Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0092; -0149 & -0182), 22665-22667 [2017-09992]
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22665
Federal Register / Vol. 82, No. 94 / Wednesday, May 17, 2017 / Notices
DEPARTMENT OF ENERGY
FEDERAL DEPOSIT INSURANCE
CORPORATION
Federal Energy Regulatory
Commission
Agency Information Collection
Activities: Proposed Collection
Renewals; Comment Request (3064–
0092; –0149 & –0182)
[Project No. 14810–001]
Chugach Electric Association, Inc.;
Notice of Surrender of Preliminary
Permit
Take notice that Chugach Electric
Association, Inc., permittee for the
proposed Snow River Hydroelectric
Project, has requested that its
preliminary permit be terminated. The
permit was issued on March 22, 2017,
and would have expired on February 29,
2020.1 The project would have been
located on the Snow River, near Seward
in the Kenai Peninsula Borough, Alaska.
The preliminary permit for Project
No. 14810 will remain in effect until the
close of business, June 10, 2017. But, if
the Commission is closed on this day,
then the permit remains in effect until
the close of business on the next day in
which the Commission is open.2 New
applications for this site may not be
submitted until after the permit
surrender is effective.
Dated: May 11, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017–09958 Filed 5–16–17; 8:45 am]
BILLING CODE 6717–01–P
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of existing
information collections, as required by
the Paperwork Reduction Act of 1995.
Currently, the FDIC is soliciting
comment on renewal of the information
collections described below.
DATES: Comments must be submitted on
or before July 17, 2017.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal/notices.html.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767). Counsel, MB 3007, Federal
SUMMARY:
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza at the FDIC address
noted above.
Proposal
to renew the following currently
approved collections of information:
1. Title: Community Reinvestment
Act.
OMB Number: 3064–0092.
Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
SUPPLEMENTARY INFORMATION:
Estimated
number of
respondents
Source and type of burden
Description
345.25(b) Reporting .......................................
Request for designation as a wholesale or limited purpose bank—Banks
requesting this designation shall file a request in writing with the FDIC
at least 3 months prior to the proposed effective date of the designation.
Strategic plan—Applies to banks electing to submit strategic plans to the
FDIC for approval.
Small business/small farm loan data—Large banks shall and Small banks
may report annually in machine readable form the aggregate number
and amount of certain loans.
Community development loan data—Large banks shall and Small banks
may report annually, in machine readable form, the aggregate number
and aggregate amount of community development loans originated or
purchased.
Home mortgage loans—Large banks, if subject to reporting under part
203 (Home Mortgage Disclosure (HMDA)), shall, and Small banks may
report the location of each home mortgage loan application, origination,
or purchase outside the MSA in which the bank has a home/branch office.
Data on affiliate lending—Banks that elect to have the FDIC consider
loans by an affiliate, for purposes of the lending or community development test or an approved strategic plan, shall collect, maintain and report the data that the bank would have collected, maintained, and reported pursuant to § 345.42(a), (b), and (c) had the loans been originated or purchased by the bank. For home mortgage loans, the bank
shall also be prepared to identify the home mortgage loans reported
under HMDA.
Data on lending by a consortium or a third party—Banks that elect to
have the FDIC consider community development loans by a consortium
or a third party, for purposes of the lending or community development
tests or an approved strategic plan, shall report for those loans the data
that the bank would have reported under § 345.42(b)(2) had the loans
been originated or purchased by the bank.
345.27 Reporting ...........................................
345.42(b)(1) Reporting ...................................
345.42(b)(2) Reporting ...................................
345.42(b)(3) Reporting ...................................
nlaroche on DSK30NT082PROD with NOTICES
345.42(d) Reporting .......................................
345.42(e) Reporting .......................................
1 158
FERC 62,225 (2017).
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15:18 May 16, 2017
2 18
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PO 00000
CFR 385.2007(a)(2) (2016).
Frm 00023
Fmt 4703
Sfmt 4703
E:\FR\FM\17MYN1.SGM
17MYN1
Total
estimated
annual
burden
(hours)
Average
estimated
time per
response
1
4
4
7
400
2,800
* 393
8
3,144
* 393
13
5,109
* 393
253
99,429
200
38
7,600
75
17
1,275
22666
Federal Register / Vol. 82, No. 94 / Wednesday, May 17, 2017 / Notices
Estimated
number of
respondents
Total
estimated
annual
burden
(hours)
Average
estimated
time per
response
Source and type of burden
Description
345.42(g) Reporting .......................................
