Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 721-723 [2019-00366]

Download as PDF Federal Register / Vol. 84, No. 21 / Thursday, January 31, 2019 / Notices 1844(c)(1)(A)) for BHCs and their subsidiaries; section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a(b)(1)) for SLHCs and their subsidiaries; section 7(c)(2) of International Banking Act (IBA) (12 U.S.C. 3105(c)(2)) for the U.S. branches and agencies of foreign banks; section 8 of the IBA (12 U.S.C. 3106) for foreign banking organizations; sections 25 and 25A of the FRA (12 U.S.C. 602 and 625) for Edge and agreement corporations; and section 161 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5361) for nonbank financial companies designated by FSOC for supervision by the Board. The surveys would be conducted on a voluntary basis. The questions asked on each survey would vary, so the ability of the Board to maintain the confidentiality of information collected would be determined on a case by case basis. It is possible that the information collected would constitute confidential commercial or financial information, which may be kept confidential under exemption 4 of the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(4)). In circumstances where the Board collects information related to individuals, exemption 6 of the FOIA would protect information ‘‘the disclosure of which would constitute a clearly unwarranted invasion of personal privacy’’ (5 U.S.C. 552(b)(6)). To the extent the information collected relates to examination, operating, or condition reports prepared for the use of an agency supervising financial institutions, such information may be kept confidential under exemption 8 of the FOIA (5 U.S.C. 552(b)(8)). Current actions: On August 28, 2018, the Board published a notice in the Federal Register (83 FR 43870) requesting public comment for 60 days on the extension, without revision, of the Supervisory and Regulatory Survey. The comment period for this notice expired on October 29, 2018. The Board did not receive any comments. Board of Governors of the Federal Reserve System, January 17, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2019–00364 Filed 1–30–19; 8:45 am] amozie on DSK3GDR082PROD with NOTICES1 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.) VerDate Sep<11>2014 20:21 Jan 30, 2019 Jkt 247001 (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 February 28, 2019. A. Federal Reserve Bank of New York (Ivan Hurwitz, Vice President) 33 Liberty Street, New York, New York 10045–0001. Comments can also be sent electronically to Comments.applications@ny.frb.org: 1. NBC Bancorp, Inc.; to become a bank holding company by acquiring 100 percent of the voting shares of The National Bank of Coxsackie, both of Coxsackie, New York. B. Federal Reserve Bank of Richmond (Adam M. Drimer, Assistant Vice President) 701 East Byrd Street, Richmond, Virginia 23219. Comments can also be sent electronically to Comments.applications@rich.frb.org: 1. American National Bankshares, Inc., Danville, Virginia; to acquire HomeTown Bankshares Corporation, and thereby indirectly acquire HomeTown Bank, both in Roanoke, Virginia, and thereby engage in mortgage lending pursuant to § 228.28 (b)(6). In connection with this proposal, Applicant has applied to acquire at least 49 percent of HomeTown Residential Mortgage, LLC, Virginia Beach, Virginia. C. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. First Midwest Bancorp, Inc., Chicago, Illinois; to acquire 100 percent PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 721 of the voting shares of Bridgeview Bancorp, Inc. and thereby indirectly acquire Bridgeview Bank Group, both of Bridgeview, Illinois. D. Federal Reserve Bank of St. Louis (David L. Hubbard, Senior Manager) P.O. Box 442, St. Louis, Missouri 63166–2034. Comments can also be sent electronically to Comments.applications@stls.frb.org: 1. BankFirst Capital Corporation, Macon, Mississippi; to merge with FNB Bancshares of Central Alabama, Inc., and thereby indirectly acquire FNB of Central Alabama, both in Aliceville, Alabama. E. Federal Reserve Bank of Kansas City (Dennis Denney, Assistant Vice President) 1 Memorial Drive, Kansas City, Missouri 64198–0001: 1. FSB Financial Corp., Valliant, Oklahoma; to become a bank holding company by acquiring voting share of First State Bank, Valliant, Oklahoma. F. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior Vice President) 2200 North Pearl Street, Dallas, Texas 75201–2272: 1. Relationship Bancshares, Inc., Carrollton, Texas; to become a bank holding company by acquiring Capital Bank of Texas, Carrizo Springs, Texas. Board of Governors of the Federal Reserve System, January 25, 2019. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2019–00362 Filed 1–30–19; 8:45 am] BILLING CODE 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 for three years, without revision, the Policy Impact Survey (FR 3075 OMB No. 7100– 00362). 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 AGENCY: E:\FR\FM\31JAN1.SGM 31JAN1 722 Federal Register / Vol. 84, No. 21 / Thursday, January 31, 2019 / Notices Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503 or by fax to (202) 395–6974. 