Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 42296-42298 [2018-17964]
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Federal Register / Vol. 83, No. 162 / Tuesday, August 21, 2018 / Notices
In this document, the
Commission released a public notice
announcing the next meeting of the
North American Numbering Council
(NANC). At this meeting, the NANC will
consider a report from its Numbering
Administration Oversight Working
Group on the technical requirements to
consolidate the services of the North
American Numbering Plan
Administrator and the Pooling
Administrator. In addition, the FCC will
provide more information on the new
Interoperable Video Calling Working
Group. The NANC will also continue its
discussions on how to modernize and
foster more efficient number
administration in the United States.
DATES: Thursday, September 13, 2018,
9:30 a.m.
ADDRESSES: Requests to make an oral
statement or provide written comments
to the NANC should be sent to Darlene
Biddy, Competition Policy Division,
Wireline Competition Bureau, Federal
Communications Commission, Portals
II, 445 12th Street SW, Room 5–C150,
Washington, DC 20554.
FOR FURTHER INFORMATION CONTACT:
Darlene Biddy at (202) 418–1585 or
Darlene.Biddy@fcc.gov. The fax number
is: (202) 418–1413. The TTY number is:
(202) 418–0484.
SUPPLEMENTARY INFORMATION: The
NANC meeting is open to the public.
The FCC will accommodate as many
attendees as possible; however,
admittance will be limited to seating
availability. The Commission will also
provide audio coverage of the meeting.
Other reasonable accommodations for
people with disabilities are available
upon request. Request for such
accommodations should be submitted
via email to fcc504@fcc.gov or by calling
the Consumer and governmental Affairs
Bureau at (202) 418–0530 (voice), (202)
418–0432 (TTY). Such requests should
include a detailed description of the
accommodation needed. In addition,
please allow at least five days advance
notice for accommodation requests; last
minute requests will be accepted but
may not be possible to accommodate.
Members of the public may submit
comments to the NANC in the FCC’s
Electronic Comment Filing System,
ECFS, at www.fcc.gov/ecfs. Comments to
the NANC should be filed in CC Docket
No. 92–237.
More information about the NANC is
available at https://www.fcc.gov/aboutfcc/advisory-committees/general/northamerican-numbering-council. You may
also contact Marilyn Jones, DFO of the
NANC, at Marilyn.jones@fcc.gov, or
(202) 418–2357, Michelle Sclater,
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SUMMARY:
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Alternate DFO, at michelle.sclater@
fcc.gov, or (202) 418–0388.
This is a summary of the
Commission’s document in CC Docket
No. 92–237, DA 18–815 released August
6, 2018. The complete text in this
document is available for public
inspection and copying during normal
business hours in the FCC Reference
Information Center, Portals II, 445 12th
Street SW, Room CY–A257,
Washington, DC 20554. The document
may also be purchased from the
Commission’s duplicating contractor,
Best Copy and Printing, Inc., 445 12th
Street SW, Room CY–B402, Washington,
DC 20554, telephone (800) 378–3160 or
(202) 863–2893, facsimile (202) 863–
2898, or via the internet at https://
www.bcpiweb.com. It is available on the
Commission’s website at https://
www.fcc.gov.
* The Agenda may be modified at the
discretion of the NANC Chairman with
the approval of the Designated Federal
Officer (DFO).
Federal Communications Commission.
Marilyn Jones,
Senior Counsel for Number Administration,
Wireline Competition Bureau.
[FR Doc. 2018–17880 Filed 8–20–18; 8:45 am]
BILLING CODE 6712–01–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.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend, with
revision, the mandatory Reporting
Requirements Associated with
Regulation QQ (OMB No. 7100–0346).
The revisions are applicable as of July
31, 2018.
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.
AGENCY:
PO 00000
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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. Board-approved
collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
Paperwork Reduction Act Submission,
supporting statements and approved
collection of information instrument(s)
are placed into OMB’s public docket
files. The Federal Reserve may not
conduct or sponsor, and the respondent
is not required to respond to, an
information collection that has been
extended, revised, or implemented on or
after October 1, 1995, unless it displays
a currently valid OMB control number.
SUPPLEMENTARY INFORMATION:
Final Approval Under OMB Delegated
Authority of 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: 72; Tailored
Domestic Reporters: 11; Tailored
Foreign Reporters: 6; Full Domestic
Reporters: 3; Full Foreign Reporters: 6;
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: 4,320 hours;
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.