Assessment area data –Large banks shall and Small banks may collect
and report to the FDIC a list for each assessment area showing the geographies within the area.
* 393
2
786
Total Reporting .......................................
.......................................................................................................................
....................
....................
120,147
345.42(a) Recordkeeping ..............................
Small business/small farm loan register—Large banks shall and Small
banks may collect and maintain certain date in machine-readable form.
Optional consumer loan data—All banks may collect and maintain in machine readable form certain data for consumer loans originated or purchased by a bank for consideration under the lending test.
Other loan data—All banks optionally may provide other information concerning their lending performance, including additional loan distribution
data.
* 393
219
86,067
75
326
24,450
100
25
2,500
Total Recordkeeping ...............................
.......................................................................................................................
....................
....................
113,017
345.41(a) 345.43(a); (a)(1); (a)(2); (a)(3);
(a)(4); (a)(5); (a)(6); (a)(7); (b)(1); (b)(2);
(b)(3); (b)(4); (b)(5); (c); (d) Disclosure.
Content and availability of public file—All banks shall maintain a public file
that contains certain required information.
3,971
10
39,710
Total Disclosure ......................................
Total Estimated Annual Burden ......
.......................................................................................................................
.......................................................................................................................
....................
....................
....................
....................
39,710
272,874
345.42(c) Recordkeeping ...............................
345.42(c)(2) Recordkeeping ..........................
* The number of Large Banks reporting decreased from 253 to 243. However, 150 Small Banks are voluntarily collecting and reporting data, and the number of
respndents has been adjusted to reflect this.
General Description of Collection: The
Community Reinvestment Act
regulation requires the FDIC to assess
the record of banks and thrifts in
helping meet the credit needs of their
entire communities, including low- and
moderate-income neighborhoods,
consistent with safe and sound
operations; and to take this record into
account in evaluating applications for
mergers, branches, and certain other
corporate activities.
There is no change in the method or
substance of the collection. The overall
increase in burden hours is a result of
an increase in the number of Small
Banks electing to voluntarily respond in
certain categories. The increase is also,
in small part, due to an adjustment in
the agency’s estimate of the time
required to submit strategic plan
applications from 275 hours per
respondent to 400 hours per respondent.
Estimated
number of
respondents
Type of burden
Estimated
time per
response
(hours)
11
Implementation ................................................................................................
Ongoing ...........................................................................................................
Consumer Opt-Out ..........................................................................................
Total Estimated Annual Burden ...............................................................
2. Title: Affiliate Marketing Consumer
Opt-Out Notices.
OMB Number: 3064–0149.
Form Number: None.
Affected Public: Insured state
nonmember banks, state savings
associations that have affiliates and
consumers that have a relationship with
the foregoing.
Burden Estimate:
Frequency of
response
Total
estimated
annual burden
(hours)
3 857,939
18
2
*5
1
1
1
18
1,980
71,495
........................
........................
........................
73,493
2 990
1 All
nlaroche on DSK30NT082PROD with NOTICES
respondents have now gone through implementation of their programs. Accordingly, the number of respondents facing implementation
burden has been reduced from 990 to 1 as a placeholder for any institution that elects to start sharing consumer information with its affiliates in
the future.
2 The number of respondents facing ongoing burden remains unchanged at 990.
3 The FDIC estimates that 944 out of the 990 banks impacted by this information collection are community banks having an average of 12,098
consumers and the remaining 46 are non-community (larger) banks having an average of 124,745 consumers. The FDIC estimates that 5% of
the 17,158,782 estimated consumers at these 990 institutions (857,939 consumers) elect to Opt-Out of affiliate marketing information sharing.
* Minutes.
General Description of Collection:
Section 214 of the FACT Act requires
financial institutions that wish to share
information about consumers with their
affiliates, to inform such consumers that
they have the opportunity to opt out of
such marketing solicitations. The
disclosure notices and consumer
responses thereto comprise the elements
of this collection of information.
VerDate Sep<11>2014
15:18 May 16, 2017
Jkt 241001
There is no change in the method or
substance of this information collection.
