Proposed Agency Information Collection Activities; Comment Request, 2983-2985 [2018-01046]
Download as PDF
<![CDATA[
Federal Register / Vol. 83, No. 14 / Monday, January 22, 2018 / Notices
(NEPA) and the California
Environmental Quality Act (CEQA),
should the State Water Board prepare an
environmental impact report (EIR). (See
Cal. Code Regs., tit. 14, 15083, 15223,
15226.) This notice is intended to
provide notice of the State Water
Board’s informal consultation with
responsible and trustee agencies
pursuant to section 15063 of the CEQA
Guidelines as to the potential for the
proposed action to cause a significant
impact to the environment. (Cal. Code
Regs., tit. 14, § 15063, subd. (g).)
Recipients of this notice are invited to
comment on whether an EIR, negative
declaration, or mitigated negative
declaration should be prepared. In
addition, pursuant to CEQA Guidelines
section 15083, subdivision (c), these
meetings are intended to simultaneously
serve the purposes identified in
California Code of Regulations, title 14,
section 15082, subdivision (c). Any
responsible or trustee agency or other
interested parties that believes an EIR
should be prepared should identify the
scope and content of any environmental
information it believes should be
required, should the State Water Board
prepare an EIR.
The times and locations of these
meetings are as follows:
ethrower on DSK3G9T082PROD with NOTICES
Daytime Scoping Meeting
Date: Tuesday, February 13, 2018.
Time: 9:00 a.m.
Location: Piccadilly Inn Airport, 5115
E McKinley Ave., Fresno, CA.
Phone: (559) 375–7760.
Evening Scoping Meeting
Date: Tuesday, February 13, 2018.
Time: 6:00 p.m.
Location: Piccadilly Inn Airport, 5115
E McKinley Ave., Fresno, CA.
Phone: (559) 375–7760.
SD1, which outlines the subject areas
to be addressed in the environmental
document, was mailed to the
individuals and entities on the
Commission’s mailing list. Copies of
SD1 will be available at the scoping
meetings, or may be viewed on the web
at https://www.ferc.gov, using the
eLibrary link. Follow the directions for
accessing information in paragraph n.
Based on all oral and written comments,
a Scoping Document 2 (SD2) may be
issued. SD2 may include a revised
process plan and schedule, as well as a
list of issues, identified through the
scoping process.
Environmental Site Review
The potential applicant and
Commission staff will conduct an
Environmental Site Review (site visit) of
the project at 8:00 a.m., Wednesday,
VerDate Sep<11>2014
19:00 Jan 19, 2018
Jkt 244001
February 14, 2018. Participants are
responsible for their own transportation.
Persons planning on participating in the
site visit must RSVP to Ms. Lisa
Whitman of PG&E at Lisa.Whitman@
pge.com or (415) 973–7465, on or before
February 1, 2018. Additional details
concerning the site visit are provided in
SD1.
Meeting Objectives
At the scoping meetings, staff will: (1)
Initiate scoping of the issues; (2) review
and discuss existing conditions and
resource management objectives; (3)
review and discuss existing information
and identify preliminary information
and study needs; (4) review and discuss
the process plan and schedule for prefiling activity that incorporates the time
frames provided for in Part 5 of the
Commission’s regulations and, to the
extent possible, maximizes coordination
of federal, state, and tribal permitting
and certification processes; and (5)
discuss the appropriateness of any
federal or state agency or Indian tribe
acting as a cooperating agency for
development of an environmental
document.
Meeting participants should come
prepared to discuss their issues and/or
concerns. Please review the PAD in
preparation for the scoping meetings.
Directions on how to obtain a copy of
the PAD and SD1 are provided in item
n. of this document.
2983
CONTACT PERSON FOR MORE INFORMATION:
Judith Ingram, Press Officer, Telephone:
(202) 694–1220.
Individuals who plan to attend and
require special assistance, such as sign
language interpretation or other
reasonable accommodations, should
contact Dayna C. Brown, Secretary and
Clerk, at (202) 694–1040, at least 72
hours prior to the meeting date.
Dayna C. Brown,
Secretary and Clerk of the Commission.
