80 FR 22190 - Submission for OMB Review; Comment Request

FINANCIAL STABILITY OVERSIGHT COUNCIL

Federal Register Volume 80, Issue 76 (April 21, 2015)

The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995.\1\ Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') \2\ provides the Council the authority to determine that a nonbank financial company shall be subject to supervision by the Board of Governors of the Federal Reserve System (``Board of Governors'') and enhanced prudential standards if the Council determines that material financial stress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the nonbank financial company, could pose a threat to financial stability. The Council is soliciting comments concerning its extension of a currently approved collection of information related to its authority to determine that certain nonbank financial companies shall be subject to supervision by the Board of Governors and enhanced prudential standards. The Council will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104-13, on or after the date of publication of this notice. ---------------------------------------------------------------------------

[Federal Register Volume 80, Number 76 (Tuesday, April 21, 2015)]
[Notices]
[Pages 22190-22191]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-09145]


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FINANCIAL STABILITY OVERSIGHT COUNCIL


Submission for OMB Review; Comment Request

AGENCY: Financial Stability Oversight Council.

ACTION: Notice and request for comments.

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SUMMARY: The Financial Stability Oversight Council (the ``Council'') 
invites members of the public and affected agencies to comment on 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995.\1\ Section 113 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (the ``Dodd-Frank Act'') \2\ 
provides the Council the authority to determine that a nonbank 
financial company shall be subject to supervision by the Board of 
Governors of the Federal Reserve System (``Board of Governors'') and 
enhanced prudential standards if the Council determines that material 
financial stress at the nonbank financial company, or the nature, 
scope, size, scale, concentration, interconnectedness, or mix of the 
activities of the nonbank financial company, could pose a threat to 
financial stability. The Council is soliciting comments concerning its 
extension of a currently approved collection of information related to 
its authority to determine that certain nonbank financial companies 
shall be subject to supervision by the Board of Governors and enhanced 
prudential standards. The Council will submit the following information 
collection requests to the Office of Management and Budget (OMB) for 
review and clearance in accordance with the Paperwork Reduction Act of 
1995, Public Law 104-13, on or after the date of publication of this 
notice.
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    \1\ 44 U.S.C. 3506(c)(2)(A).
    \2\ 12 U.S.C. 5323.

DATES: Written comments must be received on or before May 21, 2015 to 
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be assured of consideration.

ADDRESSES: You may submit comments by any of the following methods:
    Mail: Attn: Request for Comments (Financial Stability Oversight 
Council Proposed Information Collection), Office of the Financial 
Stability Oversight Council, Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220 or Office of Information 
and Regulatory Affairs, Office of Management and Budget, Attention: 
Desk Officer for Treasury, New Executive Office Building, Room 10235, 
Washington, DC 20503.
    Electronic Submission: [email protected] or 
[email protected].
    Instructions: All submissions received must include the agency name 
and the Federal Register document number that appears at the end of 
this document. Comments received will be made available to the public 
via regulations.gov without change, and including any personal 
information provided.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
about the filings or procedures should be directed to Executive 
Director, Financial Stability Oversight Council, Department of the 
Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220.

SUPPLEMENTARY INFORMATION: On April 11, 2012, the Council published in 
the Federal Register a final rule and interpretive guidance (``Rule and 
Guidance'') that describe the manner in which the Council intends to 
apply the statutory standards and considerations, and the processes and 
procedures the Council intends to follow, in making determinations 
under section 113 of the Dodd-Frank Act.\3\ The Council has made final 
determinations regarding four nonbank financial companies. The Council 
uses information collected under its Rule and Guidance to assess 
whether a nonbank financial company meets the standards for a Council 
determination under section 113 of the Dodd-Frank Act. The collection 
of information under 12 CFR 1310.21 affords a nonbank financial company 
an opportunity to submit materials to contest the Council's 
consideration of the company for a proposed determination and to 
contest a proposed determination. The collection of information under 
12 CFR 1310.22 provides a nonbank financial company an opportunity to 
contest the Council's waiver or modification of the notice or other 
procedural requirements contained in 12 CFR 1310.21 by requesting a 
hearing. The Council uses information collected under 12 CFR 1310.23 in 
a reevaluation of its determination regarding a nonbank financial 
company subject to a Council determination.
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    \3\ See 12 CFR part 1310.
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    In February 2015, the Council adopted Supplementary Procedures 
Relating to Nonbank Financial Company Determinations (``Supplementary 
Procedures''), which supplement the Council's Rule and Guidance and are 
organized into three categories: the Council's engagement with nonbank 
financial companies during evaluations for potential determinations; 
engagement during annual reevaluations of determinations; and 
transparency to the public.\4\ The Supplementary Procedures clarify 
certain aspects of the Council's engagement with nonbank financial 
companies but do not impose additional burdens on companies.
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    \4\ Supplementary Procedures Relating to Nonbank Financial 
Company Determinations, Feb. 4, 2015, available at http://www.treasury.gov/initiatives/fsoc/designations/Documents/Supplemental%20Procedures%20Related%20to%20Nonbank%20Financial%20Company%20Determinations%20-%20February%202015.pdf.
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    Title: Determinations Regarding Certain Nonbank Financial 
Companies.
    OMB Control Number: 1505-0244.
    Abstract: The Council uses information collected under 12 CFR 
1310.20 to assess whether a nonbank financial company meets the 
standards for a Council determination under section 113 of the Dodd-
Frank Act. The collection of information under 12 CFR 1310.21 affords a 
nonbank financial company an opportunity to submit materials to contest 
the Council's consideration of the company for a proposed determination 
and to contest a proposed determination. The collection of information 
under 12 CFR 1310.22 provides a nonbank financial company an 
opportunity to contest the Council's waiver or modification of the 
notice or other procedural requirements contained in 12 CFR 1310.21 by 
requesting a hearing. The Council uses information collected under 12 
CFR 1310.23 in its reevaluation of a determination regarding a nonbank

[[Page 22191]]

financial company subject to a Council determination.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Nonbank financial companies.
    Estimated Total Annual Burden Hours for all Collections: 500 hours.
    Request For Comments: Comments are invited on: (a) Whether the 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information has 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; and 
(d) ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

David G. Clunie,
Executive Secretary.
[FR Doc. 2015-09145 Filed 4-20-15; 8:45 am]
 BILLING CODE 4810-25-P