There has been a net increase in the
estimated total annual burden primarily
because of an upward adjustment in the
agency’s estimate of the number of
consumers at FDIC-supervised
institutions that elect to opt-out of
affiliate marketing information sharing.
The increase in burden due to the
adjustment in the estimated number of
PO 00000
Frm 00024
Fmt 4703
Sfmt 4703
consumers affected was offset by the
fact that banks have completed the
implementation phase of the
information collection; the estimated
ongoing time per response for affected
institutions decreasing from 18 hours at
implementation to 2 hours ongoing.
3. Title: Retail Foreign Exchange
Transactions.
OMB Number: 3064–0182.
Form Number: None.
E:\FR\FM\17MYN1.SGM
17MYN1
Federal Register / Vol. 82, No. 94 / Wednesday, May 17, 2017 / Notices
Affected Public: Insured state
nonmember banks and state savings
associations.
22667
Burden Estimate:
Number of
respondents
Type of burden
Estimated time
per response
Frequency of
response
Total estimated annual
burden
(hours)
1
1
1
16
166
1,332
On Occasion ..........................
On Occasion ..........................
On Occasion ..........................
16
166
1,332
Total Estimated Annual Burden .......................................
nlaroche on DSK30NT082PROD with NOTICES
Reporting .................................................................................
Recordkeeping ........................................................................
Disclosure ................................................................................
........................
........................
................................................
1,514
General Description of Collection:
This information collection implements
section 742(c)(2) of the Dodd-Frank Act
(7 U.S.C. 2(c)(2)(E) and FDIC regulations
governing retail foreign exchange
transactions as set forth at 12 CFR part
349, subpart B. The regulation allows
banking organizations under FDIC
supervision to engage in off-exchange
transactions in foreign currency with
retail customers provided they comply
with various reporting, recordkeeping
and third-party disclosure requirements
specified in the rule. If an institution
elects to conduct such transactions,
compliance with the information
collection is mandatory.
Reporting Requirements—Part 349,
subpart B requires that, prior to
initiating a retail foreign exchange
business; a banking institution must
provide the FDIC with a notice
certifying that the institution has
written policies and procedures, and
risk measurement and management
systems and controls in place to ensure
that retail foreign exchange transactions
are conducted in a safe and sound
manner. The institution must also
provide information about it intends to
manage customer due diligence, new
product approvals and haircuts applied
to noncash margin.
Recordkeeping Requirements—Part
349 subpart B requires that institutions
engaging in retail foreign exchange
transactions keep full, complete and
systematic records of account, financial
ledger, transaction, memorandum orders
and post execution allocations of
bunched orders. In addition, institutions
are required to maintain records
regarding their ratio of profitable
accounts, possible violations of law,
records of noncash margin and monthly
statements and confirmations issued.
Disclosure Requirements—The
regulation requires that, before opening
an account that will engage in retail
foreign exchange transactions, a banking
institution must obtain from each retail
foreign exchange customer an
acknowledgement of receipt and
understanding of a written disclosure
VerDate Sep<11>2014
15:18 May 16, 2017
Jkt 241001
specified in the rule and of disclosures
about the banking institution’s fees and
other charges and of its profitable
accounts ratio. The institution must also
provide monthly statements to each
retail foreign exchange customer and
must send confirmation statements
following every transaction. The
customer dispute resolution provisions
of the regulation require certain
endorsements, acknowledgements and
signature language as well as the timely
provision of a list of persons qualified
to handle a customer’s request for
arbitration.
There is no change in the method or
substance of the collection. At present
no FDIC-supervised institution is
engaging in activities that would make
them subject to the information
collection requirements. FDIC originally
estimated that 3 institutions would be
impacted by the rule. The agency is
reducing the estimated number of
respondents to one (1) as a placeholder
in case an institution elects to engage in
covered activities in the future. There
has been no change in the frequency of
response or in the estimated number of
hours required to respond. Because of
the reduction in the estimated number
of respondents from three (3) to one (1),
the estimated annual burden has
decreased.
Request for Comment
Comments are invited on: (a) Whether
the collections of information are
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collections,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collections of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
PO 00000
Frm 00025
Fmt 4703
Sfmt 4703
Dated at Washington, DC, this 12th day of
May 2017.
Federal Deposit Insurance Corporation.
Ralph E. Frable,
Assistant Executive Secretary.
