83 FR 43680 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 166 (August 27, 2018)

Page Range		43680-43683
FR Document		2018-18430

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to implement a new information collection, the Report of Institution-to-Aggregate Granular Data on Assets and Liabilities on an Immediate Counterparty Basis (FR 2510)(OMB No. 7100-to be assigned).

Federal Register, Volume 83 Issue 166 (Monday, August 27, 2018)

[Federal Register Volume 83, Number 166 (Monday, August 27, 2018)]
[Notices]
[Pages 43680-43683]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-18430]

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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 implement a new information
collection, the Report of Institution-to-Aggregate Granular Data on
Assets and Liabilities on an Immediate Counterparty Basis (FR 2510)(OMB
No. 7100-to be assigned).

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

ADDRESSES: You may submit comments, identified by FR 2510, 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: regs.comments@federalreserve.gov. 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. For security
reasons, the Board requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 452-3684. Upon
arrival, visitors will be required to present valid government-issued
photo identification and to submit to security screening in order to
inspect and photocopy comments.
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 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 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 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 Board's functions; including whether the
information has practical utility;
b. The accuracy of the Board'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 Board
should modify the proposal prior to giving final approval.
Proposal under OMB delegated authority to implement the following
report:
Report title: Report of Institution-to-Aggregate Granular Data on
Assets and Liabilities on an Immediate Counterparty Basis.
Agency form number: FR 2510.
OMB control number: 7100-to be assigned.
Frequency: Quarterly, beginning with the reporting period ending on
March 31, 2019.
Reporters: Bank holding companies headquartered in the United
States that are global systemically important bank holding companies
(U.S. G-SIBs) under the Board's rules.
Estimated annual reporting hours: One-time implementation: 8,000
hours; ongoing: 18,176 hours.
Estimated average hours per response: One-time implementation:
1,000 hours; ongoing: 568 hours.
Number of respondents: 8
General description of report: The proposed FR 2510 would collect
granular exposure data on the assets, liabilities, and off-balance
sheet holdings of U.S. G-SIBS, providing

[[Page 43681]]

