Agency Information Collection Activities: Submission for OMB Review; Comment Request, 40039-40041 [2018-17264]
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40039
Federal Register / Vol. 83, No. 156 / Monday, August 13, 2018 / Notices
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–0165, 0183, and –0196]
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request
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.
The FDIC published a notice of its
intent to renew the information
collections described below in the
Federal Register and requested
comment for 60 days. No comments
were received. The FDIC hereby gives
notice of its plan to submit to OMB a
SUMMARY:
request to approve the renewal of these
collections, and again invites comment
on the renewal.
DATES: Comments must be submitted on
or before September 12, 2018.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Agency Website: https://
www.FDIC.gov/regulations/laws/federal.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza, Counsel,
Room 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, Counsel, 202–898–3767,
mcabeza@FDIC.gov, MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collections of
information:
1. Title: Interagency Supervisory
Guidance for the Supervisory Review
Process of Capital Adequacy (Pillar 2)
Related to the Implementation of the
Basel II Advanced Capital Framework.
OMB Number: 3064–0165.
Form Number: None.
Affected Public: Insured state
nonmember banks and certain
subsidiaries of these entities.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Estimated
number of
respondents
Type of burden
Estimated time
per response
Total annual
estimated
burden hours
Frequency of
response
Pillar 2 Guidance ..................................................
Record Keeping ............
2
105 hours .......
Quarterly ........
840
Total Estimated Annual Burden ....................
.......................................
........................
........................
........................
840
General Description of Collection:
There has been no change in the method
or substance of this information
collection. The number of institutions
subject to the record keeping
requirements has decreased from eight
(8) to two (2). In 2008 the Office of the
Comptroller of the Currency, the Board
of Governors of the Federal Reserve
System and the FDIC issued a
supervisory guidance document related
to the supervisory review process of
capital adequacy (Pillar 2) in connection
with the implementation of the Basel II
Advanced Capital Framework.1 Sections
37, 41, 43 and 46 of the guidance
include possible information
collections. Section 37 provides that
banks should state clearly the definition
of capital used in any aspect of its
internal capital adequacy assessment
process (ICAAP) and document any
changes in the internal definition of
capital. Section 41 provides that banks
should maintain thorough
documentation of its ICAAP. Section 43
specifies that the board of directors
should approve the bank’s ICAAP,
review it on a regular basis and approve
any changes. Section 46 recommends
that boards of directors periodically
review the assessment of overall capital
adequacy and analyze how measures of
internal capital adequacy compare with
other capital measures such as
regulatory or accounting.
2. Title: Credit Risk Retention.
OMB Number: 3064–0183.
Form Number: None.
Affected Public: Insured state nonmember banks; insured state branches of
foreign banks; state savings associations;
and certain subsidiaries of these
entities.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
sradovich on DSK3GMQ082PROD with NOTICES
Estimated
number of
offerings
Estimated
average
hours per
response
Estimated
annual
frequency
Estimated
annual
burden
hours
Disclosure Burden
Subpart B:
§ 373.4
§ 373.4
§ 373.4
§ 373.5
1 73
Standard Risk Retention—Horizontal Interest ..........................................
Standard Risk Retention—Vertical Interest ..............................................
Standard Risk Retention—Combined Interest ..........................................
Revolving Master Trusts ...........................................................................
1
40
4
15
1
1
1
1
FR 44620 (July 31, 2008).
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2.0
7.5
7.0
5.5
80
30
105
40040
Federal Register / Vol. 83, No. 156 / Monday, August 13, 2018 / Notices
SUMMARY OF ANNUAL BURDEN—Continued
Estimated
number of
offerings
§ 373.6 Eligible ABCP Conduits .............................................................................
§ 373.7 Commercial MBS ......................................................................................
§ 373.8 FNMA and FHLMC ....................................................................................
§ 373.9 Open Market CLOs ...................................................................................
§ 373.10 Qualified Tender Option Bonds ...............................................................
Subpart C:
§ 373.11 Allocation of Risk Retention to an Originator ..........................................
Subpart D:
§ 373.13 and .19(g) Exemption for Qualified Residential Mortgages ....................
§ 373.15 Exemption for Qualifying Commercial Loans, Commercial Real Estate
and Automobile Loans ..........................................................................................
§ 373.16 Underwriting Standards for Qualifying Commercial Loans .....................
§ 373.17 Underwriting Standards for Qualifying CRE Loans ................................
