Notice2023-21160
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
September 28, 2023
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, with revision, the Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation LL (FR LL; OMB No. 7100-0380).
Full Text
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<title>Federal Register, Volume 88 Issue 187 (Thursday, September 28, 2023)</title>
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[Federal Register Volume 88, Number 187 (Thursday, September 28, 2023)]
[Notices]
[Pages 66848-66850]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21160]
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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 three years, with revision,
the Reporting, Recordkeeping, and Disclosure Requirements Associated
with Regulation LL (FR LL; OMB No. 7100-0380).
DATES: Comments must be submitted on or before November 27, 2023.
ADDRESSES: You may submit comments, identified by FR LL, 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#24564143570a474b4949414a50576442414041564548564157415652410a434b52"><span class="__cf_email__" data-cfemail="26544341550845494b4b43485255664043424354474a5443554354504308414950">[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,
[[Page 66849]]
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, except for Federal holidays. 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#88e6fde0e9a6ede4e5e9efe0fae9eae1c8eefaeaa6efe7fe"><span class="__cf_email__" data-cfemail="fe908b969fd09b92939f99968c9f9c97be988c9cd0999188">[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 (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</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, With
Revision, the Following Information Collection
Collection title: Reporting, Recordkeeping, and Disclosure
Requirements Associated with Regulation LL.
Collection identifier: FR LL.
OMB control number: 7100-0380.
General description of collection: Regulation LL--Savings and Loan
Holding Companies (12 CFR part 238) requires certain large savings and
loan holding companies (SLHCs) to submit a capital plan to the Board on
an annual basis, request prior approval from the Board under certain
circumstances before making a capital distribution, conduct company-run
periodic stress tests, report the results of its company-run stress
tests to the Board, publicly disclose a summary of the results of such
stress tests, and comply with certain other reporting and recordkeeping
requirements. Capital is central to a firm's ability to absorb
unexpected losses and continue to lend to creditworthy businesses and
consumers. The Board's capital planning requirements for large bank
holding companies help to ensure that these firms have robust systems
and processes that incorporate forward-looking projections of revenue
and losses to monitor and maintain their internal capital adequacy. The
Board's stress testing and stress capital buffer requirements help
ensure that a firm can meet its obligations to creditors and other
counterparties, as well as continue to serve as a financial
intermediary through periods of financial and economic stress.
Proposed revisions: The Board is proposing to revise the FR LL to
account for several reporting provisions and one recordkeeping
provision which have not been previously cleared by the Board under the
PRA.
Reporting Requirements
Section 238.132(c)(2)(i) provides that the Board may conduct a
stress test on an SLHC (other than an foreign banking organization)
with average total consolidated assets of $100 billion or more on a
more or less frequent basis than would be required under paragraph
(c)(1). Section 238.132(c)(3)(iii) permits an SLHC to request in
writing that the Board reconsider the requirement to conduct a stress
test on a more or less frequent basis than would be required under
(c)(1). This request must include an explanation as to why the request
for reconsideration should be granted. The Board will respond in
writing within 14 calendar days of receipt of the request. This request
would be submitted via the Federal Reserve's IntraLinks system.
Section 238.143(a)(3)(ii) permits a Category II SLHC, Category III
SLHC, or a SLHC with average total consolidated assets of greater than
$250 billion to request in writing that the Board reconsider the
requirement to conduct a stress test on a more or less frequent basis
than would be required under paragraph (a)(2)(i). This request must
include an explanation as to why the request for reconsideration should
be granted. The Board will respond in writing within 14 calendar days
of receipt of the request. This request would be submitted via the
Federal Reserve's IntraLinks system.
Section 238.143(b)(4) provides that if the Board requires a
Category II SLHC, Category III SLHC, or a SLHC with average total
consolidated assets of greater than $250 billion to include one
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or more additional components in certain of its stress testing
scenarios the Board will notify the company in writing and include a
basis for its determination. Within 14 calendar days of receipt of this
notification the company may request in writing that the Board
reconsider the requirement that company include the additional
component(s) or additional scenario(s), including an explanation as to
why the request for reconsideration should be granted. The Board will
respond in writing within 14 calendar days of receipt of the company's
request. This request would be submitted via the Federal Reserve's
IntraLinks system.
Recordkeeping Requirements
Section 238.144(c)(1) requires a Category II SLHC, Category III
SLHC, or a SLHC with average total consolidated assets of greater than
$250 billion to establish and maintain a system of controls, oversight,
and documentation, including policies and procedures, that are designed
to ensure that its stress testing processes are effective in meeting
the relevant requirements. These policies and procedures must, at a
minimum, describe the covered company's stress testing practices and
methodologies, and processes for validating and updating the company's
stress test practices and methodologies consistent with applicable laws
and regulations.
Frequency: Ongoing, annual, bi-annual, or event-generated.
Respondents: Foreign SLHCs with average total consolidated assets
of greater than $250 billion and domestic covered SLHCs with average
total consolidated assets of greater than $100 billion.
Total estimated number of respondents: 1.
Total estimated change in burden: 31.
Total estimated annual burden hours: 14,430.\1\
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\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR LL.
Board of Governors of the Federal Reserve System, September 22,
2023.
Erin M. Cayce,
Assistant Secretary of the Board.
[FR Doc. 2023-21160 Filed 9-27-23; 8:45 am]
BILLING CODE 6210-01-P
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