[FR Doc. 2018–01205 Filed 1–18–18; 4:15 pm]
BILLING CODE 6715–01–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board or
Federal Reserve) invites comment on a
proposal to extend, with revision, the
mandatory Reporting Requirements
associated with Regulation QQ (OMB
No. 7100–0346).
DATES: Comments must be submitted on
or before March 23, 2018.
ADDRESSES: You may submit comments,
identified by Reg QQ, by any of the
Meeting Procedures
following methods:
• Agency website: https://
The meetings will be recorded by a
www.federalreserve.gov. Follow the
stenographer and will be placed in the
instructions for submitting comments at
public record of the Commission and
https://www.federalreserve.gov/apps/
State Water Board proceedings for this
foia/proposedregs.aspx.
project.
• Federal eRulemaking Portal: https://
Dated: January 16, 2018.
www.regulations.gov. Follow the
Kimberly D. Bose,
instructions for submitting comments.
Secretary.
• Email: regs.comments@
[FR Doc. 2018–01014 Filed 1–19–18; 8:45 am]
federalreserve.gov. Include OMB
number in the subject line of the
BILLING CODE 6717–01–P
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
FEDERAL ELECTION COMMISSION
• Mail: Ann Misback, Secretary,
Sunshine Act Meeting
Board of Governors of the Federal
Reserve System, 20th Street and
TIME AND DATE: Thursday, January 25,
Constitution Avenue NW, Washington,
2018 at 10:00 a.m.
DC 20551.
PLACE: 999 E Street, NW, Washington,
All public comments are available
DC (Ninth Floor).
from the Board’s website at https://
STATUS: This meeting will be open to the www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
public.
modified for technical reasons.
MATTERS TO BE CONSIDERED:
Proposed Interim Enforcement Policy on Accordingly, your comments will not be
edited to remove any identifying or
Volunteer Mail Exemption
contact information. Public comments
Proposed Revisions to Forms 8 & 9 and
may also be viewed electronically or in
Instructions
paper form in Room 3515, 1801 K Street
Management and Administrative
(between 18th and 19th Streets NW)
Matters
PO 00000
Frm 00026
Fmt 4703
Sfmt 4703
SUMMARY:
E:\FR\FM\22JAN1.SGM
22JAN1
2984
Federal Register / Vol. 83, No. 14 / Monday, January 22, 2018 / Notices
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: 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: 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
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.
ethrower on DSK3G9T082PROD with NOTICES
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;
VerDate Sep<11>2014
19:00 Jan 19, 2018
Jkt 244001
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 proposed revisions
prior to giving final approval.
Proposal To Approve Under OMB
Delegated Authority the Extension for
Three Years, With Revision, of the
Following Report:
Report title: Reporting Requirements
Associated with Regulation QQ.
Agency form number: Reg QQ.
OMB control number: 7100–0346.
Frequency: Annually.
Respondents: Bank holding
companies 1 with assets of $50 billion or
more and nonbank financial firms
designated by the Financial Stability
Oversight Council for supervision by the
Board.
Estimated number of respondents:
Reduced Reporters: 82; Tailored
Domestic Reporters: 13; Tailored
Foreign Reporters: 2; Full Domestic
Reporters: 3; Full Foreign Reporters: 16;
Complex, Domestic Filers: 9; Complex,
Foreign Filers: 4.
Estimated average hours per response:
Reduced Reporters: 60 hours; Tailored
Domestic Reporters: 9,000 hours;
Tailored Foreign Reporters: 1,130 hours;
Full Domestic Reporters: 26,000 hours;
Full Foreign Reporters: 2,000 hours;
Complex, Domestic Filers: 79,522
hours; 2 Complex, Foreign Filers: 55,500
hours.
Estimated annual burden hours:
Reduced Reporters: 4,920 hours;
Tailored Domestic Reporters: 117,000
hours; Tailored Foreign Reporters: 2,260
hours; Full Domestic Reporters: 78,000
hours; Full Foreign Reporters: 32,000
hours; Complex, Domestic Filers:
1 This includes any foreign bank or company that
is, or is treated as, a bank holding company under
section 8(a) of the International Banking Act of
1978, and that has $50 billion or more in total
consolidated assets.
