Notice2023-15565
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
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Published
July 24, 2023
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the request to renew the existing information collections described below (OMB Control No. 3064-0176; -0184). The notices of the proposed renewal for these information collections were previously published in the Federal Register on June 1, 2023, allowing for a 60-day comment period.
Full Text
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<title>Federal Register, Volume 88 Issue 140 (Monday, July 24, 2023)</title>
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[Federal Register Volume 88, Number 140 (Monday, July 24, 2023)]
[Notices]
[Pages 47500-47503]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-15565]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0176; -0184]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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SUMMARY: The FDIC, as part of its obligations under the Paperwork
Reduction Act of 1995, invites the general public and other Federal
agencies to take this opportunity to comment on the request to renew
the existing information collections described below (OMB Control No.
3064-0176; -0184). The notices of the proposed renewal for these
information collections were previously published in the Federal
Register on June 1, 2023, allowing for a 60-day comment period.
DATES: Comments must be submitted on or before August 23, 2023.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#90f3fffdfdf5fee4e3d0f6f4f9f3bef7ffe6"><span class="__cf_email__" data-cfemail="0f6c6062626a617b7c4f696b666c21686079">[email protected]</span></a>. Include the name and number of
the collection in the subject line of the message.
<bullet> Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, 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 17th Street NW building (located on F Street
NW), on business days between 7:00 a.m. and 5:00 p.m.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, <a href="/cdn-cgi/l/email-protection#8ae7e9ebe8eff0ebcaeceee3e9a4ede5fc"><span class="__cf_email__" data-cfemail="4a27292b282f302b0a2c2e2329642d253c">[email protected]</span></a>, MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
1. Title: Reverse Mortgage Products.
OMB Number: 3064-0176.
Forms: None.
Affected Public: Insured state nonmember banks and state savings
associations making reverse mortgage.
Burden Estimate:
[[Page 47501]]
Summary of Estimated Annual Burden
[OMB No. 3064-0176]
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Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Reverse Mortgage Products-- Recordkeeping... 1 1 40:00 40
Implementation, 12 CFR 365
(Mandatory).
2. Reverse Mortgage Products-- Recordkeeping... 30 1 08:00 240
Ongoing, 12 CFR 365
(Mandatory).
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Total Annual Burden ................ .............. .............. .............. 280
(Hours).
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Source: FDIC.
General Description of Collection: Respondents must prepare and
provide certain disclosures to consumers (e.g., that insurance products
and annuities are not FDIC-insured) and obtain consumer
acknowledgments, at two different times: (1) Before the completion of
the initial sale of an insurance product or annuity to a consumer; and
(2) at the time of application for the extension of credit (if
insurance products or annuities are sold, solicited, advertised, or
offered in connection with an extension of credit). There is no change
in the substance or methodology of this information collection.
2. Title: Volcker Rule Restrictions on Proprietary Trading and
Relationships with Hedge Funds and Private Equity Funds.
OMB Number: 3064-0184.
Forms: None.
Affected Public: Private Sector; Insured state nonmember banks and
state savings associations.
Burden Estimate:
Table 1--Summary of Estimated Implementation/Set-Up Annual Burden
[OMB No. 3064-0184]
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Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Section 351.4(c)(3)(i)-- Reporting (On 1 1 00:15 0
Limit Breaches and Increases occasion).
(Mandatory).
2. Section 351.20(d)-- Reporting 1 1 125:00 125
Requirements under Appendix A (Quarterly).
for Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
3. Section 351.20(i)--Notice Reporting (On 1 1 20:00 20
and Response (Voluntary). occasion).
4. Section 351.3(d)(3)-- Recordkeeping 1 1 3:00 3
Purchase and sale of (On occasion).
securities in Accordance with
liquidity management plans
(Mandatory).
5. Section 351.4(b)(3)(i)(A)-- Recordkeeping 1 1 2:00 2
Trading Desk Documentation (On occasion).
(Mandatory).
6. Section 351.4(c)(3)(i)-- Recordkeeping 1 1 00:15 0
Limit Breaches and Increases (On occasion).
(Mandatory).