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Federal Register / Vol. 83, No. 162 / Tuesday, August 21, 2018 / Notices
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Tailored Domestic Reporters: 99,000
hours; Tailored Foreign Reporters: 6,780
hours; Full Domestic Reporters: 78,000
hours; Full Foreign Reporters: 12,000
hours; Complex, Domestic Filers:
715,697 hours; Complex Foreign Filers:
222,000 hours. Total estimated annual
burden: 1,137,797.
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
May 24, 2018, the Economic Growth,
Regulatory Reform, and Consumer
Protection Act (EGRRCPA) 3 amended
provisions in the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank Act) as well as other
statutes administered by the Board. The
amendments made by EGRRCPA
provide for additional tailoring of
various provisions of Federal banking
laws, including an increase in the $50
billion asset threshold 4 in section 165
of the Dodd-Frank Act, which provides
the statutory basis for Regulation QQ.
On September 28, 2017, the Board and
the FDIC announced the postponement
of the next plan submission of the
largest and most complex, domestic
3 Public Law 115–174, 132 Stat. 1296 (2018).
EGRRCPA increases the $50 billion asset threshold
in section 165 in two stages. Immediately on the
date of enactment, bank holding companies with
total consolidated assets of less than $100 billion
were no longer subject to section 165. Eighteen
months after the date of enactment, the threshold
is raised to $250 billion. EGRRCPA also provides
that the Board may apply any enhanced prudential
standard to bank holding companies between $100
billion and $250 billion in total consolidated assets.
4 The total estimated annual burden reflects that
the Board and FDIC will not enforce the final rules
establishing resolution planning requirements in a
manner inconsistent with the amendments made by
EGRRCPA by removing the approximately 20
smaller and less complex firms with global total
consolidated assets of less than $100 billion and
reflecting a corresponding reduction in the
estimated annual burden hours associated with the
notice of approximately 29,330 (two percent). Firms
with between $100 billion and $250 billion in total
consolidated assets continue to be reflected in the
burden estimates, as EGRRCPA provides that the
threshold is not raised to $250 billion for eighteen
months and that the Board may determine to
continue to apply enhanced prudential standards to
these firms beyond that period.
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BHCs 5 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 1,439,100 hours instead of the
aforementioned 1,137,797.
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.
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
5 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.
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42297
of the Freedom of Information Act
(FOIA), 5 U.S.C. 552(b)(4) and
552(b)(8).6 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
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.
6 Depending upon the circumstances of any
specific FOIA request, other exemptions may also
apply.
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42298
Federal Register / Vol. 83, No. 162 / Tuesday, August 21, 2018 / Notices
Current actions: On January 22, 2018
the Board published a notice in the
Federal Register (83 FR 2983)
requesting public comment for 60 days
on the extension, with revision, of the
Reporting Requirements Associated
with Resolution Plans (Regulation QQ).
The revision to the clearance is burden
increase due to 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 increase in
burden is mitigated by the
postponement of the July 2018
submission date for the resolution plans
of the complex domestic filers, which
account for the largest percentage of
overall burden hours. The comment
period for this notice expired on March
23, 2018. The Board received one
comment on the proposal. The
commenter recommended a number of
potential changes to Regulation QQ
intended to enhance the quality of the
information collected pursuant to the
regulation and reduce the burden of the
information collection requirements.7
The Board is not adopting any of the
recommended changes at this time.
Either a revision to the Board’s
Regulation QQ or joint action with the
FDIC would be necessary to implement
each of the recommended changes. Most
of the recommendations would require
changes to the Board’s Regulation QQ,
which could only be accomplished
sradovich on DSK3GMQ082PROD with NOTICES
7 These
recommended changes include:
(i) Extending the annual resolution plan filing
cycle to a two-year cycle;
(ii) providing additional clarity on filing
deadlines;
(iii) requiring that any agency guidance be
provided more than 12 months in advance of each
filing deadline;
(iv) allowing firms to satisfy some of their
Regulation QQ requirements by incorporating their
IDI plans by reference;
(v) providing for further tailoring based on the
systemic risk posed by each firm,
(vi) further reducing the need for duplicative
reporting;
(vii) adjusting the forecasting expected from the
firms;
(viii) providing greater guidance regarding
regulatory expectations related to the resolution of
financial market utilities;
(ix) eliminating the strategic analysis section from
tailored plans;
(x) providing an opportunity for notice and
comment on any new information requirements, the
framework used for assessing resolution plans, and
the procedures related to remediation;
(xi) requiring the agencies to provide feedback on
plans within six months of plan submission;
(xii) refraining from making feedback provided to
the firms public or providing firms more time to
consider the feedback before it is made public; and
(xiii) reconsidering the procedures the Board and
FDIC undertake to engage with firms.