breakdowns by instrument, currency, maturity, and sector. The FR 2510
would also collect data covering detailed positions for the top 35
countries of exposure, broken out by instrument and counterparty
sector, with limited further break outs by remaining maturity, subject
to a $2 billion minimum threshold for country exposure, on an
immediate-counterparty basis, as reported in the consolidated Country
Exposure Report of the Federal Financial Institutions Examination
Council (FFIEC 009). Further, the report would collect information on
financial derivatives by instrument type and foreign exchange
derivatives by currency. The FR 2510 supports a more complete balance
sheet analysis with richer details regarding common or correlated
exposures and funding dependencies by providing more information about
U.S. G-SIBs' consolidated exposures and funding positions to different
countries according to instrument, counterparty sector, currency, and
remaining maturity.
Proposed Information Collection: The proposed FR 2510 would
implement in the U.S. an internationally-agreed common data template
for G-SIBs (global I-A template) designed to facilitate the aggregation
and analysis of consistent and comparable data from G-SIBs based in
different jurisdictions. The FR 2510 would consist of three schedules
that each U.S. G-SIB would submit quarterly. The schedules would
include consolidated balance sheet information about the U.S. G-SIB,
including the G-SIB's foreign country exposures, broken out by
instrument, currency, remaining maturity, counterparty country, and
counterparty sector. The FR 2510 also would capture information on
notional and fair-value amounts for financial derivatives and foreign
exchange derivatives across underlying instruments and currencies.
In implementing this internationally-agreed template for U.S. G-
SIBs, the FR 2510 is intended to build on, and complement, two existing
data collections: the FFIEC 009 and the Consolidated Financial
Statements for Holding Companies (FR Y 9C). Relative to the FFIEC 009
and FR Y-9C, the FR 2510 would provide significantly more detail
regarding the balance sheet and derivatives exposures of U.S. G-SIBs.
This information would facilitate supervisory monitoring and analysis
of common or correlated exposures and funding dependencies across G-
SIBs. In doing so, the FR 2510 (together with corresponding collections
in other jurisdictions) would provide valuable systemic information to
supervisors and policymakers and a heightened focus on improving firms'
ability to aggregate and report their exposures and positions in a
consistent, timely, and accurate manner.
The proposed data collection has been developed in cooperation with
the Financial Stability Board (FSB). Implementation is being
coordinated with respective host-country jurisdictions for non-U.S. G-
SIBs under the aegis of the Multilateral Framework, a memorandum of
understanding that governs the provision and reporting of confidential
G-SIB data under tight security to the International Data Hub (IDH)
hosted by the Bank for International Settlements (BIS). Through this
mechanism, data collected via the FR 2510 would be gathered and
transmitted securely to the IDH. These data would be combined by the
IDH with corresponding data from other jurisdictions, and would be used
by the IDH to produce analytical reports that would provide unique and
authoritative aggregation and comparison of these banks' positions.
For example, from a supervisory perspective, IDH reports would
provide important comparative information across G-SIBs, detailed
information on G-SIB exposures to central counterparties (CCPs) and
fuller information than is otherwise available on how foreign banking
organizations (FBOs) fund their U.S. operations. From a financial
stability perspective, IDH reports help to reveal risks associated with
key common counterparties (e.g., sovereign exposures) among G-SIBs, and
illuminate volumes and patterns by which non-U.S. G-SIBs manage their
dollar-based funding (and which in turn can have implications for
dollar-based funding markets). The global I-A template would enhance
that value by providing, for example, more detail on potential currency
and maturity mismatches between assets and funding at the G-SIBs, which
in turn could reveal emerging risk management needs at the individual
institutions as well as the extent to which a crisis in a given
currency might propagate through bank balance sheets.
The global I-A template, which the FR 2510 would implement for U.S.
G-SIBs, thus facilitates the compilation of consistent and comparable
data from G-SIBs based in different jurisdictions. This template (and
thus the FR 2510) was developed as a more detailed extension of, and
complement to, existing aggregate data collections conducted by the BIS
from national regulatory authorities for use in its Consolidated
Banking Statistics (CBS). In the United States, these existing
aggregated data are based on information collected using the FFIEC 009.
The Board presently transmits data it collects through the FFIEC 009 at
the consolidated bank holding company level from the U.S. G-SIBs to the
IDH. The proposal would expand this existing process to encompass a
larger set of more granular data items.
As noted, the FFIEC 009 and FR Y-9C regulatory reports provide
limited information about the foreign exposures and foreign exchange
risk of U.S. banking organizations. The FFIEC 009 requires certain
banks, savings associations, bank holding companies, savings and loan
holding companies, and U.S. intermediate holding companies of foreign
banks to report aggregate foreign exposure information on both an
immediate-counterparty basis (on the basis of the country of residence
of the borrower) and ultimate-risk basis (on the basis of the country
of residence of any guarantor or collateral). The information reported
on the FFIEC 009 is broken out by counterparty \1\ type, country, and
sector, but without detailed information on the category of financial
instrument. Rather, the information reported on the FFIEC 009
represents a respondent's aggregate exposure to all counterparties of a
particular type in a jurisdiction, regardless of the form of the
exposure. In addition, the FFIEC 009 only collects liabilities of
respondents' foreign domiciled offices and subsidiaries. The FR Y-9C
requires bank holding companies to report more detailed balance sheet
information than the FFIEC 009; however, the data reported on the FR Y
9C includes only limited break-outs of data by maturity and no break-
outs of data by currency.
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\1\ The instructions to the FFIEC 009 state that ``[t]he obligor
on an immediate-counterparty basis is the entity that issued the
security or otherwise incurred the liability. The obligor of a claim
on an ultimate-risk basis is any person, business, institution, or
instrument that provides any of the types of credit protection
described in Section II.F, `Required Risk Transfers' and Section
II.H `Reporting Credit Derivatives.' ''
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The proposed FR 2510 represents significant simplifications
compared to the previous draft versions shared with the industry (in
2012, 2013, 2014, and 2015), including the removal of certain highly
granular criteria that resulted in empty or not meaningful data. These
revisions reflect lessons learned from the study itself, as well as
feedback on costs and challenges received from the reporting G-SIBs,
including through an industry meeting held in May 2015, and on expected
benefits provided by potential users in July 2015.

