81 FR 8494 - Proposed Agency Information Collection Activities; Comment Request
FEDERAL RESERVE SYSTEM Federal Register Volume 81, Issue 33 (February 19, 2016)
Federal Register Volume 81, Issue 33 (February 19, 2016)
| Page Range | 8494-8497 | |
| FR Document | 2016-03444 |
[Federal Register Volume 81, Number 33 (Friday, February 19, 2016)] [Notices] [Pages 8494-8497] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03444] ----------------------------------------------------------------------- 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 April 19, 2016. ADDRESSES: You may submit comments, identified by Reg Y-1, Form MSD-4, or Form MSD-5 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. [[Page 8495]] 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 Proposals The following information collections, which are being handled under this delegated authority, have received initial Board approval and are hereby published for comment. At the end of the comment period, the proposed information collections, 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: Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule). Agency form number: Reg Y-1. OMB control number: 7100-0333. Frequency: Event-generated. Reporters: Insured depository institution (other than certain limited-purpose trust institutions), any company that controls an insured depository institution, any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (12 U.S.C. 3106), and any affiliate or subsidiary of any of the foregoing, and nonbank financial companies designated by the Financial Stability Oversight Council that engage in proprietary trading activities or make investments in covered funds. Estimated annual reporting hours: 774 hours. Estimated average hours per response: 3 hours. Number of respondents: 258 respondents. General description of report: The Board's Legal Division has determined that section 13 of the BHC Act specifically authorizes the Board to issue rules to permit entities covered by the Volcker Rule to seek extensions of time of the conformance period. 12 U.S.C. 1851(c)(6). The information collections in sections 225.181(c) and 225.182(c) of Regulation Y are required for covered entities that decide to seek an extension of time to conform their activities to the Volcker Rule or divest their interest in an illiquid hedge fund or private equity fund. The obligation to respond, therefore, is required to obtain a benefit. As noted above, the information collected under the provisions of section 13 of the BHC Act and subpart K of Regulation Y is required to be submitted in order to obtain an extension of time to conform a covered entity's assets and activities to the Volcker Rule. As provided in sections 221.181(d) and 221.182(d) of subpart K, such information includes: The terms of private contractual obligations; The liquid or illiquid nature of assets proposed to be divested by the regulated entity; The total exposure of the covered entity to the activity or investment, and its materiality to the institution; The risks and costs of disposing of, or maintaining, the activity or investment; and The impact of divestiture or conformance of the activity or investment on any duty owed by the institution to a client, customer, or counterparty. This information is the type of confidential commercial and financial information that may be withheld under Exemption 4 of the Freedom of Information Act, 5 U.S.C. 552(b)(4). As required information, it may be withheld under Exemption 4 only if public disclosure could result in substantial competitive harm to the submitting institution. Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') was enacted on July 21, 2010.\1\ Section 619 of the Dodd-Frank Act, also known as the Volcker Rule, adds a new section 13 to the Bank Holding Company Act of 1956 (the ``BHC Act'') \2\ that generally prohibits any banking entity \3\ from engaging in proprietary trading or from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund (together, a covered fund). Section 13 of the BHC Act also provides that nonbank financial companies designated by the Financial Stability Oversight Council (the ``Council'') that engage in proprietary trading activities or make investments in covered funds may be made subject [[Page 8496]] by rule to additional capital requirements or quantitative limits.\4\ In December 2013, the Board, OCC, FDIC, SEC and CFTC (the ``Agencies'') approved final regulations implementing the provisions of section 13 of the BHC Act (the ``final rule'').\5\ --------------------------------------------------------------------------- \1\ Public Law 111-203, 124 Stat. 1376 (2010). \2\ 12 U.S.C. 1851. \3\ The term ``banking entity'' is defined in section 13(h)(1) of the BHC Act. See 12 U.S.C. 1851(h)(1). The term means any insured depository institution (other than certain limited-purpose trust institutions), any company that controls an insured depository institution, any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (12 U.S.C. 3106), and any affiliate or subsidiary of any of the foregoing. \4\ See 12 U.S.C. 1851(a)(2) and (f)(4). \5\ See Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Fund and Private Equity Funds, 79 FR 5536 (Jan. 31, 2014); 79 FR 5808 (Jan. 31, 2014). At the time of the final rule, the Agencies explained they would explore whether a nonbank financial company designated by the Council that was not also a banking entity engages in any activity subject to section 13 of the BHC Act and what, if any, requirements to apply under section 13. --------------------------------------------------------------------------- The restrictions and prohibitions of section 13 of the BHC Act became effective on July 21, 2012,\6\ however, the statute provided banking entities a grace period until July 21, 2014, to conform their activities and investments to the requirements of the statute and any rule issued by the Agencies. The statute also granted exclusively to the Board authority to provide banking entities additional time to conform or divest their investments and activities covered by section 13. The statute provides that the Board may, by rule or order, extend the conformance period ``for not more than one year at a time,'' up to three times, if in the judgment of the Board, an extension is consistent with the purposes of section 13 and would not be detrimental to the public interest.