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 public docket files. The Board 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, without revision, of the following information collection: Report title: Policy Impact Survey. Agency form number: FR 3075. OMB control number: 7100–0362. Frequency: On occasion, up to five times a year. Respondents: Bank holding companies (BHCs), savings and loan holding companies (SLHCs), nonbank financial companies that the Financial Stability Oversight Council has determined should be supervised by the Board, and the combined domestic operations of foreign banking organizations. Estimated number of respondents: 14. Estimated average hours per response: 850 hours. Estimated annual burden hours: 59,500 hours. General description of report: This survey collects information from select institutions regulated by the Board in order to assess the effects of proposed, pending, or recently-adopted policy changes at the domestic and international levels. For example, the survey has been used to collect information used for certain quantitative impact studies (QISs) sponsored by bodies that the Board is a member of, such as the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). Recent collections have included the Basel III monitoring exercise, which monitors the global amozie on DSK3GDR082PROD with NOTICES1 SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 20:21 Jan 30, 2019 Jkt 247001 impact of the Basel III framework,1 the global systemically important bank (G– SIB) exercise, which assesses firms’ systemic risk profiles,2 and a survey of the domestic systemic risk footprint of large foreign banking organizations. The surveys have helped the Board assess changes in regulation related to systemic footprint, insurance underwriting, and trading book securitization, among other areas. Since the collected data may change from survey to survey, there is no fixed reporting form. Legal authorization and confidentiality: The Board is authorized to collect the information in the FR 3075 from bank holding companies (and their subsidiaries) under section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); from savings and loan holding companies under section 10(b)(2) of the Home Owners Loan Act (12 U.S.C. 1467a(b)(2)); from non-BHC/SLHC systemically important financial institutions under section 161(a) of the Dodd-Frank Act (12 U.S.C. 5361(a)); from the combined domestic operations of certain foreign banking organizations under section 8(a) of the International Banking Act of 1978 (12 U.S.C. 3106(a)) and section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); from state member banks under section 9 of the Federal Reserve Act (12 U.S.C. 324); from Edge and agreement corporations under sections 25 and 25A of the Federal Reserve Act (12 U.S.C. 602 and 625); and from U.S. branches and agencies of foreign banks under section 7(c)(2) of the International Banking Act of 1978 (12 U.S.C. 3105(c)(2)) and section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)). These surveys would be conducted on a voluntary basis. The confidentiality of information provided by respondents to the FR 3075 surveys will be determined on a case-by-case basis depending on the type of information provided for a particular survey. Depending upon the survey questions, confidential treatment may be warranted under exemptions 4, 6, and 8 of the Freedom of Information Act (5 U.S.C. 552(b)(4), (6), and (8)). Current actions: On February 16, 2018, the Board published a notice in the Federal Register (83 FR 7038) requesting public comment for 60 days on the extension, without revision, of the Policy Impact Survey. The comment period for this notice expired on April 1 For more information on the Basel III monitoring exercise, including recent examples of QIS surveys sponsored by the BCBS and conducted by the Board, see www.bis.org/bcbs/qis/. 2 For more information on the G–SIB exercise, see www.bis.org/bcbs/gsib/. PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 17, 2018. The Board received one comment from a trade association. Detailed Discussion of Public Comments The commenter expressed appreciation for QISs, and indicated that members of trade associations continue to participate in the voluntary surveys because of the surveys’ importance for the calibration of international standards. The commenter included five recommendations for helping the Board maximize the utility of QISs. The commenter’s first recommendation was that the Board work with the Basel Committee to move QIS submission due dates to quarters, such as the second quarter, during which stress testing and other regulatory reporting requirements do not require significant resources from respondent institutions. Although the timeline for development of QISs is not under the Board’s control, the Board has communicated the commenter’s concern regarding the timing of QIS submission dates to the Basel Committee QIS working group. In cases where there is flexibility to move a QIS submission date by one or two weeks, the Board will work with the Basel Committee to avoid coincidence with significant reporting deadlines to the extent feasible. However, because the typical timeframe for the entire QIS process is six months and the international working groups often require three or more months to develop a QIS, the Board has a limited window for submission dates that would allow for cleaning the data and a full analysis of results. The commenter’s second and third recommendations were to leverage data available from other reporting forms to gather data that respondents would otherwise report on the QIS, and, to the extent feasible, to minimize inconsistency between QIS definitions and established market and regulatory definitions. The Board agrees that the goals of minimizing duplication and promoting consistent definitions are worthwhile. To minimize duplication, the Board already periodically reviews QISs and eliminates data items that have become available through other reporting channels. The Board will continue to work with the sponsoring body of a collection to identify established market and regulatory definitions and to minimize any inconsistency when feasible. The commenter’s fourth recommendation