83 FR 18842 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 83 (April 30, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping Requirements Associated with Limitations on Interbank Liabilities (Regulation F; OMB No. 7100-0331).

[Federal Register Volume 83, Number 83 (Monday, April 30, 2018)]
[Notices]
[Pages 18842-18843]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08992]


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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, without revision, the 
Recordkeeping Requirements Associated with Limitations on Interbank 
Liabilities (Regulation F; OMB No. 7100-0331).

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 
or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve of and assign OMB control 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 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.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: Recordkeeping Requirements Associated with 
Limitations on Interbank Liabilities.
    Agency form number: Regulation F.
    OMB control number: 7100-0331.
    Frequency: On occasion.
    Respondents: Depository institutions insured by the Federal Deposit 
Insurance Corporation (FDIC).
    Estimated number of respondents: State member banks: 829; non-
member banks: 3,396; national banks: 921; state savings banks: 309; 
federal savings banks: 228; savings & loan associations: 195; insured 
federal branch of foreign banking organization: 4; insured state branch 
of foreign banking organization: 6; non-depository trust company 
member: 2; cooperative banks: 33.
    Estimated average hours per response: 8 hours.
    Estimated annual burden hours: State member banks: 6,632; non-
member banks: 27,168; national banks: 7,368; state savings banks: 
2,472; federal savings banks: 1,824; savings & loan associations: 
1,560; insured federal branch of foreign banking organization: 32; 
insured state branch of foreign banking organization: 48; non-
depository trust company member: 16; cooperative banks: 264.
    General description of report: Section 206.3 of the Board's 
Regulation F, 12 CFR 206.3, requires insured depository institutions to 
establish and maintain policies and procedures designed to prevent 
excessive exposure to ``correspondents,'' which include non-affiliated 
U.S. insured depository institutions and non-affiliated foreign banks. 
Regulation F limits the risks that the failure of a correspondent would 
pose to insured depository institutions. Where exposure to a 
correspondent is significant, the policies and procedures shall require 
periodic reviews of the financial condition of the correspondent and 
shall take into account any deterioration in the correspondent's 
financial condition. Where the financial condition of the correspondent 
and the form or maturity of the exposure create a significant risk that 
payments will not be made in full or in a timely manner, the policies 
and procedures should limit the bank's exposure to the correspondent, 
either by the establishment of internal limits or by other means.
    The Board has updated its burden estimate for this information 
collection to account for all depository institutions insured by the 
Federal Deposit Insurance Corporation (FDIC), all of which are 
potential respondents. The Board's previous burden estimate accounted 
only for state member banks. The increase in burden reflects the update 
to correct the number of potential respondents, and is not due to a 
change in burden for individual institutions.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that the recordkeeping requirements of Regulation F are 
mandatory and authorized by section 23 of the Federal Reserve Act, as 
added by section 308 of the Federal Deposit Insurance Corporation 
Improvement Act of 1991 (FDICIA) (12 U.S.C. 371b-2). Because the Board 
does not collect any information, no issue of confidentiality normally 
arises. However, if a compliance program becomes a Board record during 
an examination, the information may be protected from disclosure under 
exemptions (b)(4) and (b)(8) of the Freedom of Information Act (5 
U.S.C. 552(b)(4) and (b)(8)).
    Current actions: On January 23, 2018, the Board published a notice 
in the Federal Register (83 FR 3148) requesting public comment for 60 
days on the extension for three years, without revision, of the 
Recordkeeping Requirements Associated with Limitations on Interbank 
Liabilities (Regulation F). The comment period for this notice expired 
on March 26, 2018.

[[Page 18843]]

The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, April 24, 
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-08992 Filed 4-27-18; 8:45 am]
 BILLING CODE 6210-01-P