7. Section 351.5(c)--Hedging Recordkeeping 1 1 80:00 80
Instruments Documentation (On occasion).
(Mandatory).
8. Section Recordkeeping 1 1 10:00 10
351.10(c)(18)(ii)(C)(1)--Cust (On occasion).
omer facilitation vehicles
(Mandatory).
9. Section 351.11(a)(2)-- Recordkeeping 1 1 10:00 10
Documentation on advisory or (On occasion).
related services to customers
(Mandatory).
10. Section 351.20(b)-- Recordkeeping 1 1 795:00 795
Compliance Program for (On occasion).
Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
11. Section 351.20(c)--CEO Recordkeeping 1 1 300:00 300
attestation for Covered Banks (Annual).
with Significant Trading
Assets & Liabilities
(Mandatory).
12. Section 351.20(d)-- Recordkeeping 1 1 10:00 10
Requirements under Appendix A (On occasion).
for Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
13. Section 351.20(e)-- Recordkeeping 1 1 200:00 200
Additional documentation for (On occasion).
covered funds for Covered
Banks with Significant
Trading Assets & Liabilities
(Mandatory).
14. Section 351.20(f)(1)-- Recordkeeping 1 1 8:00 8
Simplified compliance program (On occasion).
for Covered Banks with no
trading assets or liabilities
(Mandatory).
15. Section 351.20(f)(2)-- Recordkeeping 1 1 100:00 100
Simplified compliance program (On occasion).
for Covered Banks with
moderate trading assets and
liabilities (Mandatory).
[[Page 47502]]
16. Section 351.11(a)(8)(i)-- Third-party 1 1 00:30 1
Offerings disclosures Disclosure (On
(Mandatory). Occasion).
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Estimated Implementation ................ .............. .............. .............. 1,664
Annual Burden (Hours).
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Source: FDIC.
Note: The annual burden estimate for a given collection is calculated in two steps. First, the total number of
annual responses is calculated as the whole number closest to the product of the annual number of respondents
and the annual number of responses per respondent. Then, the total number of annual responses is multiplied by
the time per response and rounded to the nearest hour to obtain the estimated annual burden for that
collection. This rounding ensures the annual burden hours in the table are consistent with the values recorded
in the OMB's regulatory tracking system.
Table 2--Summary of Estimated Ongoing Annual Burden
[OMB No. 3064-0184]
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Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Section 351.4(c)(3)(i)-- Reporting (On 7 20 00:15 35
Limit Breaches and Increases occasion).
(Mandatory).
2. Section 351.20(d)-- Reporting 2 4 41:00 328
Requirements under Appendix A (Quarterly).
for Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
3. Section 351.20(i)--Notice Reporting (On 7 1 20:00 140
and Response (Voluntary). occasion).
4. Section 351.3(d)(3)-- Recordkeeping 7 1 1:00 7
Purchase and sale of (On occasion).
securities in Accordance with
liquidity management plans
(Mandatory).
5. Section 351.4(b)(3)(i)(A)-- Recordkeeping 7 4 2:00 56
Trading Desk Documentation (On occasion).
(Mandatory).
6. Section 351.4(c)(3)(i)-- Recordkeeping 7 40 00:15 70
Limit Breaches and Increases (On occasion).
(Mandatory).
7. Section 351.5(c)--Hedging Recordkeeping 2 1 80:00 160
Instruments Documentation (On occasion).
(Mandatory).
8. Section Recordkeeping 7 1 10:00 70
351.10(c)(18)(ii)(C)(1)--Cust (On occasion).
omer facilitation vehicles
(Mandatory).
9. Section 351.11(a)(2)-- Recordkeeping 7 1 10:00 70
Documentation on advisory or (On occasion).
related services to customers
(Mandatory).
10. Section 351.20(b)-- Recordkeeping 2 1 265:00 530
Compliance Program for (On occasion).
Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
11. Section 351.20(c)--CEO Recordkeeping 2 1 100:00 200
attestation for Covered Banks (Annual).
with Significant Trading
Assets & Liabilities
(Mandatory).
12. Section 351.20(d)-- Recordkeeping 2 1 10:00 20
Requirements under Appendix A (On occasion).
for Covered Banks with
Significant Trading Assets &
Liabilities (Mandatory).