\7\ This would allow extensions of the conformance period until July 21, 2017.\8\ Section 13 also permits the Board, upon application by a banking entity, to provide up to an additional five-year transition period to conform certain illiquid funds.\9\ --------------------------------------------------------------------------- \6\ See 12 U.S.C. 1851(c)(1). \7\ See 12 U.S.C. 1851(c)(2). \8\ At the time of issuance of the final rule in December 2013, the Board exercised authority under the statute to extend this period for one year, until July 21, 2015. See Board Order Approving Extension of Conformance Period (Dec. 10. 2013), available at http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20131210b1.pdf. In addition, in December 2014, the Board extended the conformance period until July 21, 2016 for banking entities to conform investments in and relationships with covered funds and foreign funds that were in place prior to December 31, 2013 (``legacy covered funds'') and stated its intention to act next year to give banking entities until July 21, 2017 to conform legacy covered funds. See Board Order Approving Extension of Conformance Period under Section 13 of the Bank Holding Company Act (December 18, 2014), available at http://www.federalreserve.gov/newsevents/press/bcreg/20141218a.htm. \9\ See 12 U.S.C. 1851(c)(3)-(4). --------------------------------------------------------------------------- Section 13 also gives nonbank financial companies supervised by the Board the same general two-year conformance period with the potential of up to three, one-year extensions to bring their activities into compliance with any requirements or limits established. Consistent with the conformance period available to banking entities, the Board has the ability to extend this two-year period by up to three additional one- year periods, if the Board determines that such an extension is consistent with the purpose of the Volcker Rule and would not be detrimental to the public interest.\10\ --------------------------------------------------------------------------- \10\ See 12 U.S.C. 1851(c)(2). --------------------------------------------------------------------------- On February 2011, the Board adopted a final rule to implement the conformance period provisions of section 13 (``Conformance Rule'') during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the Volcker Rule and implementing regulations. The information collections associated with the Conformance Rule are located in sections 225.181(c) and 225.182(c) of Regulation Y. Sections 225.181(c) and 225.182(c) permit a banking entity and nonbank financial company, respectively, to request an extension of time to conform their activities to the Volcker Rule. The Conformance Rule became effective April 1, 2011. Proposal to approve under OMB delegated authority the extension for three years, with revision, of the following reports: Report title: Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer; Uniform Termination Notice for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer. Agency form number: Form MSD-4; Form MSD-5. OMB control number: 7100-0100; 7100-0101. Frequency: On occasion. Reporters: State member banks, bank holding companies, and foreign dealer banks that are municipal securities dealers. Estimated annual reporting hours: Form MSD-4, 20 hours; Form MSD-5, 13 hours. Estimated average hours per response: Form MSD-4, 1 hour; Form MSD- 5, 0.25 hours. Number of respondents: Form MSD-4, 20; Form MSD-5, 50. General description of report: The Board's Legal Division has determined that sections 15B(a)-(b) and 17 of the Securities Exchange Act (15 U.S.C. 78o-4(a)-(b) and 78q) authorize the SEC and MSRB to promulgate rules requiring municipal security dealers to file registration reports about associated persons with the SEC and the ARA. In addition, section 15B(c) of the Act provides that ARAs may enforce compliance with the SEC's and MSRB's rules. 15 U.S.C. 78o-4(c). Section 23(a) of the Act also authorizes the SEC, the Board, and the other ARAs to make rules and regulations in order to implement the provisions of the Act. 15 U.S.C. 78w(a). The Board is the ARA for bank municipal securities dealers that are savings and loan holding companies, state member banks (including their divisions or departments), and bank holding companies (including a subsidiary bank of the bank holding company if the subsidiary does not already report to another ARA or to the SEC, and any divisions, departments or subsidiaries of that subsidiary).\11\ 15 U.S.C. 78c(a)(34)(A)(ii). The Board is also the ARA for state branches or agencies of foreign banks that are municipal securities dealers.