Notice2023-26584
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
December 5, 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 WW (FR WW; OMB No. 7100-0367).
Full Text
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<title>Federal Register, Volume 88 Issue 232 (Tuesday, December 5, 2023)</title>
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[Federal Register Volume 88, Number 232 (Tuesday, December 5, 2023)]
[Notices]
[Pages 84328-84330]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-26584]
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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 WW (FR WW; OMB No. 7100-0367).
DATES: Comments must be submitted on or before February 5, 2024.
ADDRESSES: You may submit comments, identified by FR WW, 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#47352220346924282a2a22293334072122232235262b3522342235312269202831"><span class="__cf_email__" data-cfemail="07756260742964686a6a62697374476162636275666b7562746275716229606871">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
[[Page 84329]]
<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, 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#68061d0009460d0405090f001a090a01280e1a0a460f071e"><span class="__cf_email__" data-cfemail="452b302d246b20292824222d3724272c052337276b222a33">[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 WW.
Collection identifier: FR WW.
OMB control number: 7100-0367.
General description of collection: The Board, Federal Deposit
Insurance Corporation (FDIC), and Office of the Comptroller of the
Currency (OCC) (collectively, the agencies) implemented a liquidity
coverage ratio (LCR) requirement and a net stable funding ratio (NSFR)
requirement, consistent with the international liquidity standards
published by the Basel Committee on Banking Supervision (BCBS), for
large and internationally active banking organizations. For the Board,
these standards are implemented through Regulation WW--Liquidity Risk
Measurement, Standards, and Monitoring (12 CFR part 249). The NSFR and
LCR requirements in Regulation WW apply to certain large state member
banks, covered depository institution holding companies, and U.S.
intermediate holding companies of foreign banking organizations, as
well as covered nonbank companies (together, covered companies). The
reporting, recordkeeping, and disclosure requirements contained in FR
WW are used to monitor covered companies' compliance with the LCR and
NSFR.
Proposed revisions: The Board proposes to revise the FR WW
information collection to account for three recordkeeping requirements
in Regulation WW, contained in sections 249.4(a), 249.22(a)(1), and
(a)(4), which had not been previously cleared by the Board under the
PRA. Section 249.4(a) requires covered companies to produce and
maintain certain records that document the compliance of their
qualifying master netting agreement with the requirements of section
249.3, and that establish and document procedures for ensuring that
these agreements remain compliant with the requirement of the
regulation. In addition, section 249.22(a)(1) requires covered
companies to demonstrate their capacity to monetize high-quality liquid
assets (HQLA) by implementing and maintaining procedures and systems to
monetize any HQLA in accordance with certain parameters. Moreover,
section 249.22(a)(4) requires that the covered company implement and
maintain policies and procedures that determine the composition of its
eligible HQLA on each calculation date according to certain required
steps.
The Board is also utilizing a standard burden calculation
methodology for the estimated hours per response, which caused a net
reduction in total burden even though there are three additional
recordkeeping requirements now being accounted for.
Frequency: The reporting requirements of the FR WW information
collection are submitted on an event-generated basis. The recordkeeping
requirements of the FR WW information collection are both event-
generated and ongoing. The disclosure requirements of the FR WW
information collection must be met on a quarterly basis (relating to
the LCR) as well as every second and fourth calendar quarter (relating
to the NSFR) and must remain publicly
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available for at least five years after the initial disclosure date.
Respondents: The FR WW panel comprises covered companies, as
defined above. Certain requirements apply only to covered holding and
nonbank companies.
Total estimated number of respondents: 21.
Total estimated change in burden: (446).
Total estimated annual burden hours: 2,483.\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 WW.
Board of Governors of the Federal Reserve System, November 29,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-26584 Filed 12-4-23; 8:45 am]
BILLING CODE 6210-01-P
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