81 FR 39641 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
FEDERAL RESERVE SYSTEM Federal Register Volume 81, Issue 117 (June 17, 2016)
Federal Register Volume 81, Issue 117 (June 17, 2016)
| Page Range | 39641-39641 | |
| FR Document | 2016-14300 |
[Federal Register Volume 81, Number 117 (Friday, June 17, 2016)] [Notices] [Page 39641] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-14300] ======================================================================= ----------------------------------------------------------------------- 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: Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) 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 control number. 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, 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. 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. Final approval under OMB delegated authority of 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 burden 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: On April 4, 2016, the Board published a notice in the Federal Register (81 FR 19178) requesting public comment for 60 days on the proposal to extend for three years, without revision, the FR 4022. The comment period for this notice expired on June 3, 2016. The Federal Reserve did not receive any comments, and the information collection will be extended as proposed. Board of Governors of the Federal Reserve System, June 13, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016-14300 Filed 6-16-16; 8:45 am] BILLING CODE 6210-01-P
![Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices 39641
believe is confidential, respondents may FOR FURTHER INFORMATION CONTACT: exemption (b)(8) of the Freedom of
request confidential treatment of such Federal Reserve Board Clearance Information Act, 5 U.S.C. 552(b)(8).
information pursuant to section 0.459 of Officer—Nuha Elmaghrabi—Office of Abstract: The guidance provides that
the Commission’s rules, 47 CFR 0.459. the Chief Data Officer, Board of state member banks, bank holding
The FCC has a system of records, Governors of the Federal Reserve companies, and U.S. branches and
FCC/OGC–5, ‘‘Pending Civil Cases,’’ to System, Washington, DC 20551, (202) agencies of foreign banks supervised by
cover the collection, purpose(s), storage, 452–3829. Telecommunications Device the Federal Reserve should establish
safeguards, and disposal of the for the Deaf (TDD) users may contact and maintain policies and procedures
personally identifiable information (PII) (202) 263–4869, Board of Governors of for identifying, evaluating, assessing,
that individuals may submit with their the Federal Reserve System, documenting, and controlling risks
petitions for preemption that they file Washington, DC 20551. associated with certain complex
with the Commission. OMB Desk Officer—Shagufta structured finance transactions (CSFTs).
Needs and Uses: These provisions Ahmed—Office of Information and A financial institution engaged in
supplement the procedures for filing Regulatory Affairs, Office of CSFTs should maintain a set of formal,
petitions seeking Commission Management and Budget, New firm-wide policies and procedures that
preemption of state and local Executive Office Building, Room 10235, are designed to allow the institution to
government regulation of 725 17th Street NW., Washington, DC identify, evaluate, assess, document,
telecommunications services. They 20503. and control the full range of credit,
require that such petitions, whether in Final approval under OMB delegated market, operational, legal, and
the form of a petition for rulemaking or authority of the extension for three reputational risks associated with these
a petition for declaratory ruling, be years, without revision, of the following transactions. These policies may be
served on all state and local report: developed specifically for CSFTs or
governments. The actions for which are Report title: Recordkeeping included in the set of broader policies
cited as a basis for requesting Requirements Associated with the governing the institution generally. A
preemption. Thus, in accordance with Interagency Statement on Complex financial institution operating in foreign
these provisions, persons seeking Structured Finance Activities. jurisdictions may tailor its policies and
preemption must serve their petitions Agency form number: FR 4022. procedures as appropriate to account
not only on the state or local OMB control number: 7100–0311. for, and comply with, the applicable
governments whose authority would be Frequency: Annual. laws, regulations, and standards of those
preempted, but also on other state or Reporters: State member banks, bank jurisdictions.
local governments whose actions are holding companies, and U.S. branches A financial institution’s policies and
cited in the petition. and agencies of foreign banks. procedures should establish a clear
Estimated annual burden hours: 180 framework for the review and approval
Marlene H. Dortch, of individual CSFTs. These policies and
Secretary, Office of the Secretary.
hours.