[[Page 43682]]

Data collected in the FR 2510 would facilitate the aggregation and
analysis of data from G-SIBs based in different jurisdictions. Key
examples of tangible near-term products that the Federal Reserve, other
U.S. supervisors, and the IDH would be able to produce with the data
from the FR 2510 include:
Aggregate and comparative reports across G-SIBs showing
potential currency or maturity imbalances covering the full balance
sheet (except derivatives);
An assessment of G-SIBs' funding needs; and
An assessment of the concentration at the country, sector,
or instrument level.
Such products would provide significant value, both for supervision
of U.S. G-SIBs and for broader analysis of the global financial system.

Detailed Discussion of Proposed FR 2510 Report

Relative to existing data sources, the FR 2510 report would support
a more complete balance-sheet analysis of common or correlated
exposures and funding dependencies by providing more information about
reporting banking organizations' consolidated exposures to, and funding
positions with, different countries according to instrument,
counterparty sector, currency, and remaining maturity. The FR 2510
would be used in conjunction with other regulatory and statistical
reports. Definitions and structure of the FR 2510, to the extent
possible, have been aligned for U.S. implementation with these other
U.S. regulatory and statistical reports to minimize reporting burden on
U.S. respondents and to maximize analytical consistency with existing
U.S. reports. These other reports include the FFIEC 009, the FR Y-9C,
the Banking Organization Systemic Risk Report (FR Y-15), the Complex
Institution Liquidity Monitoring Report (FR 2052a), and the Semiannual
Report of Derivatives Activity (FR 2436).
The FR 2510 would be comprised of three schedules that would give a
full view of the reporting banking organization's operations and risks.
An overview of the proposed information that would be collected in
these three schedules is provided below.

(1) The I-A Immediate Counterparty Schedule

The I-A Immediate Counterparty schedule (I-A IC) would be the
report's main schedule. This draft schedule would capture information
on banking organizations' asset positions, liability positions, and
contingent liabilities on a combination of the following five
dimensions:
(1) Instrument,
(2) Currency,
(3) Remaining maturity,
(4) Counterparty country, and
(5) Counterparty sector.
The I-A IC positions are allocated to the country and sector where
the immediate counterparty resides. Immediate-counterparty positions
would be reported in Tables 1 and 2. Table 1 is a consolidated balance
sheet of the granular portfolio with total positions broken out by the
following seven different currencies:
(1) U.S. Dollar,
(2) Euro,
(3) Japanese Yen,
(4) British Pound,
(5) Swiss Franc,
(6) Yuan Renminbi, and
(7) Other currencies.
The currencies would be broken out into four remaining maturity
categories, as follows:
(1) Non-maturity instruments,
(2) Overnight to less than three months,
(3) 3 months to less than 1 year, and
(4) 1 year and over.
Table 2 would be a consolidated balance sheet showing I-A exposures
by instrument and counterparty sector to countries above the de minimis
threshold of $2 billion, with banking organizations completing a table
for each country above the threshold, with total positions by
counterparty sector and by remaining maturity. At the time the global
I-A template was developed, it was estimated that these de mimimis
rules would nonetheless cover 97 percent of total claims extended to
counterparties in 79 countries (based on BIS CBS). Maximum coverage
would be provided for advanced economies (99 percent), while lower
percentages would result for Africa and Middle East (65 percent) and
Emerging Europe (85 percent).
Positions would be reported along the following counterparty
sectors:
(1) Banks,
(2) Non-bank financial institutions,
(3) Non-financial corporations,
(4) Households,
(5) Government, and
(6) Unallocated by sector.
Positions would be broken out into the following three remaining
maturity categories:
(1) Non-maturity instruments,
(2) Less than 1 year, and
(3) 1 year and over.