\12\ Accordingly, the Board's collection of Form MSD-4 and Form MSD-5 for these institutions is authorized pursuant to 15 U.S.C. 78o-4, 78q and 78w. --------------------------------------------------------------------------- \11\ Currently, the instructions to Form MSD-4 and to Form MSD-5 do not explicitly state that a savings and loan holding company (``SLHC'') or a bank holding company (``BHC'') is required to file these forms with the Board. These instructions will be amended to make this requirement explicit, and the forms will be revised to include a Privacy Act notice. \12\ Although Section 3(a)(34) of the Act, 15 U.S.C. 78c(a)(34), does not specify the ARA for municipal securities dealer activities of foreign banks, uninsured state branches or state agencies of foreign banks, commercial lending companies owned or controlled by a foreign bank, or Edge Act corporations (collectively referred to as foreign dealer banks), the Division of Market Regulation of the SEC has agreed that the Federal Reserve should examine the municipal securities dealer activities of foreign dealer banks. See Letter from Catherine McGuire, Chief Counsel, SEC's Division of Market Regulation, to Laura M. Homer, Assistant Director, Federal Reserve Board's Division of Banking Supervision and Regulation, June 14, 1994. --------------------------------------------------------------------------- The Board is also authorized to require that state member banks and their departments file reports with the Board pursuant to section 11(a)(1) of the Federal Reserve Act, 12 U.S.C. 248(a)(1). Branches and agencies of foreign banks are also subject to the reporting requirements of section 11(a)(1) of the Federal Reserve Act pursuant to section 7(c)(2) of the International Banking Act, 12 U.S.C. 3105(c)(2). In addition, section 10(b)(2) of the Home Owners' Loan Act authorizes the Board to require SLHCs to file ``such reports as may be required by the Board'' and instructs that such reports ``shall contain such information concerning the operations of such savings and loan holding company and its subsidiaries as the Board may require.'' 12 U.S.C. 1467a(b)(2), as [[Page 8497]] amended by section 369 of the Dodd-Frank Act. The obligation to file the forms with the Board is mandatory for those financial institutions for which the Board serves as the ARA, and the filing of both forms is event generated. The data collected on Forms MSD-4 and MSD-5 is compiled in a ``system of records'' within the meaning of the Privacy Act. 5 U.S.C. 552a(a)(5). In 1977, the Board formally designated a system of records for Forms MSD-4 and MSD-5. See 4 Fed. Res. Reg. Service ] 8-350 (42 FR 16,854 (Mar. 30, 1977)).\13\ The Privacy Act prohibits the Board from disclosing the information collected on the forms unless certain exceptions apply that would permit disclosure. 5 U.S.C. 552a(b). --------------------------------------------------------------------------- \13\ In 2008, the Board updated all of the Board's existing systems of records, including the system of records for Forms MSD-4 and MSD-5 (BGFRS-17). See 73 FR 24,984, 24,999 (May 6, 2008). --------------------------------------------------------------------------- Abstract: These mandatory information collections are submitted on occasion by state member banks (SMBs), bank holding companies (BHCs), savings and loan holding companies (``SLHCs''), and foreign dealer banks that are municipal securities dealers.\14\ The Form MSD-4 collects information (such as personal history and professional qualifications) on an employee whom the bank wishes to assume the duties of municipal securities principal or representative. The Form MSD-5 collects the date of, and reason for, termination of such an employee. --------------------------------------------------------------------------- \14\ At this time, there are no SLHCs or foreign dealer banks that are registered as municipal securities dealers. --------------------------------------------------------------------------- On August 4, 2014, the Municipal Securities Rulemaking Board (MSRB) (MSRB Notice 2014-13) announced the creation of a new designation of registered person--Limited Representative--Investment Company and Variable Contracts Products--which is a sub-category of Municipal Securities Representative.\15\ To conform to MSRB Notice 2011-54, the Board staff proposes to make a minor revision to the Form MSD-4 to add the Limited Representative--Investment Company and Variable Contracts Products as a new type of qualification. The Board staff also proposes to require electronic submission of both the Form MSD-4 and Form MSD-5 to a secure Federal Reserve Board email address. --------------------------------------------------------------------------- \15\ See http://www.msrb.org/~/media/Files/Regulatory-Notices/ Announcements/2014-13.ashx?n=1. Board of Governors of the Federal Reserve System, February 12, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016-03444 Filed 2-18-16; 8:45 am] BILLING CODE 6210-01-P
![8494 Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices
disclosures (ongoing), HOEPA receipt of amount, adjusted annually for have policies to comply with
certification of counseling for high-cost inflation.3 The threshold amount for requirements to account for a
mortgages (one-time), HOEPA receipt of credit extended during 2015 was consumer’s ability to repay a the debt;
certification of counseling for high-cost $54,600; this threshold will remain the • Separate disclosures for open-end
mortgages (ongoing), Appraisals for same in 2016. However, regardless of (not home-secured) and open-end
higher-priced mortgage loans: Order and the amount of credit extended, (home-secured) credit;
review initial appraisal, Order and Regulation Z applies to: (1) Consumer • Reverse mortgage disclosures.