2 This estimate captures the annual time that
complex, domestic filers will spend complying with
this collection, given that eight of these filers will
only submit two resolution plans over the period
covered by this notice. The estimate therefore
represents two-thirds of the time these eight firms
are estimated to spend on each resolution plan
submission.
PO 00000
Frm 00027
Fmt 4703
Sfmt 4703
715,697 hours; Complex Foreign Filers:
222,000 hours. Total estimated annual
burden: 1,171,877.
General Description of Report:
Regulation QQ (12 CFR part 243)
requires each bank holding company
(BHC) with assets of $50 billion or more
and nonbank financial firms designated
by the Financial Stability Oversight
Council (FSOC) for supervision by the
Board (collectively, covered companies)
to report annually to the Board and the
FDIC the plan of such company for
rapid and orderly resolution under the
U.S. Bankruptcy Code in the event of
the company’s material financial
distress or failure. The plans submitted
pursuant to Regulation QQ, and
identified in this information collection,
are reviewed jointly by the Board and
Federal Deposit Insurance Corporation
(FDIC) (collectively, the Agencies). On
September 28, 2017, the Board and the
FDIC announced the postponement of
the next plan submission of the largest
and most complex, domestic BHCs 3
from July 1, 2018, to July 1, 2019, to
permit the agencies to provide
meaningful feedback on the July 2017
plans and provide the BHCs with
sufficient time to incorporate the
feedback into their next plans. If these
firms were filing each year covered by
this notice, instead of only twice, the
total estimated annual burden for the
reporting of this information collection
would be 1,473,180 hours instead of the
aforementioned 1,171,877.
The Board is exploring ways to
improve the resolution planning
process. Such improvements could
include, for example, extending the
cycle for plan submissions; focusing
certain filings on key topics of interest
and material changes; or reducing the
submission requirements for firms with
small, simple, and domestically focused
activities. The Board will solicit
comments on the effects that any such
changes would have on paperwork
burden if and when the changes are
proposed.
Proposed revisions: The Federal
Reserve proposes to revise its original
burden estimates based on a
reassessment of the burden hours
associated with responding to the
informational requirements of
Regulation QQ and to guidance,
feedback, and additional requests for
information by the agencies as part of
the iterative resolution planning
process. The burden increase also is
mitigated by the postponement of the
3 This group currently consists of Bank of
America Corporation; Bank of New York Mellon
Corporation; Citigroup, Inc.; Goldman Sachs Group,
Inc.; JPMorgan Chase & Co.; Morgan Stanley; State
Street Corporation; and Wells Fargo & Company.
E:\FR\FM\22JAN1.SGM
22JAN1
ethrower on DSK3G9T082PROD with NOTICES
Federal Register / Vol. 83, No. 14 / Monday, January 22, 2018 / Notices
July 2018 submission date for the
resolution plans of the complex,
domestic filers, which account for the
largest percentage of overall burden
hours.
Legal authorization and
confidentiality: This information
collection is mandatory pursuant to
section 165(d)(8) of the Dodd-Frank Act
(Pub. L. 111–203, 124 Stat. 1376, 1426–
1427), 12 U.S.C. 5365(d)(8), which
requires the Board and the FDIC to
jointly issue rules implementing the
provisions of section 165(d) of the
Dodd-Frank Act. The Board’s Legal
Division has determined that under
section 112(d)(5)(A) of the Dodd-Frank
Act, the Board and the FDIC ‘‘shall
maintain the confidentiality of any data,
information, and reports submitted
under’’ Title I (which includes section
165(d), the authority this regulation is
promulgated under) of the Dodd-Frank
Act.
The Board and the FDIC will assess
the confidentiality of resolution plans
and related material in accordance with
FOIA and the Board’s and the FDIC’s
implementing regulations (12 CFR part
261 (Board); 12 CFR part 309 (FDIC)).
The Board and the FDIC expect that
large portions of the submissions will
contain or consist of ‘‘trade secrets and
commercial or financial information
obtained from a person and privileged
or confidential’’ and information that is
‘‘contained in or related to examination,
operating, or condition reports prepared
by, on behalf of, or for the use of an
agency responsible for the regulation or
supervision of financial institutions.’’