(2) Financial Derivatives Schedule

The Financial Derivatives schedule would capture details on the
gross fair-value (mark-to-market) and notional amounts of financial
derivatives broken out according to certain subcategories of derivative
instruments. Information regarding gross fair values (mark-to-market)
and notional amounts would facilitate cross-country comparisons and
overcome substantially different offset requirements for derivatives
between the accounting standards applied by reporting banking
organizations. Derivatives would be reported along the following three
categories:
(1) Exchange-traded derivatives,
(2) Centrally cleared over-the-counter (OTC) derivatives, and
(3) Bilateral/uncleared OTC derivatives. Derivatives are reported
according to the following six categories of risk:
(1) Equity derivatives,
(2) Interest rate derivatives,
(3) Foreign exchange derivatives,
(4) Credit derivatives,
(5) Commodity derivatives, and
(6) Other derivatives.

(3) Foreign Exchange Derivatives Schedule

The Foreign Exchange Derivatives schedule would capture gross
notional currency derivative positions (separated into short and long
positions) for a limited number of foreign exchange derivatives, with
details on remaining maturity and currency, but no detail concerning
counterparty country and sector. The scope of foreign exchange
derivatives would include the following:
(1) Currency forwards,
(2) Foreign exchange swaps,
(3) Currency swaps, and
(4) Cross-currency interest rate swaps.
For each derivative type, the contract's remaining maturity would
be broken out into the following maturity buckets:
(1) Non-maturity instruments (on-demand and open positions),
(2) Overnight to less than 3 months,
(3) 3 months to less than 1 year, and
(4) 1 year and over.
Legal authorization and confidentiality: The information collection
is authorized under section 5 of the Bank Holding Company Act (12
U.S.C. 1844). The information collected in the FR 2510 would be
collected as part of the Board's supervisory process, and therefore may
be afforded confidential treatment pursuant to exemption 8 of the
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition,
individual respondents may request that certain data be afforded
confidential treatment pursuant to exemption 4 of FOIA if the data has
not previously been publically

[[Page 43683]]

disclosed and the release of the data would likely cause substantial
harm to the competitive position of the respondent (5 U.S.C.
552(b)(4)). Determinations of confidentiality based on exemption 4 of
FOIA would be made on a case-by-case basis.
Consultation Outside the Agency: The Federal Reserve consulted with
the Office of the Comptroller of the Currency as well as with potential
respondent institutions in developing this proposed report. Several
outreach meetings took place to help refine the data items in the
proposed schedules and clarify the accompanying instructions.

Board of Governors of the Federal Reserve System, August 21,
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-18430 Filed 8-24-18; 8:45 am]
BILLING CODE 6210-01-P