13. Section 351.20(e)-- Recordkeeping 2 1 200:00 400
Additional documentation for (On occasion).
covered funds for Covered
Banks with Significant
Trading Assets & Liabilities
(Mandatory).
14. Section 351.20(f)(1)-- Recordkeeping 1 1 8:00 8
Simplified compliance program (On occasion).
for Covered Banks with no
trading assets or liabilities
(Mandatory).
15. Section 351.20(f)(2)-- Recordkeeping 5 1 40:00 200
Simplified compliance program (On occasion).
for Covered Banks with
moderate trading assets and
liabilities (Mandatory).
16. Section 351.11(a)(8)(i)-- Third-party 7 26 00:30 91
Offerings disclosures Disclosure (On
(Mandatory). Occasion).
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Estimated Ongoing Annual ................ .............. .............. .............. 2,385
Burden (Hours).
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Source: FDIC.
[[Page 47503]]
Note: The annual burden estimate for a given collection is calculated in two steps. First, the total number of
annual responses is calculated as the whole number closest to the product of the annual number of respondents
and the annual number of responses per respondent. Then, the total number of annual responses is multiplied by
the time per response and rounded to the nearest hour to obtain the estimated annual burden for that
collection. This rounding ensures the annual burden hours in the table are consistent with the values recorded
in the OMB's regulatory tracking system.
OMB No. 3064-0184 Total Estimated Annual Burden (Hours): 4,049.
General Description of Collection: Section 13 of the Bank Holding
Company Act of 1956 (section 13) contains certain restrictions on the
ability of a banking entity to engage in proprietary trading and to
have certain interests in, or relationships with, a hedge fund or
private equity fund. The FDIC's regulations at 12 CFR part 351 (part
351) implement section 13 with respect to FDIC-supervised insured
depository institutions (IDIs). The requirements in part 351 do not
apply to FDIC-supervised IDIs that have, and if every company that
controls it has, total consolidated assets of $10 billion or less and
total trading assets and trading liabilities, that are five percent or
less of total consolidated assets.\1\ Part 351 contains provisions that
constitute information collections (ICs) under the Paperwork Reduction
Act corresponding to policies, rules, and regulations regarding
periodic reporting requirements, documentation of trading activities
and compliance programs, and various other recordkeeping and disclosure
requirements for FDIC-supervised IDIs that are subject to the
requirements of part 351 (covered bank).
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\1\ 12 CFR 351.2(r)(2).
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There is no change in the substance or methodology of this
information collection. The estimated annual burden for this
information collection is 4,049 hours. This is an increase of 856 hours
from the total estimated annual burden of 3,193 hours submitted in
2020. As was the case in 2020, the FDIC assumes that all covered banks
have completed the implementation portions of this information
collection. Thus, the current estimated annual implementation burden is
identical to the estimated annual implementation burden in 2020 (1,664
hours).
The increase in burden is driven entirely by the increase in the
total annual ongoing burden which is now estimated to be 2,385 hours,
an increase of 856 hours from the estimated annual burden used in 2020
(1,529 hours). Specifically, the number of covered banks considered to
have ``significant'' trading assets and liabilities has increased from
one in 2020 to two in the current estimate. Generally, the ICs that
apply only to these covered banks--such as those under Sec. Sec.
351.20(a)--351.20(e)--have the highest estimated time per response, and
an increase in the number of respondents will lead to a correspondingly
large increase in the total estimated annual burden. This increase is
attenuated by a decrease in the total number of covered banks with
``moderate'' or ``significant'' trading assets and liabilities from ten
in the 2020 ICR to seven in this ICR, which has led to a corresponding
decrease in the total estimated annual burden for those line items that
apply to all covered banks with ``moderate'' or ``significant'' trading
assets and liabilities. The total estimated annual hourly burden for
both implementation and ongoing compliance is shown in Tables 1 and 2
above.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the 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; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
Federal Deposit Insurance Corporation.
Dated: July 18, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-15565 Filed 7-21-23; 8:45 am]
BILLING CODE 6714-01-P
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