§ 373.18 Underwriting Standards for Qualifying Automobile Loans ......................
Total Estimated Disclosure Burden ...................................................................
Estimated
average
hours per
response
Estimated
annual
frequency
Estimated
annual
burden
hours
15
15
15
15
15
1
1
1
1
1
3.0
20.75
1.5
20.25
6.0
45
311.25
22.5
303.75
90
3
1
2.5
7.5
13
1
1.25
16.25
16
6
6
6
1
1
1
1
20.0
1.25
1.25
1.25
320
7.5
7.5
7.5
....................
....................
....................
1,359.25
1
40
4
15
15
15
1
1
1
1
1
1
0.5
0.5
0.5
0.5
20.0
30.0
0.5
20
2
7.5
300
450
3
1
20.0
60
Recordkeeping Burden
Subpart B:
§ 373.4 Standard Risk Retention—Horizontal Interest ..........................................
§ 373.4 Standard Risk Retention—Vertical Interest ..............................................
§ 373.4 Standard Risk Retention—Combined Interest ..........................................
§ 373.5 Revolving Master Trusts ...........................................................................
§ 373.6 Eligible ABCP Conduits .............................................................................
§ 373.7 Commercial MBS ......................................................................................
Subpart C:
§ 373.11 Allocation of Risk Retention to an Originator ..........................................
Subpart D:
§ 373.13 and .19(g) Exemption for Qualified Residential Mortgages ....................
§ 373.15 Exemption for Qualifying Commercial Loans, Commercial Real Estate
and Automobile Loans ..........................................................................................
§ 373.16 Underwriting Standards for Qualifying Commercial Loans .....................
§ 373.17 Underwriting Standards for Qualifying CRE Loans ................................
§ 373.18 Underwriting Standards for Qualifying Automobile Loans ......................
13
1
40.0
520
16
6
6
6
1
1
1
1
0.5
40.0
40.0
400
8
240
240
240
Total Estimated Recordkeeping Burden ...........................................................
....................
....................
....................
2,088
Total Estimated Annual Burden .................................................................
....................
....................
....................
3,447.25
sradovich on DSK3GMQ082PROD with NOTICES
There has been no change in the
method or substance of this information
collection. The above burden estimate is
derived from the Federal regulatory
agencies’ estimate that there are
currently approximately 1,400 annual
offerings subject to the Credit Risk
Retention rule (12 CFR part 373).2
General Description of Collection:
This information collection request
relates to the disclosure and
recordkeeping requirements of 12 CFR
part 373 (the Credit Risk Retention Rule)
which implements section 15G of the
2 The methodology and assumptions used to
estimate burden are explained in detail in the
agencies’ supporting statements for their respective
Credit Risk Retention information collections. For
example, see, FDIC (3064–0183) available at https://
www.reginfo.gov/public/do/PRAView
Document?ref_nbr=201501-3064-002 SEC (32350712) available at https://www.reginfo.gov/public/
do/PRAViewDocument?ref_nbr=201803-3235-014
and the OCC 1557-0249) available at https://
www.reginfo.gov/public/do/PRAView
Document?ref_nbr=201804-1557-004.
VerDate Sep<11>2014
20:42 Aug 10, 2018
Jkt 244001
Securities Exchange Act of 1934,3 added
by section 941 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act 4 (Section 941). The Credit Risk
Retention Rule was jointly issued by the
Federal Deposit Insurance Corporation
(‘‘FDIC’’), the Office of the Comptroller
of the Currency (‘‘OCC’’), the Federal
Reserve Board (‘‘Board’’), the Securities
and Exchange Commission
(‘‘Commission’’) and, with respect to the
portions of the Rule addressing the
securitization of residential mortgages,
the Federal Housing Finance Agency
(‘‘FHFA’’) and the Department of
Housing and Urban Development
(‘‘HUD’’).
Section 941 requires the Board, the
FDIC, the OCC (collectively, the
‘‘Federal banking agencies’’), the
Commission and, in the case of the
securitization of any ‘‘residential
3 15
U.S.C. 78o–11.
Law 111–2–3, 124 Stat. 1376 (2010).
4 Public
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
mortgage asset,’’ together with HUD and
FHFA, to jointly prescribe regulations
that (i) require a securitizer to retain not
less than five percent of the credit risk
of any asset that the securitizer, through
the issuance of an asset-backed security
(‘‘ABS’’), transfers, sells or conveys to a
third party, and (ii) prohibit a
securitizer from directly or indirectly
hedging or otherwise transferring the
credit risk that the securitizer is
required to retain under section 941 and
the agencies’ implementing rules.