43680 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices

NOTIFICATION PROCEDURES: All public comments are available from comments received from the public and
Direct inquiries as whether this the Board’s website at http:// other agencies.
system contains a record pertaining to www.federalreserve.gov/apps/foia/
Request for Comment on Information
an individual to the Privacy Act Officer, proposedregs.aspx as submitted, unless
Collection Proposal
Federal Housing Finance Agency, 400 modified for technical reasons.
7th Street SW, Washington, DC 20219, Accordingly, your comments will not be The Board invites public comment on
or privacy@fhfa.gov in accordance with edited to remove any identifying or the following information collection,
the procedures set forth in 12 CFR part contact information. Public comments which is being reviewed under
1204. may also be viewed electronically or in authority delegated by the OMB under
paper form in Room 3515, 1801 K Street the PRA. Comments are invited on the
EXEMPTIONS PROMULGATED FOR THE SYSTEM: (between 18th and 19th Streets NW) following:
None. Washington, DC 20006 between 9:00 a. Whether the proposed collection of
a.m. and 5:00 p.m. on weekdays. For information is necessary for the proper
HISTORY: performance of the Board’s functions;
security reasons, the Board requires that
The Reasonable Accommodation visitors make an appointment to inspect including whether the information has
Information System (FHFA–18) system comments. You may do so by calling practical utility;
of records was last published in the (202) 452–3684. Upon arrival, visitors b. The accuracy of the Board’s
Federal Register on August 9, 2012 (77 will be required to present valid estimate of the burden of the proposed
FR 47641, 47646). government-issued photo identification information collection, including the
Dated: August 21, 2018. and to submit to security screening in validity of the methodology and
Melvin L. Watt, order to inspect and photocopy assumptions used;
comments. c. Ways to enhance the quality,
Director, Federal Housing Finance Agency.
utility, and clarity of the information to
[FR Doc. 2018–18411 Filed 8–24–18; 8:45 am] Additionally, commenters may send a
be collected;
BILLING CODE 8070–01–P copy of their comments to the OMB
d. Ways to minimize the burden of
Desk Officer—Shagufta Ahmed—Office
information collection on respondents,
of Information and Regulatory Affairs,
including through the use of automated
FEDERAL RESERVE SYSTEM Office of Management and Budget, New
collection techniques or other forms of
Executive Office Building, Room 10235,
information technology; and
Proposed Agency Information 725 17th Street NW, Washington, DC e. Estimates of capital or startup costs
Collection Activities; Comment 20503 or by fax to (202) 395–6974. and costs of operation, maintenance,
Request FOR FURTHER INFORMATION CONTACT: A and purchase of services to provide
AGENCY: Board of Governors of the copy of the PRA OMB submission, information.
Federal Reserve System. including the proposed reporting form At the end of the comment period, the
and instructions, supporting statement, comments and recommendations
ACTION: Notice, request for comment.
and other documentation will be placed received will be analyzed to determine
SUMMARY: The Board of Governors of the into OMB’s public docket files, once the extent to which the Board should
Federal Reserve System (Board) invites approved. These documents will also be modify the proposal prior to giving final
comment on a proposal to implement a made available on the Board’s public approval.
new information collection, the Report website at: http:// Proposal under OMB delegated
of Institution-to-Aggregate Granular www.federalreserve.gov/apps/ authority to implement the following
Data on Assets and Liabilities on an reportforms/review.aspx or may be report:
Immediate Counterparty Basis (FR requested from the agency clearance Report title: Report of Institution-to-
2510)(OMB No. 7100-to be assigned). officer, whose name appears below. Aggregate Granular Data on Assets and
Federal Reserve Board Clearance Liabilities on an Immediate
DATES: Comments must be submitted on
Officer—Nuha Elmaghrabi—Office of Counterparty Basis.
or before October 26, 2018.
the Chief Data Officer, Board of Agency form number: FR 2510.
ADDRESSES: You may submit comments, OMB control number: 7100-to be
identified by FR 2510, by any of the Governors of the Federal Reserve
System, Washington, DC 20551, (202) assigned.
following methods: Frequency: Quarterly, beginning with
• Agency website: http:// 452–3829. Telecommunications Device
for the Deaf (TDD) users may contact the reporting period ending on March
www.federalreserve.gov. Follow the 31, 2019.
instructions for submitting comments at (202) 263–4869, Board of Governors of
the Federal Reserve System, Reporters: Bank holding companies
http://www.federalreserve.gov/apps/ headquartered in the United States that
foia/proposedregs.aspx. Washington, DC 20551.
are global systemically important bank
• Federal eRulemaking Portal: http:// SUPPLEMENTARY INFORMATION: On June holding companies (U.S. G–SIBs) under
www.regulations.gov. Follow the 15, 1984, the Office of Management and the Board’s rules.
instructions for submitting comments. Budget (OMB) delegated to the Board Estimated annual reporting hours:
• Email: regs.comments@ authority under the Paperwork One-time implementation: 8,000 hours;
federalreserve.gov. Include OMB Reduction Act (PRA) to approve and ongoing: 18,176 hours.
number in the subject line of the assign OMB control numbers to Estimated average hours per response:
message. collection of information requests and One-time implementation: 1,000 hours;
amozie on DSK3GDR082PROD with NOTICES1

• Fax: (202) 452–3819 or (202) 452– requirements conducted or sponsored ongoing: 568 hours.
3102. by the Board. In exercising this Number of respondents: 8
• Mail: Ann E. Misback, Secretary, delegated authority, the Board is General description of report: The
Board of Governors of the Federal directed to take every reasonable step to proposed FR 2510 would collect
Reserve System, 20th Street and solicit comment. In determining granular exposure data on the assets,
Constitution Avenue NW, Washington, whether to approve a collection of liabilities, and off-balance sheet
DC 20551. information, the Board will consider all holdings of U.S. G–SIBS, providing

