83 FR 3148 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 15 (January 23, 2018)

The Board of Governors of the Federal Reserve System (Board) invites comment on 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 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3148-3149]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01114]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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

DATES: Comments must be submitted on or before March 26, 2018.

ADDRESSES: You may submit comments, identified by Regulation F, by any 
of the following methods:
     Agency Website: 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: Ann E. Misback, 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 website 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 website 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: 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. In exercising this delegated authority, the 
Board is

[[Page 3149]]

directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. 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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposal prior to giving final approval.
    Proposal to approve under OMB delegated authority 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)).

    Board of Governors of the Federal Reserve System, January 17, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-01114 Filed 1-22-18; 8:45 am]
 BILLING CODE 6210-01-P