The Credit Risk Retention Rule
provides a menu of credit risk retention
options from which securitizers can
choose and sets out the standards,
including disclosure and recordkeeping
requirements, for each option; identifies
the eligibility criteria, including
certification and disclosure
requirements, that must be met for assetbacked securities (ABS) offerings to
qualify for certain exemptions; specifies
the underwriting standards for
E:\FR\FM\13AUN1.SGM
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Federal Register / Vol. 83, No. 156 / Monday, August 13, 2018 / Notices
commercial real estate (CRE) loans,
commercial loans and automobile loans,
as well as disclosure, certification and
recordkeeping requirements, that must
be met for ABS issuances collateralized
by such loans to qualify for reduced
credit risk retention; and sets forth the
circumstances under which retention
obligations may be allocated by
sponsors to originators, including
disclosure and monitoring
requirements.
The recordkeeping requirements
relate primarily to (i) the adoption and
maintenance of various policies and
procedures to ensure and monitor
compliance with regulatory
requirements and (ii) certifications,
including as to the effectiveness of
internal supervisory controls. The
required disclosures for each risk
retention option are intended to provide
investors with material information
concerning the sponsor’s retained
interest in a securitization transaction
(e.g., the amount, form and nature of the
retained interest, material assumptions
and methodology, representations and
warranties). The agencies believe that
the disclosure and recordkeeping
requirements will enhance market
40041
discipline, help ensure the quality of the
assets underlying a securitization, and
assist investors in evaluating
transactions.
3. Title: Disclosure Requirements
Associated with the Supplementary
Leverage Ratio.
OMB Number: 3064–0196.
Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations that are subject to the
FDIC’s advanced approaches risk-based
capital rules.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Estimated
number of
respondents
Type of burden
Estimated time
per response
Frequency of
response
Total Annual
estimated
burden hours
Disclosure .....................
2
5 hours ...........
Quarterly ........
40
Total Estimated Annual Burden ....................
sradovich on DSK3GMQ082PROD with NOTICES
12 CFR 324.172 and 173 ....................................
.......................................
........................
........................
........................
40
There has been no change in the
method or substance of this information
collection. The number of institutions
subject to the disclosure requirements
has decreased from eight (8) to two (2).
General Description of Collection: The
supplementary leverage ratio
regulations strengthen the definition of
total leverage exposure and improve the
measure of a banking organization’s onand off-balance sheet exposures. The
rules are generally consistent with the
Basel Committee on Banking
Supervision’s 2014 revisions and
promote consistency in the calculation
of this ratio across jurisdictions. All
banking organizations that are subject to
the advanced approaches risk-based
capital rules5 are required to disclose
their supplementary leverage ratios.6
Advanced approaches banking
organizations must report their
supplementary leverage ratios on the
applicable regulatory reports. The
calculation and disclosure requirements
for the supplementary leverage ratio in
the federal banking agencies’ regulatory
capital rules are generally consistent
with international standards published
by the Basel Committee on Banking
Supervision. These disclosures enhance
the transparency and consistency of
reporting requirements for the
supplementary leverage ratio by all
internationally active organizations.
Request for Comment: Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the FDIC’s functions,
5 12
6 12
CFR 324.100(b)(1).
CFR 324.10(c), 324.172(d), and 324.173.
VerDate Sep<11>2014
20:42 Aug 10, 2018
Jkt 244001
including whether the information has
practical utility; (b) the accuracy of the
estimates of the burden of the
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; and (d)
ways to minimize the burden of the
collection 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, on August 8,
2018.
Robert E. Feldman,
Executive Secretary, Federal Deposit
Insurance Corporation.
[FR Doc. 2018–17264 Filed 8–10–18; 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 by
email at Secretary@fmc.gov, or by mail,
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 website (www.fmc.gov) or
by contacting the Office of Agreements
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
at (202)–523–5793 or tradeanalysis@
fmc.gov.
Agreement No.: 012460–002.
Agreement Name: COSCO Shipping/
PIL/WHL Vessel Sharing and Slot
Charter Agreement.
Parties: COSCO Shipping Lines Co.,
Ltd.; Pacific International Lines (PTE)
Ltd.; Wan Hai Lines (Singapore) Pte.
Ltd.; and Wan Hai Lines Ltd.