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pursuant to a rulemaking. In addition,
the Board could not unilaterally take the
actions requested by these comments,
even those that would not require a
rulemaking, as they fall under the
purview of a rule that the Board
proposed jointly with the FDIC and a
process that is jointly administered by
the two agencies.8 However, the Board
will consider the recommended changes
in due course as it determines, in
consultation with the FDIC, whether to
conduct a joint rulemaking. The
revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve
System, August 15, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018–17964 Filed 8–20–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Notice of Proposals To Engage in or
To Acquire Companies Engaged in
Permissible Nonbanking Activities
The companies listed in this notice
have given notice under section 10 of
the Home Owners’ Loan Act (12 U.S.C.
1467a) (HOLA) and Regulation LL, (12
CFR part 238) to engage de novo, or to
acquire or control voting securities or
assets of a company, including the
companies listed below, that engages
either directly or through a subsidiary or
other company, in a nonbanking activity
that is listed in § 238.53 of Regulation
LL (12 CFR 225.53). Unless otherwise
noted, these activities will be conducted
throughout the United States.
Each notice is available for inspection
at the Federal Reserve Bank indicated.
The notice also will be available for
inspection at the offices of the Board of
Governors. Interested persons may
express their views in writing on the
question whether the proposal complies
with the standards of section 10(c)(4)(B)
of the HOLA 12 U.S.C. 1467a(c)(4)(B).
Unless otherwise noted, comments
regarding the notices must be received
at the Reserve Bank indicated or the
offices of the Board of Governors not
later than September 4, 2018.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
8 See 12 U.S.C. 5365(d)(8) (requiring the Board
and FDIC to issue joint rules implementing the
Dodd-Frank Act’s resolution planning
requirements), 12 CFR. Part 243 (the Board’s
resolution planning rule), and 12 CFR. Part 381 (the
FDIC’s resolution planning rule). Aspects of the
statute and regulations require joint actions or
determinations by the Board and FDIC and
therefore the agencies have jointly developed a
coordinated resolution plan review process.
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President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. McHenry Bancorp, Inc., McHenry,
Illinois; to engage de novo in purchasing
and servicing loans, and holding and
managing improved real estate,
pursuant to sections 238.53(b)(1) and (8)
of Regulation LL.
Board of Governors of the Federal Reserve
System, August 16, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018–17975 Filed 8–20–18; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The applications will also be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than September 18,
2018.
A. Federal Reserve Bank of Dallas
(Robert L. Triplett III, Senior Vice
President) 2200 North Pearl Street,
Dallas, Texas 75201–2272:
1. Woodforest Financial Group
Employee Stock Ownership Plan, The
Woodlands, Texas; and Woodforest
Financial Group Employee Stock
Ownership Trust, Spring, Texas; to
acquire up to an additional 28 percent
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]]>Agencies
[Federal Register Volume 83, Number 162 (Tuesday, August 21, 2018)]
[Notices]
[Pages 42296-42298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17964]
=======================================================================
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend, with revision, the mandatory
Reporting Requirements Associated with Regulation QQ (OMB No. 7100-
0346). The revisions are applicable as of July 31, 2018.
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 of 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 Paperwork Reduction Act
Submission, supporting statements and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Federal Reserve may not conduct or sponsor, and the respondent is
not required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Final Approval Under OMB Delegated Authority of 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: 72; Tailored
Domestic Reporters: 11; Tailored Foreign Reporters: 6; Full Domestic
Reporters: 3; Full Foreign Reporters: 6; 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.
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\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: 4,320 hours;
[[Page 42297]]
Tailored Domestic Reporters: 99,000 hours; Tailored Foreign Reporters:
6,780 hours; Full Domestic Reporters: 78,000 hours; Full Foreign
Reporters: 12,000 hours; Complex, Domestic Filers: 715,697 hours;
Complex Foreign Filers: 222,000 hours. Total estimated annual burden:
1,137,797.
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 May 24, 2018, the Economic Growth, Regulatory Reform,
and Consumer Protection Act (EGRRCPA) \3\ amended provisions in the
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank
Act) as well as other statutes administered by the Board. The
amendments made by EGRRCPA provide for additional tailoring of various
provisions of Federal banking laws, including an increase in the $50
billion asset threshold \4\ in section 165 of the Dodd-Frank Act, which
provides the statutory basis for Regulation QQ. 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 \5\ 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 1,439,100 hours instead of the aforementioned
1,137,797.