[FR Doc. 2017–09992 Filed 5–16–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL MARITIME COMMISSION
Notice of Agreements Filed
The Commission hereby gives notice
of the filing of the following agreements
under the Shipping Act of 1984.
Interested parties may submit comments
on the agreements to the Secretary,
Federal Maritime Commission,
Washington, DC 20573, within twelve
days of the date this notice appears in
the Federal Register. Copies of the
agreements are available through the
Commission’s Web site (www.fmc.gov)
or by contacting the Office of
Agreements at (202)-523–5793 or
tradeanalysis@fmc.gov.
Agreement No.: 012395–002.
Title: MSC/ACL Trans-Atlantic Space
Charter Agreement.
Parties: Atlantic Container Line A.B.
and MSC Mediterranean Shipping
Company S.A.
Filing Party: Wayne R. Rohde, Esq.;
Cozen O’Connor; 1200 Nineteenth St.
NW.; Washington, DC 200036.
Synopsis: The amendment revises
Article 5.1 to clarify that the space to be
provided to ACL will be on MSC’s
SAWC–USA–NWC service. The
amendment also reinserts language that
was inadvertently deleted by
Amendment No. 1 and deletes language
that was inadvertently added by
Amendment No. 1. It also restates the
Agreement.
Agreement No.: 012483.
Title: HLAG/CMA CGM U.S.Mediterranean Slot Charter Agreement.
Parties: Hapag-Lloyd AG and CMA
CGM S.A.
Filing Party: Wayne R. Rohde, Esq.;
Cozen O’Connor; 1200 Nineteenth St.
NW.; Washington, DC 200036.
E:\FR\FM\17MYN1.SGM
17MYN1
]]>Agencies
[Federal Register Volume 82, Number 94 (Wednesday, May 17, 2017)]
[Notices]
[Pages 22665-22667]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-09992]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewals; Comment Request (3064-0092; -0149 & -0182)
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on the renewal of existing
information collections, as required by the Paperwork Reduction Act of
1995. Currently, the FDIC is soliciting comment on renewal of the
information collections described below.
DATES: Comments must be submitted on or before July 17, 2017.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
https://www.FDIC.gov/regulations/laws/federal/notices.html.
Email: comments@fdic.gov. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza (202-898-3767). Counsel, MB 3007,
Federal Deposit Insurance Corporation, 550 17th Street NW., Washington,
DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street Building (located on F Street),
on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A copy of
the comments may also be submitted to the OMB desk officer for the
FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza at the FDIC address noted
above.
SUPPLEMENTARY INFORMATION: Proposal to renew the following currently
approved collections of information:
1. Title: Community Reinvestment Act.
OMB Number: 3064-0092.
Form Number: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
----------------------------------------------------------------------------------------------------------------
Total
Estimated Average estimated
Source and type of burden Description number of estimated annual
respondents time per burden
response (hours)
----------------------------------------------------------------------------------------------------------------
345.25(b) Reporting..................... Request for designation as a 1 4 4
wholesale or limited purpose
bank--Banks requesting this
designation shall file a
request in writing with the
FDIC at least 3 months prior
to the proposed effective date
of the designation.
345.27 Reporting........................ Strategic plan--Applies to 7 400 2,800
banks electing to submit
strategic plans to the FDIC
for approval.
345.42(b)(1) Reporting.................. Small business/small farm loan * 393 8 3,144
data--Large banks shall and
Small banks may report
annually in machine readable
form the aggregate number and
amount of certain loans.
345.42(b)(2) Reporting.................. Community development loan * 393 13 5,109
data--Large banks shall and
Small banks may report
annually, in machine readable
form, the aggregate number and
aggregate amount of community
development loans originated
or purchased.
345.42(b)(3) Reporting.................. Home mortgage loans--Large * 393 253 99,429
banks, if subject to reporting
under part 203 (Home Mortgage
Disclosure (HMDA)), shall, and
Small banks may report the
location of each home mortgage
loan application, origination,
or purchase outside the MSA in
which the bank has a home/
branch office.
345.42(d) Reporting..................... Data on affiliate lending-- 200 38 7,600
Banks that elect to have the
FDIC consider loans by an
affiliate, for purposes of the
lending or community
development test or an
approved strategic plan, shall
collect, maintain and report
the data that the bank would
have collected, maintained,
and reported pursuant to Sec.
