Notice2023-27460
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Primary source
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Published
December 14, 2023
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collections described below (OMB Control No. 3064-0022; -0137 and -0148).
Full Text
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<title>Federal Register, Volume 88 Issue 239 (Thursday, December 14, 2023)</title>
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[Federal Register Volume 88, Number 239 (Thursday, December 14, 2023)]
[Notices]
[Pages 86646-86648]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27460]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0022; -0137; -0148]
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 (PRA), invites the general public and other
Federal agencies to take this opportunity to comment on the renewal of
the existing information collections described below (OMB Control No.
3064-0022; -0137 and -0148).
DATES: Comments must be submitted on or before February 12, 2024.
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#4d2e2220202823393e0d2b29242e632a223b"><span class="__cf_email__" data-cfemail="4c2f2321212922383f0c2a28252f622b233a">[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.
All comments should refer to the relevant OMB control number. A
copy of the comments may also be submitted to the OMB desk officer for
the FDIC: Office of Information and Regulatory
[[Page 86647]]
Affairs, Office of Management and Budget, New Executive Office
Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, <a href="/cdn-cgi/l/email-protection#3b56585a595e415a7b5d5f5258155c544d"><span class="__cf_email__" data-cfemail="b8d5dbd9daddc2d9f8dedcd1db96dfd7ce">[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: Uniform Application/Uniform Termination for Municipal
Securities Principal or Representative.
OMB Number: 3064-0022.
Forms: 6200/54; 6200/55.
Affected Public: Individuals, Insured state nonmember banks and
state savings associations.
Burden Estimate:
Summary of Estimated Annual Burden (OMB No. 3064-0022)
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Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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Uniform Application for Municipal Reporting (On 1 1 1:00 1
Securities Principal or Occasion).
Representative (Form MSD-4)
(Mandatory).
Uniform Termination Notice for Reporting (On 1 1 1:00 1
Securities Principal or Occasion).
Representative (Form MSD-5)
(Mandatory).
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Total Annual Burden (Hours)... .................... .............. .............. ........... 2
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Source: FDIC.
General Description of Collection: The 1975 Amendments to the
Securities Exchange Act of 1934 established a comprehensive framework
for the regulation of the activities of municipal securities dealers.
Under section 15B(a) of the Securities Exchange Act, municipal
securities dealers which are banks, or separately identifiable
departments or divisions of banks engaging in municipal securities
activities, are required to be registered with the Securities and
Exchange Commission in accordance with such rules as the Municipal
Securities Rulemaking Board (MSRB), a rulemaking authority established
by the 1975 Amendments, may prescribe as necessary or appropriate in
the public interest or for the protection of investors. One of the
areas in which the Act directed the MSRB to promulgate rules is the
qualifications of persons associated with municipal securities dealers
as municipal securities principals and municipal securities
representatives. The MSRB Rules require persons who are or seek to be
associated with municipal securities dealers as municipal securities
principals or municipal securities representatives to provide certain
background information and conversely, require the municipal securities
dealers to obtain the information from such persons. Generally, the
information required to be furnished relates to employment history and
professional background including any disciplinary sanctions and any
claimed bases for exemption from MSRB examination requirements. The
FDIC and the other two Federal bank regulatory agencies, the
Comptroller of the Currency, and the Federal Reserve Board, have
prescribed Forms MSD-4 to satisfy these requirements and have
prescribed Form MSD-5 for notification by a bank municipal securities
dealer that a municipal securities principal's or a municipal
securities representative's association with the dealer has terminated
and the reason for such termination. State nonmember banks and state
savings associations that are municipal security dealers submit these
forms, as applicable, to the FDIC as their appropriate regulatory
agency for each person associated with the dealer as a municipal
securities principal or municipal securities representative. There is
no change in the methodology or substance of this information
collection. This reduction in estimated annual burden (from 4 hours in
2021 to 2 hours currently) is due to the decrease in the estimated
number of respondents.
2. Title: Interagency Guidance on Asset Securitization Activities.
OMB Number: 3064-0137.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden (OMB No. 3064-0137)
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Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Documentation of Fair Value, Recordkeeping (On 19 1 04:00 76
``Valuation and Modeling Occasion).
Processes,'' pp. 6-7 (Voluntary).
2. Asset Securitization Policies-- Recordkeeping (On 5 1 32:00 160
Implementation, ``Independent Occasion).
Risk Management Function,'' pg. 4
(Voluntary).
3. Asset Securitization Policies-- Recordkeeping (On 2 1 03:00 6
Ongoing, ``Independent Risk Occasion).
Management Function,'' pg. 4
(Voluntary).
4. MIS Improvements-- Recordkeeping (On 5 1 21:00 105
Implementation, ``Independent Occasion).
Risk Management Function,'' pp. 4-
6 (Voluntary).
[[Page 86648]]
5. MIS Improvements--Ongoing, Recordkeeping (On 2 1 05:00 10
``Independent Risk Management Occasion).
Function,'' pp. 4-6, and ``Audit
Function or Internal Review,''
pg. 8 (Voluntary).
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Total Annual Burden (Hours)... .................... .............. .............. ........... 357
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Source: FDIC.
General Description of Collection: The Interagency Guidance on
Asset Securitization Activities informs bankers and examiners of safe
and sound practices regarding asset Securitization. The information
collections contained in the Interagency Guidance are needed by
institutions to manage their asset Securitization activities in a safe
and sound manner. Bank management uses this information as the basis
for the safe and sound operation of their asset securitization
activities and to ensure that they minimize operational risk in these
activities. There is no change in the method or substance of the
information collection. The 94-hour increase in estimated annual burden
(from 263 hours in 2021 to 357 hours currently) is the result of
economic fluctuation. In particular, the number of respondents has
increased while the reporting frequency and the estimated time per
response remain the same.
3. Title: Interagency Statement on Sound Practices Concerning
Complex Structured Finance Transactions.
OMB Number: 3064-0148.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden (OMB No. 3064-0148)
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Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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Complex Structured Finance Reporting (On 1 1 25:00 25
Transactions (Voluntary). occasion).
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Total Annual Burden ................. ............... .............. .............. 25
(Hours):.
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Source: FDIC.
General Description of Collection: The Interagency Statement on
Sound Practices Concerning Complex Structured Finance Transactions
describes the types of internal controls and risk management procedures
that the Agencies believe are particularly effective in assisting
financial institutions to identify, evaluate, assess, document, and
control the full range of credit, market, operational, legal and
reputational risks. A financial institution that engages in complex
structured finance transactions should maintain a set of formal,
written, firmwide policies and procedures that are designed to allow
the institution to identify and assess these risks. There is no change
in the methodology or substance of this information collection. The
estimated annual burden is unchanged.
Request for Comment
Comments are invited on: (a) Whether the collections of information
are 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 collections,
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 collections 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 at Washington, DC, December 11, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-27460 Filed 12-13-23; 8:45 am]
BILLING CODE P
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