[Federal Register Volume 81, Number 64 (Monday, April 4, 2016)]
[Notices]
[Pages 19178-19179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07544]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
to approve of and assign OMB numbers to collection of information
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA Submission, supporting statements and approved collection of
information instruments are placed into OMB's public docket files. The
Federal Reserve may not conduct or sponsor, and the respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB number.
DATES: Comments must be submitted on or before June 3, 2016.
ADDRESSES: You may submit comments, identified by FR 4022, by any of
the following methods:
Agency Web site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Robert deV. Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
Additionally, commenters may send a copy of their comments to the
OMB Desk Officer--Shagufta Ahmed--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: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposal
The following information collection, which is being handled under
this delegated authority, has received initial Board approval and is
hereby published for comment. At the end of the comment period, the
proposed information
[[Page 19179]]
collection, along with an analysis of comments and recommendations
received, will be submitted to the Board for final approval under OMB
delegated authority. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve'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 start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal to Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Report
Report title: Recordkeeping Requirements Associated with the
Interagency Statement on Complex Structured Finance Activities.
Agency form number: FR 4022.
OMB control number: 7100-0311.
Frequency: Annual.
Reporters: State member banks, bank holding companies, and U.S.
branches and agencies of foreign banks.
Estimated annual reporting hours: 180 hours.
Estimated average hours per response: 10 hours.
Number of respondents: 18 respondents.
General description of report: Sections 11(a), 11(i), 21, and 25 of
the Federal Reserve Act (12 U.S.C. 248(a), 248(i), 483, and 602)
authorize the Board to issue the information collection and
recordkeeping guidance associated with the Interagency Statement. In
addition, section 5(c) of the Bank Holding Company Act (12 U.S.C
1844(c)), section 10(b) of the Home Owners' Loan Act (12 U.S.C. 1467a
(b)(2)), and section 13(a) of the International Banking Act (12 U.S.C.
3108(a)) provide further authority for the Board to issue such rules
and guidance. As a guidance document, the Interagency Statement is
voluntary, although conformance with the guidance may be the subject of
review during examinations of institutions engaged in CSFTs. No
information is collected by the Board in connection with the
Interagency Statement, so the issue of confidentiality does not
ordinarily arise. Should an institution's policies or procedures
adopted pursuant to the Interagency Statement be retained as part of
the record of an institution's examination, the records would be exempt
from disclosure under exemption (b)(8) of the Freedom of Information
Act, 5 U.S.C. 552(b)(8).
Abstract: The guidance provides that state member banks, bank
holding companies, and U.S. branches and agencies of foreign banks
supervised by the Federal Reserve should establish and maintain
policies and procedures for identifying, evaluating, assessing,
documenting, and controlling risks associated with certain complex
structured finance transactions (CSFTs).
A financial institution engaged in CSFTs should maintain a set of
formal, firm-wide policies and procedures that are designed to allow
the institution to identify, evaluate, assess, document, and control
the full range of credit, market, operational, legal, and reputational
risks associated with these transactions. These policies may be
developed specifically for CSFTs or included in the set of broader
policies governing the institution generally. A financial institution
operating in foreign jurisdictions may tailor its policies and
procedures as appropriate to account for, and comply with, the
applicable laws, regulations, and standards of those jurisdictions.
A financial institution's policies and procedures should establish
a clear framework for the review and approval of individual CSFTs.
These policies and procedures should set forth the responsibilities of
the personnel involved in the origination, structuring, trading,
review, approval, documentation, verification, and execution of CSFTs.
A financial institution should define what constitutes a new complex
structured finance product and establish a control process for the
approval of such new product. An institution's policies also should
provide for new complex structured finance products to receive the
approval of all relevant control areas that are independent of the
profit center before the products are offered to customers.
Current Actions: The Federal Reserve proposes to extend, without
revision, the FR 4022 information collection.
Board of Governors of the Federal Reserve System, March 30,
2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-07544 Filed 4-1-16; 8:45 am]
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