Filing Party: Eric Jeffrey; Nixon
Peabody.
Synopsis: The amendment changes
the capacity and port rotation of the
shared string and updates the slot
exchanges among the Parties.
Proposed Effective Date: 8/3/2018.
Location: https://www2.fmc.gov/
FMC.Agreements.Web/Public/
AgreementHistory/1948.
Agreement No.: 011707–014.
Agreement Name: Gulf/South
America Discussion Agreement.
Parties: BBC Chartering & Logistics
GmbH & Co. KG and BBC Chartering
Carriers GmbH & Co. KG (acting as a
single party); Industrial Maritime
Carriers, L.L.C.; and Seaboard Marine
Ltd.
Filing Party: Wade S. Hooker,
Attorney.
Synopsis: The amendment deletes
Caytrans BBC LLC as a party to the
Agreement.
Proposed Effective Date: 7/31/2018.
Location: https://www2.fmc.gov/
FMC.Agreements.Web/Public/
AgreementHistory/684.
Agreement No.: 201248–001.
Agreement Name: COSCO SHIPPING/
PIL/WHL Vessel Sharing and Slot
Exchange Agreement.
E:\FR\FM\13AUN1.SGM
13AUN1
]]>Agencies
[Federal Register Volume 83, Number 156 (Monday, August 13, 2018)]
[Notices]
[Pages 40039-40041]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17264]
[[Page 40039]]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0165, 0183, and -0196]
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
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. The FDIC published a notice of its intent to renew the
information collections described below in the Federal Register and
requested comment for 60 days. No comments were received. The FDIC
hereby gives notice of its plan to submit to OMB a request to approve
the renewal of these collections, and again invites comment on the
renewal.
DATES: Comments must be submitted on or before September 12, 2018.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
Agency Website: https://www.FDIC.gov/regulations/laws/federal.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza, Counsel, Room 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, Counsel, 202-898-3767,
[email protected], MB-3007, Federal Deposit Insurance Corporation, 550
17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collections of
information:
1. Title: Interagency Supervisory Guidance for the Supervisory
Review Process of Capital Adequacy (Pillar 2) Related to the
Implementation of the Basel II Advanced Capital Framework.
OMB Number: 3064-0165.
Form Number: None.
Affected Public: Insured state nonmember banks and certain
subsidiaries of these entities.
Burden Estimate:
Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Total annual
Type of burden number of Estimated time per response Frequency of response estimated
respondents burden hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Pillar 2 Guidance.................... Record Keeping.......... 2 105 hours.................. Quarterly................. 840
----------------------------------------------------------------------------------------
Total Estimated Annual Burden.... ........................ .............. ........................... .......................... 840
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection: There has been no change in the
method or substance of this information collection. The number of
institutions subject to the record keeping requirements has decreased
from eight (8) to two (2). In 2008 the Office of the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System and the
FDIC issued a supervisory guidance document related to the supervisory
review process of capital adequacy (Pillar 2) in connection with the
implementation of the Basel II Advanced Capital Framework.\1\ Sections
37, 41, 43 and 46 of the guidance include possible information
collections. Section 37 provides that banks should state clearly the
definition of capital used in any aspect of its internal capital
adequacy assessment process (ICAAP) and document any changes in the
internal definition of capital. Section 41 provides that banks should
maintain thorough documentation of its ICAAP. Section 43 specifies that
the board of directors should approve the bank's ICAAP, review it on a
regular basis and approve any changes. Section 46 recommends that
boards of directors periodically review the assessment of overall
capital adequacy and analyze how measures of internal capital adequacy
compare with other capital measures such as regulatory or accounting.
---------------------------------------------------------------------------
\1\ 73 FR 44620 (July 31, 2008).
---------------------------------------------------------------------------
2. Title: Credit Risk Retention.
OMB Number: 3064-0183.
Form Number: None.
Affected Public: Insured state non-member banks; insured state
branches of foreign banks; state savings associations; and certain
subsidiaries of these entities.
Burden Estimate:
Summary of Annual Burden
----------------------------------------------------------------------------------------------------------------
Estimated Estimated
Estimated Estimated average annual
number of annual hours per burden
offerings frequency response hours
----------------------------------------------------------------------------------------------------------------
Disclosure Burden
----------------------------------------------------------------------------------------------------------------
Subpart B:
Sec. 373.4 Standard Risk Retention--Horizontal 1 1 5.5 5.5
Interest...............................................