This information is subject to
withholding under exemptions 4 and 8
of the FOIA, 5 U.S.C. 552(b)(4) and
552(b)(8).4 The Board and the FDIC also
recognize, however, that the regulation
calls for the submission of details
regarding covered companies that are
publicly available or otherwise are not
sensitive and should be made public. In
order to address this, the regulation
requires resolution plans to be divided
into two portions: a public section and
a confidential section.
In addition to any responses to
guidance from the Agencies, the public
section of the resolution plan should
consist of an executive summary of the
resolution plan that describes the
business of the covered company and
includes, to the extent material to an
understanding of the covered company:
(i) The names of material entities; (ii) a
description of core business lines; (iii)
consolidated or segment financial
4 Depending upon the circumstances of any
specific FOIA request, other exemptions may also
apply.
VerDate Sep<11>2014
19:00 Jan 19, 2018
Jkt 244001
information regarding assets, liabilities,
capital and major funding sources; (iv)
a description of derivative activities and
hedging activities; (v) a list of
memberships in material payment,
clearing, and settlement systems; (vi) a
description of foreign operations; (vii)
the identities of material supervisory
authorities; (viii) the identities of the
principal officers; (ix) a description of
the corporate governance structure and
processes related to resolution planning;
(x) a description of material
management information systems; and
(xi) a description, at a high level, of the
covered company’s resolution strategy,
covering such items as the range of
potential purchasers of the covered
company, its material entities and core
business lines.
While the information in the public
section of a resolution plan should be
sufficiently detailed to allow the public
to understand the business of the
covered company, such information can
be high level in nature and based on
publicly available information. The
public section will be made available to
the public exactly as submitted by the
covered companies as soon as possible
following receipt by the agencies. A
covered company should submit a
properly substantiated request for
confidential treatment of any details in
the confidential section that it believes
are subject to withholding under
exemption 4 of the FOIA. In addition,
the Board and the FDIC will make
formal exemption and segregability
determinations if and when a plan is
requested under the FOIA.
Consultation outside the agency: The
Board consulted with FDIC staff
regarding the revised burden estimate.
In addition, to inform the Board’s
estimates, Board staff sought
information from all respondents
concerning each respondent’s estimate
of the burden associated with this
collection. A total of 33 respondents
provided burden information.
Board of Governors of the Federal Reserve
System, January 17, 2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018–01046 Filed 1–19–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
AGENCY:
PO 00000
Frm 00028
Fmt 4703
Sfmt 4703
2985
The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Consolidated
Financial Statements for Holding
Companies (FR Y–9C) (OMB No. 7100–
0128), the Parent Company Only
Financial Statements for Large Holding
Companies (FR Y–9LP) (OMB No. 7100–
0128), the Parent Company Only
Financial Statements for Small Holding
Companies FR Y–9SP) (OMB No. 7100–
0128), the Financial Statements of U.S.
Nonbank Subsidiaries Held by Foreign
Banking Organizations (FR Y–7N) (OMB
No. 7100–0125), and the Consolidated
Report of Condition and Income for
Edge and Agreement Corporations (FR
2886b) (OMB No. 7100–0086), and to
extend, without revision, the Financial
Statements for Employee Stock
Ownership Plan Holding Companies
(FR Y–9ES) (OMB No. 7100–0128) the
Supplement to the Consolidated
Financial Statements for Holding
Companies (FR Y–9CS) (OMB No. 7100–
0086), the Abbreviated Financial
Statements of U.S. Nonbank
Subsidiaries Held by Foreign Banking
Organizations (FR Y–7NS) (OMB No.
7100–0125); and the Capital and Asset
Report for Foreign Banking
Organizations (FR Y–7Q) (OMB No.
7100–0125).
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829. Telecommunications Device
for the Deaf (TDD) users may contact
(202) 263–4869, Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
OMB Desk Officer—Shagufta
Ahmed—Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 10235,
725 17th Street NW, Washington, DC
20503 or by fax to (202) 395–6974.
SUPPLEMENTARY INFORMATION: On June
15, 1984, the Office of Management and
Budget (OMB) delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collection of information requests and
requirements conducted or sponsored
by the Board. Board-approved
collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
PRA submission, supporting statements,
and approved collection of information
instrument(s) are placed into OMB’s
SUMMARY:
E:\FR\FM\22JAN1.SGM
22JAN1
]]>Agencies
[Federal Register Volume 83, Number 14 (Monday, January 22, 2018)]
[Notices]
[Pages 2983-2985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01046]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board or
Federal Reserve) invites comment on a proposal to extend, with
revision, the mandatory Reporting Requirements associated with
Regulation QQ (OMB No. 7100-0346).
