Proposed Agency Information Collection Activities; Comment Request, 19178-19179 [2016-07544]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 81, Number 64 (Monday, April 4, 2016)]
[Notices]
[Pages 19178-19179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07544]


=======================================================================
-----------------------------------------------------------------------

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 June 3, 2016.

ADDRESSES: You may submit comments, identified by FR 4022, by any of 
the following methods:
     Agency Web site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx .
     Federal eRulemaking Portal: https://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: 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 
https://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: https://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 Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information

[[Page 19179]]

collection, 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: Recordkeeping Requirements Associated with the 
Interagency Statement on Complex Structured Finance Activities.
    Agency form number: FR 4022.
    OMB control number: 7100-0311.
    Frequency: Annual.
    Reporters: State member banks, bank holding companies, and U.S. 
branches and agencies of foreign banks.
    Estimated annual reporting hours: 180 hours.
    Estimated average hours per response: 10 hours.
    Number of respondents: 18 respondents.
    General description of report: Sections 11(a), 11(i), 21, and 25 of 
the Federal Reserve Act (12 U.S.C. 248(a), 248(i), 483, and 602) 
authorize the Board to issue the information collection and 
recordkeeping guidance associated with the Interagency Statement. In 
addition, section 5(c) of the Bank Holding Company Act (12 U.S.C 
1844(c)), section 10(b) of the Home Owners' Loan Act (12 U.S.C. 1467a 
(b)(2)), and section 13(a) of the International Banking Act (12 U.S.C. 
3108(a)) provide further authority for the Board to issue such rules 
and guidance. As a guidance document, the Interagency Statement is 
voluntary, although conformance with the guidance may be the subject of 
review during examinations of institutions engaged in CSFTs. No 
information is collected by the Board in connection with the 
Interagency Statement, so the issue of confidentiality does not 
ordinarily arise. Should an institution's policies or procedures 
adopted pursuant to the Interagency Statement be retained as part of 
the record of an institution's examination, the records would be exempt 
from disclosure under exemption (b)(8) of the Freedom of Information 
Act, 5 U.S.C. 552(b)(8).
    Abstract: The guidance provides that state member banks, bank 
holding companies, and U.S. branches and agencies of foreign banks 
supervised by the Federal Reserve should establish and maintain 
policies and procedures for identifying, evaluating, assessing, 
documenting, and controlling risks associated with certain complex 
structured finance transactions (CSFTs).
    A financial institution engaged in CSFTs should maintain a set of 
formal, firm-wide policies and procedures that are designed to allow 
the institution to identify, evaluate, assess, document, and control 
the full range of credit, market, operational, legal, and reputational 
risks associated with these transactions. These policies may be 
developed specifically for CSFTs or included in the set of broader 
policies governing the institution generally. A financial institution 
operating in foreign jurisdictions may tailor its policies and 
procedures as appropriate to account for, and comply with, the 
applicable laws, regulations, and standards of those jurisdictions.
    A financial institution's policies and procedures should establish 
a clear framework for the review and approval of individual CSFTs. 
These policies and procedures should set forth the responsibilities of 
the personnel involved in the origination, structuring, trading, 
review, approval, documentation, verification, and execution of CSFTs. 
A financial institution should define what constitutes a new complex 
structured finance product and establish a control process for the 
approval of such new product. An institution's policies also should 
provide for new complex structured finance products to receive the 
approval of all relevant control areas that are independent of the 
profit center before the products are offered to customers.
    Current Actions: The Federal Reserve proposes to extend, without 
revision, the FR 4022 information collection.

    Board of Governors of the Federal Reserve System, March 30, 
2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-07544 Filed 4-1-16; 8:45 am]
 BILLING CODE 6210-01-P