Sec. 373.4 Standard Risk Retention--Vertical Interest. 40 1 2.0 80
Sec. 373.4 Standard Risk Retention--Combined Interest. 4 1 7.5 30
Sec. 373.5 Revolving Master Trusts.................... 15 1 7.0 105
[[Page 40040]]
Sec. 373.6 Eligible ABCP Conduits..................... 15 1 3.0 45
Sec. 373.7 Commercial MBS............................. 15 1 20.75 311.25
Sec. 373.8 FNMA and FHLMC............................. 15 1 1.5 22.5
Sec. 373.9 Open Market CLOs........................... 15 1 20.25 303.75
Sec. 373.10 Qualified Tender Option Bonds............. 15 1 6.0 90
Subpart C:
Sec. 373.11 Allocation of Risk Retention to an 3 1 2.5 7.5
Originator.............................................
Subpart D:
Sec. 373.13 and .19(g) Exemption for Qualified 13 1 1.25 16.25
Residential Mortgages..................................
Sec. 373.15 Exemption for Qualifying Commercial Loans, 16 1 20.0 320
Commercial Real Estate and Automobile Loans............
Sec. 373.16 Underwriting Standards for Qualifying 6 1 1.25 7.5
Commercial Loans.......................................
Sec. 373.17 Underwriting Standards for Qualifying CRE 6 1 1.25 7.5
Loans..................................................
Sec. 373.18 Underwriting Standards for Qualifying 6 1 1.25 7.5
Automobile Loans.......................................
---------------------------------------------------
Total Estimated Disclosure Burden................... ........... ........... ........... 1,359.25
----------------------------------------------------------------------------------------------------------------
Recordkeeping Burden
----------------------------------------------------------------------------------------------------------------
Subpart B:
Sec. 373.4 Standard Risk Retention--Horizontal 1 1 0.5 0.5
Interest...............................................
Sec. 373.4 Standard Risk Retention--Vertical Interest. 40 1 0.5 20
Sec. 373.4 Standard Risk Retention--Combined Interest. 4 1 0.5 2
Sec. 373.5 Revolving Master Trusts.................... 15 1 0.5 7.5
Sec. 373.6 Eligible ABCP Conduits..................... 15 1 20.0 300
Sec. 373.7 Commercial MBS............................. 15 1 30.0 450
Subpart C:
Sec. 373.11 Allocation of Risk Retention to an 3 1 20.0 60
Originator.............................................
Subpart D:
Sec. 373.13 and .19(g) Exemption for Qualified 13 1 40.0 520
Residential Mortgages..................................
Sec. 373.15 Exemption for Qualifying Commercial Loans, 16 1 0.5 8
Commercial Real Estate and Automobile Loans............
Sec. 373.16 Underwriting Standards for Qualifying 6 1 40.0 240
Commercial Loans.......................................
Sec. 373.17 Underwriting Standards for Qualifying CRE 6 1 40.0 240
Loans..................................................
Sec. 373.18 Underwriting Standards for Qualifying 6 1 400 240
Automobile Loans.......................................
---------------------------------------------------
Total Estimated Recordkeeping Burden................ ........... ........... ........... 2,088
---------------------------------------------------
Total Estimated Annual Burden................... ........... ........... ........... 3,447.25
----------------------------------------------------------------------------------------------------------------
There has been no change in the method or substance of this
information collection. The above burden estimate is derived from the
Federal regulatory agencies' estimate that there are currently
approximately 1,400 annual offerings subject to the Credit Risk
Retention rule (12 CFR part 373).\2\
---------------------------------------------------------------------------
\2\ The methodology and assumptions used to estimate burden are
explained in detail in the agencies' supporting statements for their
respective Credit Risk Retention information collections. For
example, see, FDIC (3064-0183) available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201501-3064-002 SEC (3235-0712)
available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201803-3235-014 and the OCC 1557-0249)
available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201804-1557-004.
---------------------------------------------------------------------------
General Description of Collection: This information collection
request relates to the disclosure and recordkeeping requirements of 12
CFR part 373 (the Credit Risk Retention Rule) which implements section
15G of the Securities Exchange Act of 1934,\3\ added by section 941 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act \4\
(Section 941). The Credit Risk Retention Rule was jointly issued by the
Federal Deposit Insurance Corporation (``FDIC''), the Office of the
Comptroller of the Currency (``OCC''), the Federal Reserve Board
(``Board''), the Securities and Exchange Commission (``Commission'')
and, with respect to the portions of the Rule addressing the
securitization of residential mortgages, the Federal Housing Finance
Agency (``FHFA'') and the Department of Housing and Urban Development
(``HUD'').