DATES: Comments must be submitted on or before March 23, 2018.
ADDRESSES: You may submit comments, identified by Reg QQ, by any of the
following methods:
Agency website: 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: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann 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
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)
[[Page 2984]]
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: 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: 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 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 proposed revisions prior to giving final
approval.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Report:
Report title: Reporting Requirements Associated with Regulation QQ.
Agency form number: Reg QQ.
OMB control number: 7100-0346.
Frequency: Annually.
Respondents: Bank holding companies \1\ with assets of $50 billion
or more and nonbank financial firms designated by the Financial
Stability Oversight Council for supervision by the Board.
---------------------------------------------------------------------------
\1\ This includes any foreign bank or company that is, or is
treated as, a bank holding company under section 8(a) of the
International Banking Act of 1978, and that has $50 billion or more
in total consolidated assets.
---------------------------------------------------------------------------
Estimated number of respondents: Reduced Reporters: 82; Tailored
Domestic Reporters: 13; Tailored Foreign Reporters: 2; Full Domestic
Reporters: 3; Full Foreign Reporters: 16; Complex, Domestic Filers: 9;
Complex, Foreign Filers: 4.
Estimated average hours per response: Reduced Reporters: 60 hours;
Tailored Domestic Reporters: 9,000 hours; Tailored Foreign Reporters:
1,130 hours; Full Domestic Reporters: 26,000 hours; Full Foreign
Reporters: 2,000 hours; Complex, Domestic Filers: 79,522 hours; \2\
Complex, Foreign Filers: 55,500 hours.
---------------------------------------------------------------------------
\2\ This estimate captures the annual time that complex,
domestic filers will spend complying with this collection, given
that eight of these filers will only submit two resolution plans
over the period covered by this notice. The estimate therefore
represents two-thirds of the time these eight firms are estimated to
spend on each resolution plan submission.
---------------------------------------------------------------------------
Estimated annual burden hours: Reduced Reporters: 4,920 hours;
Tailored Domestic Reporters: 117,000 hours; Tailored Foreign Reporters:
2,260 hours; Full Domestic Reporters: 78,000 hours; Full Foreign
Reporters: 32,000 hours; Complex, Domestic Filers: 715,697 hours;
Complex Foreign Filers: 222,000 hours. Total estimated annual burden:
1,171,877.
General Description of Report: Regulation QQ (12 CFR part 243)
requires each bank holding company (BHC) with assets of $50 billion or
more and nonbank financial firms designated by the Financial Stability
Oversight Council (FSOC) for supervision by the Board (collectively,
covered companies) to report annually to the Board and the FDIC the
plan of such company for rapid and orderly resolution under the U.S.
Bankruptcy Code in the event of the company's material financial
distress or failure. The plans submitted pursuant to Regulation QQ, and
identified in this information collection, are reviewed jointly by the
Board and Federal Deposit Insurance Corporation (FDIC) (collectively,
the Agencies). On September 28, 2017, the Board and the FDIC announced
the postponement of the next plan submission of the largest and most
complex, domestic BHCs \3\ from July 1, 2018, to July 1, 2019, to
permit the agencies to provide meaningful feedback on the July 2017
plans and provide the BHCs with sufficient time to incorporate the
feedback into their next plans. If these firms were filing each year
covered by this notice, instead of only twice, the total estimated
annual burden for the reporting of this information collection would be
1,473,180 hours instead of the aforementioned 1,171,877.
---------------------------------------------------------------------------
\3\ This group currently consists of Bank of America
Corporation; Bank of New York Mellon Corporation; Citigroup, Inc.;
Goldman Sachs Group, Inc.; JPMorgan Chase & Co.; Morgan Stanley;
State Street Corporation; and Wells Fargo & Company.