345.42(a), (b), and (c) had
the loans been originated or
purchased by the bank. For
home mortgage loans, the bank
shall also be prepared to
identify the home mortgage
loans reported under HMDA.
345.42(e) Reporting..................... Data on lending by a consortium 75 17 1,275
or a third party--Banks that
elect to have the FDIC
consider community development
loans by a consortium or a
third party, for purposes of
the lending or community
development tests or an
approved strategic plan, shall
report for those loans the
data that the bank would have
reported under Sec.
345.42(b)(2) had the loans
been originated or purchased
by the bank.
[[Page 22666]]
345.42(g) Reporting..................... Assessment area data -Large * 393 2 786
banks shall and Small banks
may collect and report to the
FDIC a list for each
assessment area showing the
geographies within the area.
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Total Reporting..................... ............................... ........... ........... 120,147
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
345.42(a) Recordkeeping................. Small business/small farm loan * 393 219 86,067
register--Large banks shall
and Small banks may collect
and maintain certain date in
machine-readable form.
345.42(c) Recordkeeping................. Optional consumer loan data-- 75 326 24,450
All banks may collect and
maintain in machine readable
form certain data for consumer
loans originated or purchased
by a bank for consideration
under the lending test.
345.42(c)(2) Recordkeeping.............. Other loan data--All banks 100 25 2,500
optionally may provide other
information concerning their
lending performance, including
additional loan distribution
data.
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Total Recordkeeping................. ............................... ........... ........... 113,017
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
345.41(a) 345.43(a); (a)(1); (a)(2); Content and availability of 3,971 10 39,710
(a)(3); (a)(4); (a)(5); (a)(6); (a)(7); public file--All banks shall
(b)(1); (b)(2); (b)(3); (b)(4); (b)(5); maintain a public file that
(c); (d) Disclosure. contains certain required
information.
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Total Disclosure.................... ............................... ........... ........... 39,710
Total Estimated Annual Burden... ............................... ........... ........... 272,874
----------------------------------------------------------------------------------------------------------------
* The number of Large Banks reporting decreased from 253 to 243. However, 150 Small Banks are voluntarily
collecting and reporting data, and the number of respndents has been adjusted to reflect this.
General Description of Collection: The Community Reinvestment Act
regulation requires the FDIC to assess the record of banks and thrifts
in helping meet the credit needs of their entire communities, including
low- and moderate-income neighborhoods, consistent with safe and sound
operations; and to take this record into account in evaluating
applications for mergers, branches, and certain other corporate
activities.
There is no change in the method or substance of the collection.
The overall increase in burden hours is a result of an increase in the
number of Small Banks electing to voluntarily respond in certain
categories. The increase is also, in small part, due to an adjustment
in the agency's estimate of the time required to submit strategic plan
applications from 275 hours per respondent to 400 hours per respondent.
2. Title: Affiliate Marketing Consumer Opt-Out Notices.
OMB Number: 3064-0149.
Form Number: None.
Affected Public: Insured state nonmember banks, state savings
associations that have affiliates and consumers that have a
relationship with the foregoing.
Burden Estimate:
----------------------------------------------------------------------------------------------------------------
Total
Estimated Estimated time Frequency of estimated
Type of burden number of per response response annual burden
respondents (hours) (hours)
----------------------------------------------------------------------------------------------------------------
Implementation.................................. \1\ 1 18 1 18
Ongoing......................................... \2\ 990 2 1 1,980
Consumer Opt-Out................................ \3\ 857,939 * 5 1 71,495
---------------------------------------------------------------
Total Estimated Annual Burden............... .............. .............. .............. 73,493
----------------------------------------------------------------------------------------------------------------
\1\ All respondents have now gone through implementation of their programs. Accordingly, the number of
respondents facing implementation burden has been reduced from 990 to 1 as a placeholder for any institution
that elects to start sharing consumer information with its affiliates in the future.
\2\ The number of respondents facing ongoing burden remains unchanged at 990.
\3\ The FDIC estimates that 944 out of the 990 banks impacted by this information collection are community banks
having an average of 12,098 consumers and the remaining 46 are non-community (larger) banks having an average
of 124,745 consumers. The FDIC estimates that 5% of the 17,158,782 estimated consumers at these 990
institutions (857,939 consumers) elect to Opt-Out of affiliate marketing information sharing.