review additional appraisal, and credit secured by real property; (2) Other proposed changes to Reg Z are
Provide copy of initial and additional consumer credit secured by personal non-substantive and intended for
appraisals, 25 respondents; Private property used or expected to be used as clarity.
education loans: Private student loan the principal swelling of the consumer; Board of Governors of the Federal Reserve
disclosures, 9 respondents; Advertising and (3) private student loans. System, February 12, 2016.
rules (all credit types): Advertising Current Actions: The Federal Reserve Robert deV. Frierson,
rules, 992 respondents; and Record proposes to modify and update Reg Z to Secretary of the Board.
retention (one-time), 634 respondents. account for preexisting regulatory
[FR Doc. 2016–03445 Filed 2–18–16; 8:45 am]
Legal authorization and requirements that were not included
BILLING CODE 6210–01–P
confidentiality: The disclosure, record- separately in prior notices and to
keeping, and other requirements of account for the requirements of new
Regulation Z are authorized by the rules issued during the past three years. FEDERAL RESERVE SYSTEM
TILA, which directs the Consumer A summary of the changes is as follows:
Financial Protection Bureau (CFPB) and, First, the Federal Reserve proposes to Proposed Agency Information
for certain lenders, the Federal Reserve modify Reg Z to account for new Collection Activities; Comment
to issue regulations implementing the required rules issued by the CFPB to Request
statute. Covered lenders are required to implement the Dodd-Frank Wall Street
comply with the recordkeeping, Reform and Consumer Protection Act AGENCY: Board of Governors of the
reporting, and disclosure provisions of (Dodd-Frank Act).4 These include: Federal Reserve System.
Regulation Z. Regulation Z is chiefly a • Combined closed-end mortgage SUMMARY: On June 15, 1984, the Office
disclosure regulation, so the issue of disclosures under TILA and the Real of Management and Budget (OMB)
confidentiality does not normally arise. Estate Settlement Procedures Act delegated to the Board of Governors of
One aspect of the rule requires certain (RESPA); 5 the Federal Reserve System (Board) its
card issuers to submit annual reports to • A requirement that creditors must approval authority under the Paperwork
the CFPB, but no reports are filed with run a credit check on loan originators; Reduction Act (PRA), to approve of and
the Federal Reserve. • Requirements that creditors verify assign OMB numbers to collection of
Abstract: TILA and Regulation Z documents used to determine ‘‘qualified information requests and requirements
ensure adequate disclosure of the costs mortgage’’ status; conducted or sponsored by the Board.
and terms of credit to consumers. For • Mortgage payoff statement Board-approved collections of
open-end credit, such as credit cards requirements; information are incorporated into the
and home-equity lines of credit • Revised and additional adjustable official OMB inventory of currently
(HELOCs), creditors are required to rate mortgage (ARM) disclosures; approved collections of information.
disclose information about the initial • Periodic statements for closed-end Copies of the PRA Submission,
costs and terms and to provide periodic residential mortgages; supporting statements and approved
statements of account activity, notices of • Revised and additional disclosures collection of information instruments
changes in terms, and statements of for high-cost mortgages under the Home are placed into OMB’s public docket
rights concerning billing error Ownership Equity Protection Act 6 files. The Federal Reserve may not
procedures. For closed-end loans, such (HOEPA). conduct or sponsor, and the respondent
as mortgage and installment loans, cost Second, the Federal Reserve proposes is not required to respond to, an
disclosures are required prior to and at to clarify and add several information information collection that has been
consummation. Special disclosures are collection elements for regulatory extended, revised, or implemented on or
required for certain products, such as requirements that previously were after October 1, 1995, unless it displays
reverse mortgages and high cost accounted for as part of a more general a currently valid OMB number.
mortgages with rates and fees above category of information collections or DATES: Comments must be submitted on
specified thresholds. TILA and were not previously included because or before April 19, 2016.
