Notice2022-25496
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
November 23, 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 and Disclosure Requirements Associated with Regulation RR (FR RR; OMB No. 7100-0372).
Full Text
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<title>Federal Register, Volume 87 Issue 225 (Wednesday, November 23, 2022)</title>
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[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71637-71639]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25496]
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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
[[Page 71638]]
three years, without revision, the Recordkeeping and Disclosure
Requirements Associated with Regulation RR (FR RR; OMB No. 7100-0372).
DATES: Comments must be submitted on or before January 23, 2023.
ADDRESSES: You may submit comments, identified by FR RR, 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#780a1d1f0b561b1715151d160c0b381e1d1c1d0a19140a1d0b1d0a0e1d561f170e"><span class="__cf_email__" data-cfemail="d6a4b3b1a5f8b5b9bbbbb3b8a2a596b0b3b2b3a4b7baa4b3a5b3a4a0b3f8b1b9a0">[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: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. 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, <a href="/cdn-cgi/l/email-protection#86e8f3eee7a8e3eaebe7e1eef4e7e4efc6e0f4e4a8e1e9f0"><span class="__cf_email__" data-cfemail="bfd1cad7de91dad3d2ded8d7cddeddd6ffd9cddd91d8d0c9">[email protected]</span></a>, (202)
452-3884.
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
Collection title: Recordkeeping and Disclosure Requirements
Associated with Regulation RR.
Collection identifier: FR RR.
OMB control number: 7100-0372.
Frequency: Annual, event-generated.
Respondents: Securitizers that are, or are a subsidiary of, a state
member bank.
Estimated number of respondents: 1.
Estimated average hours per response:
Section 244.4
Standard Risk Retention
Horizontal Interest
Recordkeeping--0.5.
Disclosure--5.5.
Vertical Interest
Recordkeeping--0.5.
Disclosure--2.
Combined Horizontal and Vertical Interests
Recordkeeping--0.5.
Disclosure--7.5.
Section 244.5
Recordkeeping--0.5.
Disclosure--7.
Section 244.6
Recordkeeping--20.
Disclosure--3.
Section 244.7
Recordkeeping--30.
Disclosure--20.75.
Section 244.8
Disclosure--1.5.
Section 244.9
Disclosure--20.25.
Section 244.10
Disclosure--6.
Section 244.11
Recordkeeping--20.
Disclosure--2.5.
Sections 244.13 and 244.19(g)
Recordkeeping--40.
Disclosure--1.25.
Section 244.15
Recordkeeping--05.
Disclosure--20.
Section 244.16
Recordkeeping--40.5.
Disclosure--1.25.
Section 244.17
Recordkeeping--40.5.
[[Page 71639]]
Disclosure--1.25.
Section 244.18
Recordkeeping--40.5.
Disclosure--1.25.
Estimated annual burden hours: 340.
General description of collection: In 2014, the Board, Office of
the Comptroller of the Currency (OCC), Federal Deposit Insurance
Corporation (FDIC), U.S. Securities and Exchange Commission (SEC),
Federal Housing Finance Agency (FHFA), and Department of Housing and
Urban Development (HUD) adopted a joint final rule (credit risk
retention rule) that implemented the credit risk retention requirements
of section 15G of the Securities Exchange Act of 1934 (Exchange
Act),\1\ which was added by section 941 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.\2\ The Board's credit risk
retention rule, which applies to any securitizer of asset-backed
securities (securitizer) that is a state member bank (SMB) or a
subsidiary of an SMB, is codified in the Board's Regulation RR--Credit
Risk Retention (12 CFR part 244). Regulation RR includes a number of
mandatory recordkeeping and disclosure requirements.\3\
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\1\ 15 U.S.C. 78o-11.
\2\ Public Law 111-203, 124 Stat. 1376 (2010).
\3\ The FR RR currently takes burden for the SEC's credit risk
retention rule insofar as it applies to securitizers that are, or
are a subsidiary of, a bank holding company, savings and loan
holding company, intermediate holding company, Edge or agreement
corporation, foreign banking organization, or nonbank financial
company supervised by the Board. The proposed extension of the FR RR
would not include burden for the SEC's rule, because it is not a
collection of information conducted or sponsored by the Board.
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Legal authorization and confidentiality: The FR RR is authorized
pursuant to section 15G of the Exchange Act, which requires the Board,
jointly with the OCC, FDIC, and SEC, to prescribe risk retention
regulations for securitizers (15 U.S.C. 78o-11). The FR RR is
mandatory.
Records kept and information disclosed pursuant to the requirements
of the FR RR are not submitted to the Board, so the issue of
confidentiality will not normally arise. If the Board's examiners
obtain a copy of the records as part of an examination, the records may
be exempt from disclosure under exemption 8 of the Freedom of
Information Act, which exempts from disclosure matters that are
``contained in or related to examination, operating, or condition
reports prepared by, on behalf of, or for the use of an agency
responsible for the regulation or supervision of financial
institutions'' (5 U.S.C. 552(b)(8)).
Consultation outside the agency: The credit risk retention rule was
adopted on an interagency basis. The Board consulted with the OCC,
FDIC, and SEC with respect to the extension, without revision, of this
information collection.
Board of Governors of the Federal Reserve System, November 17,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25496 Filed 11-22-22; 8:45 am]
BILLING CODE 6210-01-P
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