* Minutes.
General Description of Collection: Section 214 of the FACT Act
requires financial institutions that wish to share information about
consumers with their affiliates, to inform such consumers that they
have the opportunity to opt out of such marketing solicitations. The
disclosure notices and consumer responses thereto comprise the elements
of this collection of information.
There is no change in the method or substance of this information
collection. There has been a net increase in the estimated total annual
burden primarily because of an upward adjustment in the agency's
estimate of the number of consumers at FDIC-supervised institutions
that elect to opt-out of affiliate marketing information sharing. The
increase in burden due to the adjustment in the estimated number of
consumers affected was offset by the fact that banks have completed the
implementation phase of the information collection; the estimated
ongoing time per response for affected institutions decreasing from 18
hours at implementation to 2 hours ongoing.
3. Title: Retail Foreign Exchange Transactions.
OMB Number: 3064-0182.
Form Number: None.
[[Page 22667]]
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
----------------------------------------------------------------------------------------------------------------
Total
Number of Estimated time estimated
Type of burden respondents per response Frequency of response annual burden
(hours)
----------------------------------------------------------------------------------------------------------------
Reporting............................. 1 16 On Occasion............. 16
Recordkeeping......................... 1 166 On Occasion............. 166
Disclosure............................ 1 1,332 On Occasion............. 1,332
-------------------------------- ---------------
Total Estimated Annual Burden..... .............. .............. ........................ 1,514
----------------------------------------------------------------------------------------------------------------
General Description of Collection: This information collection
implements section 742(c)(2) of the Dodd-Frank Act (7 U.S.C. 2(c)(2)(E)
and FDIC regulations governing retail foreign exchange transactions as
set forth at 12 CFR part 349, subpart B. The regulation allows banking
organizations under FDIC supervision to engage in off-exchange
transactions in foreign currency with retail customers provided they
comply with various reporting, recordkeeping and third-party disclosure
requirements specified in the rule. If an institution elects to conduct
such transactions, compliance with the information collection is
mandatory.
Reporting Requirements--Part 349, subpart B requires that, prior to
initiating a retail foreign exchange business; a banking institution
must provide the FDIC with a notice certifying that the institution has
written policies and procedures, and risk measurement and management
systems and controls in place to ensure that retail foreign exchange
transactions are conducted in a safe and sound manner. The institution
must also provide information about it intends to manage customer due
diligence, new product approvals and haircuts applied to noncash
margin.
Recordkeeping Requirements--Part 349 subpart B requires that
institutions engaging in retail foreign exchange transactions keep
full, complete and systematic records of account, financial ledger,
transaction, memorandum orders and post execution allocations of
bunched orders. In addition, institutions are required to maintain
records regarding their ratio of profitable accounts, possible
violations of law, records of noncash margin and monthly statements and
confirmations issued.
Disclosure Requirements--The regulation requires that, before
opening an account that will engage in retail foreign exchange
transactions, a banking institution must obtain from each retail
foreign exchange customer an acknowledgement of receipt and
understanding of a written disclosure specified in the rule and of
disclosures about the banking institution's fees and other charges and
of its profitable accounts ratio. The institution must also provide
monthly statements to each retail foreign exchange customer and must
send confirmation statements following every transaction. The customer
dispute resolution provisions of the regulation require certain
endorsements, acknowledgements and signature language as well as the
timely provision of a list of persons qualified to handle a customer's
request for arbitration.
There is no change in the method or substance of the collection. At
present no FDIC-supervised institution is engaging in activities that
would make them subject to the information collection requirements.
FDIC originally estimated that 3 institutions would be impacted by the
rule. The agency is reducing the estimated number of respondents to one
(1) as a placeholder in case an institution elects to engage in covered
activities in the future. There has been no change in the frequency of
response or in the estimated number of hours required to respond.
Because of the reduction in the estimated number of respondents from
three (3) to one (1), the estimated annual burden has decreased.
Request for Comment
Comments are invited on: (a) Whether the collections of information
are necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the information collections,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collections of
information on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
Dated at Washington, DC, this 12th day of May 2017.
Federal Deposit Insurance Corporation.
Ralph E. Frable,
Assistant Executive Secretary.
[FR Doc. 2017-09992 Filed 5-16-17; 8:45 am]
BILLING CODE 6714-01-P