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43682 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices

Data collected in the FR 2510 would combination of the following five value (mark-to-market) and notional
facilitate the aggregation and analysis of dimensions: amounts of financial derivatives broken
data from G–SIBs based in different (1) Instrument, out according to certain subcategories of
jurisdictions. Key examples of tangible (2) Currency, derivative instruments. Information
near-term products that the Federal (3) Remaining maturity, regarding gross fair values (mark-to-
Reserve, other U.S. supervisors, and the (4) Counterparty country, and market) and notional amounts would
IDH would be able to produce with the (5) Counterparty sector. facilitate cross-country comparisons and
data from the FR 2510 include: The I–A IC positions are allocated to overcome substantially different offset
• Aggregate and comparative reports the country and sector where the requirements for derivatives between
across G–SIBs showing potential immediate counterparty resides. the accounting standards applied by
currency or maturity imbalances Immediate-counterparty positions reporting banking organizations.
covering the full balance sheet (except would be reported in Tables 1 and 2. Derivatives would be reported along the
derivatives); Table 1 is a consolidated balance sheet following three categories:
• An assessment of G–SIBs’ funding of the granular portfolio with total (1) Exchange-traded derivatives,
needs; and positions broken out by the following (2) Centrally cleared over-the-counter
• An assessment of the concentration seven different currencies: (OTC) derivatives, and
at the country, sector, or instrument (1) U.S. Dollar, (3) Bilateral/uncleared OTC
level. (2) Euro, derivatives. Derivatives are reported
Such products would provide (3) Japanese Yen, according to the following six categories
significant value, both for supervision of (4) British Pound, of risk:
U.S. G–SIBs and for broader analysis of (5) Swiss Franc, (1) Equity derivatives,
the global financial system. (6) Yuan Renminbi, and (2) Interest rate derivatives,
(7) Other currencies. (3) Foreign exchange derivatives,
Detailed Discussion of Proposed FR
The currencies would be broken out (4) Credit derivatives,
2510 Report
into four remaining maturity categories, (5) Commodity derivatives, and
Relative to existing data sources, the as follows: (6) Other derivatives.
FR 2510 report would support a more (1) Non-maturity instruments,
complete balance-sheet analysis of (3) Foreign Exchange Derivatives
(2) Overnight to less than three
common or correlated exposures and Schedule
months,
funding dependencies by providing (3) 3 months to less than 1 year, and The Foreign Exchange Derivatives
more information about reporting (4) 1 year and over. schedule would capture gross notional
banking organizations’ consolidated Table 2 would be a consolidated currency derivative positions (separated
exposures to, and funding positions balance sheet showing I–A exposures by into short and long positions) for a
with, different countries according to instrument and counterparty sector to limited number of foreign exchange
instrument, counterparty sector, countries above the de minimis derivatives, with details on remaining
currency, and remaining maturity. The threshold of $2 billion, with banking maturity and currency, but no detail
FR 2510 would be used in conjunction organizations completing a table for concerning counterparty country and
with other regulatory and statistical each country above the threshold, with sector. The scope of foreign exchange
reports. Definitions and structure of the total positions by counterparty sector derivatives would include the
FR 2510, to the extent possible, have and by remaining maturity. At the time following:
been aligned for U.S. implementation the global I–A template was developed, (1) Currency forwards,
with these other U.S. regulatory and it was estimated that these de mimimis (2) Foreign exchange swaps,
statistical reports to minimize reporting rules would nonetheless cover 97 (3) Currency swaps, and
burden on U.S. respondents and to percent of total claims extended to (4) Cross-currency interest rate swaps.
maximize analytical consistency with counterparties in 79 countries (based on For each derivative type, the
existing U.S. reports. These other BIS CBS). Maximum coverage would be contract’s remaining maturity would be
reports include the FFIEC 009, the FR provided for advanced economies (99 broken out into the following maturity
Y–9C, the Banking Organization percent), while lower percentages buckets:
Systemic Risk Report (FR Y–15), the would result for Africa and Middle East (1) Non-maturity instruments (on-
Complex Institution Liquidity (65 percent) and Emerging Europe (85 demand and open positions),
Monitoring Report (FR 2052a), and the percent). (2) Overnight to less than 3 months,
Semiannual Report of Derivatives Positions would be reported along the (3) 3 months to less than 1 year, and
Activity (FR 2436). following counterparty sectors: (4) 1 year and over.
The FR 2510 would be comprised of (1) Banks, Legal authorization and
three schedules that would give a full (2) Non-bank financial institutions, confidentiality: The information
view of the reporting banking (3) Non-financial corporations, collection is authorized under section 5
organization’s operations and risks. An (4) Households, of the Bank Holding Company Act (12
overview of the proposed information (5) Government, and U.S.C. 1844). The information collected
that would be collected in these three (6) Unallocated by sector. in the FR 2510 would be collected as
schedules is provided below. Positions would be broken out into part of the Board’s supervisory process,
the following three remaining maturity and therefore may be afforded
(1) The I–A Immediate Counterparty confidential treatment pursuant to
categories:
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Schedule exemption 8 of the Freedom of
(1) Non-maturity instruments,
The I–A Immediate Counterparty (2) Less than 1 year, and Information Act (FOIA) (5 U.S.C.
schedule (I–A IC) would be the report’s (3) 1 year and over. 552(b)(8)). In addition, individual
main schedule. This draft schedule respondents may request that certain
would capture information on banking (2) Financial Derivatives Schedule data be afforded confidential treatment
organizations’ asset positions, liability The Financial Derivatives schedule pursuant to exemption 4 of FOIA if the
positions, and contingent liabilities on a would capture details on the gross fair- data has not previously been publically