Regulation Z also contain rules institutions for whose burden the
ADDRESSES: You may submit comments,
concerning credit advertising.1 Federal Reserve accounts did not engage
in the relevant line of business to a identified by Reg Y–1, Form MSD–4, or
Creditors are required to comply with
material degree. Form MSD–5 by any of the following
Regulation Z’s disclosure and other
These include: methods:
requirements unless the transaction is
• A requirement that creditors of • Agency Web site: http://
exempt.2 Regulation Z generally does
open-end (not home-secured) credit www.federalreserve.gov. Follow the
not apply to consumer credit instructions for submitting comments at
transactions that exceed a threshold have policies to comply with
http://www.federalreserve.gov/apps/
asabaliauskas on DSK5VPTVN1PROD with NOTICES
requirements for the timely settlement
1 In addition, Regulation Z contains requirements of estate debts; foia/proposedregs.aspx.
that are not considered information collections and • A requirement that creditors of • Federal eRulemaking Portal: http://
thus are not addressed here. open-end (not home-secured) credit www.regulations.gov. Follow the
2 Exemptions include business credit, credit over instructions for submitting comments.
applicable threshold amounts, public utility credit, 3 12 CFR 1026.3(b). • Email: regs.comments@
securities or commodities accounts, home fuel
budget plans, certain student loan programs, and
4 Public Law 111–203, 124 Stat. 1376. federalreserve.gov. Include OMB
employer-sponsored retirement plans. See 12 CFR 5 12 U.S.C. 2601 et seq. number in the subject line of the
1026.3. 6 15 U.S.C. 1639, 1640. message.
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![Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices 8497
amended by section 369 of the Dodd- Board of Governors of the Federal Reserve proposed collection(s) summarized in
Frank Act. System, February 12, 2016. this notice, you may make your request
Robert deV. Frierson, using one of following:
The obligation to file the forms with
Secretary of the Board. 1. Access CMS’ Web site address at
the Board is mandatory for those
[FR Doc. 2016–03444 Filed 2–18–16; 8:45 am] http://www.cms.hhs.gov/
financial institutions for which the
BILLING CODE 6210–01–P PaperworkReductionActof1995.
Board serves as the ARA, and the filing 2. Email your request, including your
of both forms is event generated. address, phone number, OMB number,
The data collected on Forms MSD–4 and CMS document identifier, to
DEPARTMENT OF HEALTH AND
and MSD–5 is compiled in a ‘‘system of Paperwork@cms.hhs.gov.
HUMAN SERVICES
records’’ within the meaning of the 3. Call the Reports Clearance Office at
Privacy Act. 5 U.S.C. 552a(a)(5). In Centers for Medicare & Medicaid (410) 786–1326.
1977, the Board formally designated a Services FOR FURTHER INFORMATION CONTACT:
system of records for Forms MSD–4 and Reports Clearance Office at (410) 786–
[Document Identifiers: CMS–10325 and 1326.
MSD–5. See 4 Fed. Res. Reg. Service CMS–10330]
¶ 8–350 (42 FR 16,854 (Mar. 30, SUPPLEMENTARY INFORMATION: Under the
1977)).13 The Privacy Act prohibits the Agency Information Collection Paperwork Reduction Act of 1995 (PRA)
Board from disclosing the information Activities: Submission for OMB (44 U.S.C. 3501–3520), federal agencies
collected on the forms unless certain Review; Comment Request must obtain approval from the Office of
exceptions apply that would permit Management and Budget (OMB) for each
disclosure. 5 U.S.C. 552a(b). ACTION: Notice. collection of information they conduct
Abstract: These mandatory or sponsor. The term ‘‘collection of
SUMMARY: The Centers for Medicare &
information collections are submitted information’’ is defined in 44 U.S.C.