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\3\ Public Law 115-174, 132 Stat. 1296 (2018). EGRRCPA increases
the $50 billion asset threshold in section 165 in two stages.
Immediately on the date of enactment, bank holding companies with
total consolidated assets of less than $100 billion were no longer
subject to section 165. Eighteen months after the date of enactment,
the threshold is raised to $250 billion. EGRRCPA also provides that
the Board may apply any enhanced prudential standard to bank holding
companies between $100 billion and $250 billion in total
consolidated assets.
\4\ The total estimated annual burden reflects that the Board
and FDIC will not enforce the final rules establishing resolution
planning requirements in a manner inconsistent with the amendments
made by EGRRCPA by removing the approximately 20 smaller and less
complex firms with global total consolidated assets of less than
$100 billion and reflecting a corresponding reduction in the
estimated annual burden hours associated with the notice of
approximately 29,330 (two percent). Firms with between $100 billion
and $250 billion in total consolidated assets continue to be
reflected in the burden estimates, as EGRRCPA provides that the
threshold is not raised to $250 billion for eighteen months and that
the Board may determine to continue to apply enhanced prudential
standards to these firms beyond that period.
\5\ 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.
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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.
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 Freedom of
Information Act (FOIA), 5 U.S.C. 552(b)(4) and 552(b)(8).\6\ 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.
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\6\ Depending upon the circumstances of any specific FOIA
request, other exemptions may also apply.
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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.
[[Page 42298]]
Current actions: On January 22, 2018 the Board published a notice
in the Federal Register (83 FR 2983) requesting public comment for 60
days on the extension, with revision, of the Reporting Requirements
Associated with Resolution Plans (Regulation QQ). The revision to the
clearance is burden increase due to 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 increase in burden is mitigated by the
postponement of the July 2018 submission date for the resolution plans
of the complex domestic filers, which account for the largest
percentage of overall burden hours. The comment period for this notice
expired on March 23, 2018. The Board received one comment on the
proposal. The commenter recommended a number of potential changes to
Regulation QQ intended to enhance the quality of the information
collected pursuant to the regulation and reduce the burden of the
information collection requirements.\7\
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\7\ These recommended changes include:
(i) Extending the annual resolution plan filing cycle to a two-
year cycle;
(ii) providing additional clarity on filing deadlines;
(iii) requiring that any agency guidance be provided more than
12 months in advance of each filing deadline;
(iv) allowing firms to satisfy some of their Regulation QQ
requirements by incorporating their IDI plans by reference;
(v) providing for further tailoring based on the systemic risk
posed by each firm,
(vi) further reducing the need for duplicative reporting;
(vii) adjusting the forecasting expected from the firms;
(viii) providing greater guidance regarding regulatory
expectations related to the resolution of financial market
utilities;
(ix) eliminating the strategic analysis section from tailored
plans;
(x) providing an opportunity for notice and comment on any new
information requirements, the framework used for assessing
resolution plans, and the procedures related to remediation;
(xi) requiring the agencies to provide feedback on plans within
six months of plan submission;
(xii) refraining from making feedback provided to the firms
public or providing firms more time to consider the feedback before
it is made public; and
(xiii) reconsidering the procedures the Board and FDIC undertake
to engage with firms.
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The Board is not adopting any of the recommended changes at this
time. Either a revision to the Board's Regulation QQ or joint action
with the FDIC would be necessary to implement each of the recommended
changes. Most of the recommendations would require changes to the
Board's Regulation QQ, which could only be accomplished pursuant to a
rulemaking. In addition, the Board could not unilaterally take the
actions requested by these comments, even those that would not require
a rulemaking, as they fall under the purview of a rule that the Board
proposed jointly with the FDIC and a process that is jointly
administered by the two agencies.\8\ However, the Board will consider
the recommended changes in due course as it determines, in consultation
with the FDIC, whether to conduct a joint rulemaking. The revisions
will be implemented as proposed.
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\8\ See 12 U.S.C. 5365(d)(8) (requiring the Board and FDIC to
issue joint rules implementing the Dodd-Frank Act's resolution
planning requirements), 12 CFR. Part 243 (the Board's resolution
planning rule), and 12 CFR. Part 381 (the FDIC's resolution planning
rule). Aspects of the statute and regulations require joint actions
or determinations by the Board and FDIC and therefore the agencies
have jointly developed a coordinated resolution plan review process.
Board of Governors of the Federal Reserve System, August 15,
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-17964 Filed 8-20-18; 8:45 am]
BILLING CODE 6210-01-P