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Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 43683

disclosed and the release of the data comment to the following address: nationwide consumer reporting agencies
would likely cause substantial harm to Federal Trade Commission, Office of the and nationwide consumer specialty
the competitive position of the Secretary, Constitution Center, 400 7th reporting agencies to provide to
respondent (5 U.S.C. 552(b)(4)). Street SW, 5th Floor, Suite 5610 (Annex consumers, upon request, one free file
Determinations of confidentiality based J), Washington, DC 20024. disclosure within any 12-month period.
on exemption 4 of FOIA would be made FOR FURTHER INFORMATION CONTACT: Generally, it requires the nationwide
on a case-by-case basis. Requests for copies of the collection of consumer reporting agencies, as defined
Consultation Outside the Agency: The information and supporting in Section 603(p) of the Fair Credit
Federal Reserve consulted with the documentation should be addressed to Reporting Act (‘‘FCRA’’), 15 U.S.C.
Office of the Comptroller of the Ryan Mehm, Attorney, Bureau of 1681a(p), to create and operate a
Currency as well as with potential Consumer Protection, (202) 326–2918, centralized source that provides
respondent institutions in developing Federal Trade Commission, 600 consumers with the ability to request
this proposed report. Several outreach Pennsylvania Ave. NW, Washington, DC their free annual file disclosures from
meetings took place to help refine the 20580. each of the nationwide consumer
data items in the proposed schedules SUPPLEMENTARY INFORMATION:
reporting agencies through a centralized
and clarify the accompanying internet website, toll-free telephone
instructions. Proposed Information Collection number, and postal address. Subpart N
Activities also requires the nationwide consumer
Board of Governors of the Federal Reserve
System, August 21, 2018. Under the Paperwork Reduction Act reporting agencies to establish a
(PRA), 44 U.S.C. 3501–3520, federal standardized form for internet and mail
Ann Misback,
agencies must get OMB approval for requests for annual file disclosures, and
Secretary of the Board.
each collection of information they provides a model standardized form that
[FR Doc. 2018–18430 Filed 8–24–18; 8:45 am] may be used to comply with that
conduct, sponsor, or require.
BILLING CODE 6210–01–P
‘‘Collection of information’’ means requirement. It additionally requires
agency requests or requirements to nationwide specialty consumer
submit reports, keep records, or provide reporting agencies, as defined in Section
FEDERAL TRADE COMMISSION information to a third party. 44 U.S.C. 603(w) of the FCRA, 15 U.S.C. 1681a(w),
3502(3); 5 CFR 1320.3(c). As required by to establish a streamlined process for
Agency Information Collection consumers to request annual file
Activities; Proposed Collection; section 3506(c)(2)(A) of the PRA, the
FTC is providing this opportunity for disclosures. This streamlined process
Comment Request must include a toll-free telephone
public comment before requesting that
AGENCY: Federal Trade Commission OMB extend the existing PRA clearance number for consumers to make such
(FTC or Commission). for FTC’s portion of the estimated requests.
ACTION: Notice. burden for the information collection II. Burden Statement
requirements associated with the Because the FTC shares enforcement
SUMMARY: The information collection CFPB’s subpart N of Regulation V, 12
requirements described below will be authority with the CFPB for subpart N,
CFR 1022.130–1022.138 (OMB Control the two agencies split between them the
submitted to the Office of Management Number 3084–0128).
and Budget (OMB) for review, as related estimate of PRA burden for firms