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78o-11.
\4\ Public Law 111-2-3, 124 Stat. 1376 (2010).
---------------------------------------------------------------------------
Section 941 requires the Board, the FDIC, the OCC (collectively,
the ``Federal banking agencies''), the Commission and, in the case of
the securitization of any ``residential mortgage asset,'' together with
HUD and FHFA, to jointly prescribe regulations that (i) require a
securitizer to retain not less than five percent of the credit risk of
any asset that the securitizer, through the issuance of an asset-backed
security (``ABS''), transfers, sells or conveys to a third party, and
(ii) prohibit a securitizer from directly or indirectly hedging or
otherwise transferring the credit risk that the securitizer is required
to retain under section 941 and the agencies' implementing rules.
The Credit Risk Retention Rule provides a menu of credit risk
retention options from which securitizers can choose and sets out the
standards, including disclosure and recordkeeping requirements, for
each option; identifies the eligibility criteria, including
certification and disclosure requirements, that must be met for asset-
backed securities (ABS) offerings to qualify for certain exemptions;
specifies the underwriting standards for
[[Page 40041]]
commercial real estate (CRE) loans, commercial loans and automobile
loans, as well as disclosure, certification and recordkeeping
requirements, that must be met for ABS issuances collateralized by such
loans to qualify for reduced credit risk retention; and sets forth the
circumstances under which retention obligations may be allocated by
sponsors to originators, including disclosure and monitoring
requirements.
The recordkeeping requirements relate primarily to (i) the adoption
and maintenance of various policies and procedures to ensure and
monitor compliance with regulatory requirements and (ii)
certifications, including as to the effectiveness of internal
supervisory controls. The required disclosures for each risk retention
option are intended to provide investors with material information
concerning the sponsor's retained interest in a securitization
transaction (e.g., the amount, form and nature of the retained
interest, material assumptions and methodology, representations and
warranties). The agencies believe that the disclosure and recordkeeping
requirements will enhance market discipline, help ensure the quality of
the assets underlying a securitization, and assist investors in
evaluating transactions.
3. Title: Disclosure Requirements Associated with the Supplementary
Leverage Ratio.
OMB Number: 3064-0196.
Form Number: None.
Affected Public: Insured state nonmember banks and state savings
associations that are subject to the FDIC's advanced approaches risk-
based capital rules.
Burden Estimate:
Summary of Annual Burden
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Estimated Total Annual
Type of burden number of Estimated time per response Frequency of response estimated
respondents burden hours
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12 CFR 324.172 and 173............... Disclosure.............. 2 5 hours.................... Quarterly................. 40
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Total Estimated Annual Burden.... ........................ .............. ........................... .......................... 40
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There has been no change in the method or substance of this
information collection. The number of institutions subject to the
disclosure requirements has decreased from eight (8) to two (2).
General Description of Collection: The supplementary leverage ratio
regulations strengthen the definition of total leverage exposure and
improve the measure of a banking organization's on- and off-balance
sheet exposures. The rules are generally consistent with the Basel
Committee on Banking Supervision's 2014 revisions and promote
consistency in the calculation of this ratio across jurisdictions. All
banking organizations that are subject to the advanced approaches risk-
based capital rules\5\ are required to disclose their supplementary
leverage ratios.\6\ Advanced approaches banking organizations must
report their supplementary leverage ratios on the applicable regulatory
reports. The calculation and disclosure requirements for the
supplementary leverage ratio in the federal banking agencies'
regulatory capital rules are generally consistent with international
standards published by the Basel Committee on Banking Supervision.
These disclosures enhance the transparency and consistency of reporting
requirements for the supplementary leverage ratio by all
internationally active organizations.
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\5\ 12 CFR 324.100(b)(1).
\6\ 12 CFR 324.10(c), 324.172(d), and 324.173.
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Request for Comment: Comments are invited on: (a) Whether the
collection of information is 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 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; and (d) ways to minimize the burden
of the collection 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, on August 8, 2018.
Robert E. Feldman,
Executive Secretary, Federal Deposit Insurance Corporation.
[FR Doc. 2018-17264 Filed 8-10-18; 8:45 am]
BILLING CODE 6714-01-P
