
sum of Columns 3, 4, and 5. Therefore, the agencies will revise the
column headers and the instructions for Columns 12 through 17 of the
FFIEC 009a to reference the total in Column 6 and note derivative
products are to be included. Therefore, Columns 12 through 15 will
include derivatives and retain the references to Schedule D of the
FFIEC 009.
Eighth, the commenter noted that, given the changes to the FFIEC
009 and the renumbering of columns, the instructions for the new Column
24 (currently Column 18) of the FFIEC 009a ``Of Which, Resale
Agreements and Securities Lending (Counterparty)'' incorrectly
references FFIEC 009 Schedule C, Part II, Column 16. Additionally, the
commenter noted that the column header for Column 24 does not include
``Reverse Repurchase Agreements'' which is inconsistent with the column
headers of Columns 17 and 18 on the FFIEC 009, Schedule C, Part II,
which are ``Of Which, Resale and Reverse Repurchase Agreements and
Securities Lending (Counterparty)'' and ``Of Which, Resale and Reverse
Repurchase Agreements and Securities Lending (Collateral),''
respectively. Therefore, the commenter recommended that the agencies
revise the reporting instructions for Column 24 of the FFIEC 009a to
reference Column 17 of Schedule C, Part II of the FFIEC 009 and revise
the header for Column 24 of the FFIEC 009a, to read ``Of Which, Resale
and Reverse Repurchase Agreements and Securities Lending
(Counterparty),'' to be consistent with the headers in the
corresponding columns of the FFIEC 009. The agencies agree with the
commenter and will revise the instructions and headers accordingly.
Lastly, the commenter expressed a concern that there is potentially
conflicting guidance regarding CUSIP netting practices in the FFIEC
009. Specifically, the commenter noted that the agencies had provided
one method for netting in a Frequently Asked Question issued in
September 2015, while a different method was described in informal
guidance during a 2016 regulatory reporting seminar conducted by one of
the agencies. In 2019, the agencies received a related comment on
whether CUSIP netting in the FFIEC 009 should follow U.S. GAAP. In
response to that comment, the agencies clarified that CUSIP netting
should not follow U.S. GAAP and reiterated that the current FFIEC 009
instructions (incorporating the method described in September 2015) is
the correct method for CUSIP netting in the FFIEC 009.\1\ The agencies
continue to confirm that only the CUSIP netting method described in the
FFIEC 009 instructions is appropriate.
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\1\ See 84 FR 47340, 47342 (September 9, 2019).
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III. Request for Comment
Public comment is requested on all aspects of this notice. Comment
is also specifically invited on:
(a) Whether the information collections are necessary for the
proper performance of the agencies' functions, including whether the
information has practical utility;
(b) The accuracy of the agencies' estimates of the burden of the
information collections, including the
[[Page 49651]]
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 collections on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Comments submitted in response to this joint notice will be shared
among the agencies. All comments will become a matter of public record.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
Margaret McCloskey Shanks,
Deputy Secretary of the Board. Board of Governors of the Federal
Reserve System. Federal Deposit Insurance Corporation.
Dated at Washington, DC, on August 4, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-17229 Filed 8-10-22; 8:45 am]
BILLING CODE P
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