The FTC invites comments on: (1) under their co-enforcement jurisdiction.
required by the Paperwork Reduction Whether the proposed collection of
Act (PRA). The FTC seeks public Estimated PRA burden, excluding the
information is necessary for the proper halving (to be shown at the conclusion
comments on the agency’s shared performance of the functions of the
enforcement with the Consumer of this analysis), are as follows:
agency, including whether the
Financial Protection Bureau (‘‘CFPB’’) of information will have practical utility; A. Requests per Year From Consumers
the information collection requirements (2) the accuracy of the agency’s estimate for Free Annual File Disclosures
in subpart N of the CFPB’s Regulation of the burden of the proposed collection The Consumer Data Industry
V (‘‘Rule’’). That clearance expires on of information, including the validity of Association estimated that in 2011, the
November 30, 2018. the methodology and assumptions used; nationwide consumer reporting agencies
DATES: Comments must be received on (3) ways to enhance the quality, utility, provided approximately 30 million free
or before October 26, 2018. and clarity of the information to be annual file disclosures through the
ADDRESSES: Interested parties may file a collected; and (4) ways to minimize the centralized internet website, toll-free
comment online or on paper by burden of the collection of information telephone number, and postal address
following the instructions in the on those who are to respond. All required to be established by the FACT
Request for Comments part of the comments must be received on or before Act and subpart N.2 When it last sought
SUPPLEMENTARY INFORMATION section October 26, 2018. clearance renewal for the Rule, the FTC
below. Write ‘‘Paperwork Reduction I. Overview of the Rule had been unable to obtain, through
Act: FTC File No. P072108’’ on your public comment or otherwise, updated
comment, and file your comment online The FTC shares enforcement authority information on request volume. As a
at https://ftcpublic.commentworks.com/ with the CFPB for subpart N of proxy, it then assumed a volume of 35
ftc/regulationVsubpartNpra by Regulation V.1 Subpart N requires million requests per year. We expect
following the instructions on the web- that the number of requests for free
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1 Subpart N sets forth the former FTC’s Free
based form. If you prefer to file your Annual File Disclosures Rule that appeared under annual credit reports will rise over the
comment on paper, mail or deliver your 16 CFR parts 610 and 698. Rulemaking authority for
comment to the following address: this and several other FCRA rules was transferred 2 See Consumer Financial Protection Bureau

Federal Trade Commission, Office of the to the CFBP under Title X of the Dodd-Frank Wall Report to Congress, The Impact of Differences
Street Reform and Consumer Protection Act, Public Between Consumer- and Creditor-Purchased Credit
Secretary, 600 Pennsylvania Avenue Law 111–203, 124 Stat. 1376 (2010). Title X Scores, at 9 (July 19, 2011), available at https://
NW, Suite CC–5610 (Annex J), comprises sections 1001–100H (collectively, the files.consumerfinance.gov/f/2011/07/Report_
Washington, DC 20580, or deliver your ‘‘Consumer Financial Protection Act of 2010’’). 20110719_CreditScores.pdf.

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Document Created: 2018-08-25 01:48:15
Document Modified: 2018-08-25 01:48:15

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		Notice, request for comment.
Dates		Comments must be submitted on or before October 26, 2018.
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 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.
FR Citation		83 FR 43680