Medicaid Services (CMS) is announcing
3502(3) and 5 CFR 1320.3(c) and
on occasion by state member banks an opportunity for the public to
includes agency requests or
(SMBs), bank holding companies comment on CMS’ intention to collect
requirements that members of the public
(BHCs), savings and loan holding information from the public. Under the
submit reports, keep records, or provide
companies (‘‘SLHCs’’), and foreign Paperwork Reduction Act of 1995
information to a third party. Section
dealer banks that are municipal (PRA), federal agencies are required to
3506(c)(2)(A) of the PRA (44 U.S.C.
securities dealers.14 The Form MSD–4 publish notice in the Federal Register
3506(c)(2)(A)) requires federal agencies
collects information (such as personal concerning each proposed collection of
to publish a 30-day notice in the
history and professional qualifications) information, including each proposed
Federal Register concerning each
on an employee whom the bank wishes extension or reinstatement of an existing
proposed collection of information,
to assume the duties of municipal collection of information, and to allow
including each proposed extension or
securities principal or representative. a second opportunity for public
reinstatement of an existing collection
The Form MSD–5 collects the date of, comment on the notice. Interested
of information, before submitting the
and reason for, termination of such an persons are invited to send comments
collection to OMB for approval. To
employee. regarding the burden estimate or any
comply with this requirement, CMS is
other aspect of this collection of
On August 4, 2014, the Municipal publishing this notice that summarizes
information, including any of the
Securities Rulemaking Board (MSRB) the following proposed collection(s) of
following subjects: (1) The necessity and
(MSRB Notice 2014–13) announced the information for public comment:
utility of the proposed information 1. Type of Information Collection
creation of a new designation of collection for the proper performance of Request: Revision of a currently
registered person—Limited the agency’s functions; (2) the accuracy approved collection; Title of
Representative—Investment Company of the estimated burden; (3) ways to Information Collection: Enrollment
and Variable Contracts Products—which enhance the quality, utility, and clarity Opportunity Notice Relating to Lifetime
is a sub-category of Municipal Securities of the information to be collected; and Limits; Required Notice of Rescission of
Representative.15 To conform to MSRB (4) the use of automated collection Coverage; and Disclosure Requirements
Notice 2011–54, the Board staff techniques or other forms of information for Patient Protection Under the
proposes to make a minor revision to technology to minimize the information Affordable Care Act; Use: Section 1251
the Form MSD–4 to add the Limited collection burden. of the Affordable Care Act provides that
Representative—Investment Company DATES: Comments on the collection(s) of certain plans and health insurance
and Variable Contracts Products as a information must be received by the coverage in existence as of March 23,
new type of qualification. The Board OMB desk officer by March 21, 2016. 2010, known as grandfathered health
staff also proposes to require electronic ADDRESSES: When commenting on the plans, are not required to comply with
submission of both the Form MSD–4 proposed information collections, certain statutory provisions in the Act.
and Form MSD–5 to a secure Federal please reference the document identifier The final regulations titled ‘‘Final Rules
Reserve Board email address. or OMB control number. To be assured Under the Affordable Care Act for
consideration, comments and Grandfathered Plans, Preexisting
recommendations must be received by Condition Exclusions, Lifetime and
asabaliauskas on DSK5VPTVN1PROD with NOTICES
13 In 2008, the Board updated all of the Board’s
existing systems of records, including the system of the OMB desk officer via one of the Annual Limits, Rescissions, Dependent
records for Forms MSD–4 and MSD–5 (BGFRS–17). following transmissions: OMB, Office of Coverage, Appeals, and Patient
See 73 FR 24,984, 24,999 (May 6, 2008). Information and Regulatory Affairs, Protections’’ require that, to maintain its
14 At this time, there are no SLHCs or foreign
Attention: CMS Desk Officer, Fax status as a grandfathered health plan, a
dealer banks that are registered as municipal
securities dealers.
Number: (202) 395–5806 or Email: plan must maintain records
15 See http://www.msrb.org/∼/media/Files/ OIRA_submission@omb.eop.gov. documenting the terms of the plan in
Regulatory-Notices/Announcements/2014- To obtain copies of a supporting effect on March 23, 2010, and any other
13.ashx?n=1. statement and any related forms for the documents that are necessary to verify,
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Document Created: 2018-02-02 14:32:11
Document Modified: 2018-02-02 14:32:11
| 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 | |
| Dates | Comments must be submitted on or before April 19, 2016. | |
| 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. | |
| FR Citation | 81 FR 8494 |
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