Estimated average hours per response: procedures should set forth the
[FR Doc. 2016–14334 Filed 6–16–16; 8:45 am]
10 hours. responsibilities of the personnel
BILLING CODE 6712–01–P
Number of respondents: 18 involved in the origination, structuring,
Respondents. trading, review, approval,
General description of report: documentation, verification, and
Sections 11(a), 11(i), 21, and 25 of the execution of CSFTs. A financial
FEDERAL RESERVE SYSTEM institution should define what
Federal Reserve Act (12 U.S.C. 248(a),
248(i), 483, and 602) authorize the constitutes a new complex structured
Agency Information Collection finance product and establish a control
Activities: Announcement of Board Board to issue the information
collection and recordkeeping guidance process for the approval of such new
Approval Under Delegated Authority product. An institution’s policies also
and Submission to OMB associated with the Interagency
Statement. In addition, section 5(c) of should provide for new complex
AGENCY: Board of Governors of the the Bank Holding Company Act (12 structured finance products to receive
Federal Reserve System. U.S.C 1844(c)), section 10(b) of the the approval of all relevant control areas
Home Owners’ Loan Act (12 U.S.C. that are independent of the profit center
SUMMARY: Notice is hereby given of the
1467a (b)(2)), and section 13(a) of the before the products are offered to
final approval of a proposed information
International Banking Act (12 U.S.C. customers.
collection by the Board of Governors of
Current Actions: On April 4, 2016, the
the Federal Reserve System (Board) 3108(a)) provide further authority for
Board published a notice in the Federal
under OMB delegated authority. Board- the Board to issue such rules and
Register (81 FR 19178) requesting
approved collections of information are guidance. As a guidance document, the
public comment for 60 days on the
incorporated into the official OMB Interagency Statement is voluntary,
proposal to extend for three years,
inventory of currently approved although conformance with the
without revision, the FR 4022. The
collections of information. Copies of the guidance may be the subject of review
comment period for this notice expired
Paperwork Reduction Act Submission, during examinations of institutions
on June 3, 2016. The Federal Reserve
supporting statements and approved engaged in CSFTs. No information is
did not receive any comments, and the
collection of information instrument(s) collected by the Board in connection
information collection will be extended
are placed into OMB’s public docket with the Interagency Statement, so the
sradovich on DSK3TPTVN1PROD with NOTICES
as proposed.
files. The Federal Reserve may not issue of confidentiality does not
conduct or sponsor, and the respondent ordinarily arise. Should an institution’s Board of Governors of the Federal Reserve
is not required to respond to, an policies or procedures adopted pursuant System, June 13, 2016.
information collection that has been to the Interagency Statement be retained Robert deV. Frierson,
extended, revised, or implemented on or as part of the record of an institution’s Secretary of the Board.
after October 1, 1995, unless it displays examination, the records would be [FR Doc. 2016–14300 Filed 6–16–16; 8:45 am]
a currently valid OMB control number. exempt from disclosure under BILLING CODE 6210–01–P
VerDate Sep<11>2014 16:48 Jun 16, 2016 Jkt 238001 PO 00000 Frm 00018 Fmt 4703 Sfmt 9990 E:\FR\FM\17JNN1.SGM 17JNN1](https://thefederalregister.org/doc/81_FR_39758/page/1.svg)
Document Created: 2016-06-17 01:04:44
Document Modified: 2016-06-17 01:04:44
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | On April 4, 2016, the Board published a notice in the Federal Register (81 FR 19178) requesting public comment for 60 days on the proposal to extend for three years, without revision, the FR 4022. The comment period for this notice expired on June 3, 2016. The Federal Reserve did not receive any comments, and the information collection will be extended as proposed. | |
| Contact | 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. | |
| FR Citation | 81 FR 39641 |
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