Notice2023-28683
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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 28, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Single-Counterparty Credit Limits (FR 2590; OMB No. 7100-0377).
Full Text
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<title>Federal Register, Volume 88 Issue 248 (Thursday, December 28, 2023)</title>
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[Federal Register Volume 88, Number 248 (Thursday, December 28, 2023)]
[Notices]
[Pages 89691-89692]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28683]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Single-Counterparty Credit Limits (FR 2590; OMB No. 7100-0377).
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#523c273a337c373e3f33353a2033303b123420307c353d24"><span class="__cf_email__" data-cfemail="78160d1019561d1415191f100a191a11381e0a1a561f170e">[email protected]</span></a>, (202)
452-3884.
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve 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.
[[Page 89692]]
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Single-Counterparty Credit Limits.
Collection identifier: FR 2590.
OMB control number: 7100-0377.
Effective Date: June 30, 2024.
General description of collection: The FR 2590 was implemented in
connection with the Board's single-counterparty credit limits rule
(SCCL rule),\1\ codified in the Board's Regulation YY--Enhanced
Prudential Standards (12 CFR part 252) \2\ and the Board's Regulation
LL--Savings and Loan Holding Companies (12 CFR part 238).\3\
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\1\ 83 FR 38460 (August 6, 2018). See also 84 FR 59032 (November
1, 2019) (finalizing the SCCL rule for Savings and Loan Holding
Companies).
\2\ See 12 CFR part 252, subparts H and Q.
\3\ See 12 CFR part 238, subpart Q.
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The information collected by the FR 2590 reporting form allows the
Board to monitor a covered company's or a covered foreign entity's
compliance with the SCCL rule. In addition to the reporting form, the
FR 2590 information collection incorporates notice requirements
pertaining to requests that may be made by a covered company or covered
foreign entity to request temporary relief from specific requirements
of the SCCL rule, as well as a requirement that filers of the FR 2590
reporting form retain an exact copy of each completed FR 2590.
Frequency: Quarterly, event-generated.
Respondents: Covered company or covered foreign entity. A covered
company is any U.S. bank holding company that is subject to Category I,
II, or III standards or any savings and loan holding company that is
subject to Category II or III standards. A covered foreign entity is a
foreign banking organization (FBO) that is subject to Category II or
III standards or that has total global consolidated assets of $250
billion or more, and any U.S. intermediate holding company that is
subject to Category II or III standards.
Total estimated number of respondents: 83.
Estimated average hours per response:
Reporting FR 2590 Form: 170.56.
Reporting Requests for temporary relief: 10.
Recordkeeping: 0.25.
Total estimated change in burden: 0.
Total estimated annual burden hours: 56,719.\4\
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\4\ 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 2590.
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Current actions: On September 11, 2023, the Board published a
notice in the Federal Register (88 FR 62364) requesting public comment
for 60 days on the extension, with revision, of the FR 2590. The Board
proposed to revise the FR 2590 reporting form to clarify that an FBO
that meets the large exposure standards on a consolidated basis
established by its home-country supervisor is not required to provide
additional documentation as part of its FR 2590 submission. The Board
also proposed to clarify that a respondent should use tier 1 capital
data and total consolidated assets data that is concurrent with its FR
2590 submission when calculating and reporting compliance with the SCCL
rule. The Board also proposed to clarify that respondents should retain
manually signed and attested copies of the cover page of the FR 2590
form and of the data submitted for three years, in accordance with
similar requirements for other regulatory reports. The Board also
proposed to clarify that the order of counterparties should be the same
across Schedules G-1 through G-4, Schedules M-1 through M-2, and the
Summary of Net Credit Exposures. Finally, the Board proposed to revise
Schedule M-1 by adding an additional table for firms calculating
derivative transaction exposures using the standardized approach for
counterparty credit risk to report collateral received in connection
with those derivative transactions. The comment period for this notice
expired on November 13, 2023. The Board did not receive any comments
relevant to the revision of this collection or to the PRA. The
revisions will be implemented as proposed.
Board of Governors of the Federal Reserve System, December 22,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-28683 Filed 12-27-23; 8:45 am]
BILLING CODE 6210-01-P
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