---------------------------------------------------------------------------
The Board is exploring ways to improve the resolution planning
process. Such improvements could include, for example, extending the
cycle for plan submissions; focusing certain filings on key topics of
interest and material changes; or reducing the submission requirements
for firms with small, simple, and domestically focused activities. The
Board will solicit comments on the effects that any such changes would
have on paperwork burden if and when the changes are proposed.
Proposed revisions: The Federal Reserve proposes to revise its
original burden estimates based on a reassessment of the burden hours
associated with responding to the informational requirements of
Regulation QQ and to guidance, feedback, and additional requests for
information by the agencies as part of the iterative resolution
planning process. The burden increase also is mitigated by the
postponement of the
[[Page 2985]]
July 2018 submission date for the resolution plans of the complex,
domestic filers, which account for the largest percentage of overall
burden hours.
Legal authorization and confidentiality: This information
collection is mandatory pursuant to section 165(d)(8) of the Dodd-Frank
Act (Pub. L. 111-203, 124 Stat. 1376, 1426-1427), 12 U.S.C. 5365(d)(8),
which requires the Board and the FDIC to jointly issue rules
implementing the provisions of section 165(d) of the Dodd-Frank Act.
The Board's Legal Division has determined that under section
112(d)(5)(A) of the Dodd-Frank Act, the Board and the FDIC ``shall
maintain the confidentiality of any data, information, and reports
submitted under'' Title I (which includes section 165(d), the authority
this regulation is promulgated under) of the Dodd-Frank Act.
The Board and the FDIC will assess the confidentiality of
resolution plans and related material in accordance with FOIA and the
Board's and the FDIC's implementing regulations (12 CFR part 261
(Board); 12 CFR part 309 (FDIC)). The Board and the FDIC expect that
large portions of the submissions will contain or consist of ``trade
secrets and commercial or financial information obtained from a person
and privileged or confidential'' and information that is ``contained in
or related to examination, operating, or condition reports prepared by,
on behalf of, or for the use of an agency responsible for the
regulation or supervision of financial institutions.'' This information
is subject to withholding under exemptions 4 and 8 of the FOIA, 5
U.S.C. 552(b)(4) and 552(b)(8).\4\ The Board and the FDIC also
recognize, however, that the regulation calls for the submission of
details regarding covered companies that are publicly available or
otherwise are not sensitive and should be made public. In order to
address this, the regulation requires resolution plans to be divided
into two portions: a public section and a confidential section.
---------------------------------------------------------------------------
\4\ Depending upon the circumstances of any specific FOIA
request, other exemptions may also apply.
---------------------------------------------------------------------------
In addition to any responses to guidance from the Agencies, the
public section of the resolution plan should consist of an executive
summary of the resolution plan that describes the business of the
covered company and includes, to the extent material to an
understanding of the covered company: (i) The names of material
entities; (ii) a description of core business lines; (iii) consolidated
or segment financial information regarding assets, liabilities, capital
and major funding sources; (iv) a description of derivative activities
and hedging activities; (v) a list of memberships in material payment,
clearing, and settlement systems; (vi) a description of foreign
operations; (vii) the identities of material supervisory authorities;
(viii) the identities of the principal officers; (ix) a description of
the corporate governance structure and processes related to resolution
planning; (x) a description of material management information systems;
and (xi) a description, at a high level, of the covered company's
resolution strategy, covering such items as the range of potential
purchasers of the covered company, its material entities and core
business lines.
While the information in the public section of a resolution plan
should be sufficiently detailed to allow the public to understand the
business of the covered company, such information can be high level in
nature and based on publicly available information. The public section
will be made available to the public exactly as submitted by the
covered companies as soon as possible following receipt by the
agencies. A covered company should submit a properly substantiated
request for confidential treatment of any details in the confidential
section that it believes are subject to withholding under exemption 4
of the FOIA. In addition, the Board and the FDIC will make formal
exemption and segregability determinations if and when a plan is
requested under the FOIA.
Consultation outside the agency: The Board consulted with FDIC
staff regarding the revised burden estimate. In addition, to inform the
Board's estimates, Board staff sought information from all respondents
concerning each respondent's estimate of the burden associated with
this collection. A total of 33 respondents provided burden information.
Board of Governors of the Federal Reserve System, January 17,
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-01046 Filed 1-19-18; 8:45 am]
BILLING CODE 6210-01-P