was to release for notice and comment any QIS that gathers data for the purpose of E:\FR\FM\31JAN1.SGM 31JAN1 amozie on DSK3GDR082PROD with NOTICES1 Federal Register / Vol. 84, No. 21 / Thursday, January 31, 2019 / Notices calibrating international standards. The Board welcomes feedback on current and future QISs from firms both formally, through frequently asked questions (FAQs), and informally via newly instituted QIS outreach sessions, ad hoc discussions, and emails. As a general matter, however, the Board is unable to guarantee the release of QISs for notice and comment because international working groups often require three or more months to develop QISs, and the typical timeframe for the entire QIS process is six months. The full notice-and-comment period under the PRA for information collections is 60 days. In order to alter such a proposed QIS prior to its finalization, the international working groups that develop the QIS would need to reconvene and the development process would need to be reopened. Given these constraints, the Board may have insufficient time to conduct the final survey and analyze the results within the typical six-month QIS timeframe. However, when a QIS template is available in advance of the planned distribution date, the Board works to distribute the templates to respondents early for information purposes, and when time allows, to obtain feedback. The Board has sent several proposed collections to firms for feedback in advance of the due date, including the end-December 2017 Basel Monitoring collection, and the newly proposed Basel III Monitoring Capital and Liquidity collections. Upon receiving feedback from firms, the Board, in conjunction with the Basel Committee QIS working group, often revises the templates and applies the feedback to subsequent templates in order to enhance the relevance and quality of collected data. The commenter’s final recommendation was for the Board to recognize QIS data limitations when applying international standards to U.S. institutions. The commenter noted the example of a QIS for the largest financial institutions in connection with Basel III, arguing that it did not capture the impact of the proposals on all segments of the U.S. banking sector, its customers, and the broader U.S. economy. The Board recognizes the limitations of QIS data and confirms that QISs are a tool that serves as a starting point for assessing the impact of proposals. The information collection will be extended without revision as proposed. VerDate Sep<11>2014 20:21 Jan 30, 2019 Jkt 247001 Board of Governors of the Federal Reserve System, January 17, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. 723 programs, projects, and activities to commemorate the centennial of the passage and ratification of the 19th Amendment; (2) To encourage private organizations and State and local [FR Doc. 2019–00366 Filed 1–30–19; 8:45 am] Governments to organize and participate BILLING CODE 6210–01–P in activities commemorating the centennial of the passage and ratification of the 19th Amendment; (3) GENERAL SERVICES To facilitate and coordinate activities ADMINISTRATION throughout the United States relating to [Notice–WSCC–2019–01; Docket 2019–0004; the centennial of the passage and Sequence No. 1] ratification of the 19th Amendment; (4) To serve as a clearinghouse for the Women’s Suffrage Centennial collection and dissemination of Commission; Notification of Public information about events and plans for Meeting the centennial of the passage and AGENCY: Women’s Suffrage Centennial ratification of the 19th Amendment; and Commission, General Services (5) To develop recommendations for Administration (GSA). Congress and the President for commemorating the centennial of the ACTION: Meeting notice. passage and ratification of the 19th SUMMARY: Notice of this meeting is being Amendment. provided according to the requirements of the Federal Advisory Committee Act. Meeting Agenda This notice provides the schedule and b Welcome agenda for the February meeting of the b Approval of Minutes Women’s Suffrage Centennial b Update on WSCC personnel Commission (Commission). The meeting b Update on WSCC activities is open to the public. b Adjourn DATES: Meeting date: The meeting will The meeting is open to the public, but be held on Wednesday, February 27, preregistration is required. Any 2019, beginning at 9:00 a.m. (Eastern individual who wishes to attend the Standard Time), and ending no later meeting should register via email at than 5:00 p.m., EST. rebecca@womensvote100.org; ADDRESSES: The meeting will be held at Individuals requiring special the National Archives, 700 accommodations to access the public Pennsylvania Avenue NW, Washington, meeting should contact Rebecca DC 20408. In the event that the partial Kleefisch no later than Monday, lapse in appropriations shutdown is still February 18, 2019, so that appropriate in effect, the meeting will still be held arrangements can be made. Interested on the scheduled date, February 27, persons may choose to make a public 2019, but the contingency location will comment at the meeting during the be: Library of Congress, Madison designated time for this purpose. Building, 101 Independence Ave. SE, Members of the public may also choose Washington, DC 20540, Sixth Floor, to submit written comments by mailing Dining Room A. them to Rebecca Kleefisch, Executive FOR FURTHER INFORMATION CONTACT: Director, Women’s Suffrage Centennial Rebecca Kleefisch, Executive Director, Commission, P.O. Box 2020, Women’s Suffrage Centennial Washington, DC 20013; or by emailing Commission, P.O. Box 2020, rebecca@womensvote100.org. Washington, DC 20013; email: rebecca@ Please contact Rebecca Kleefisch at womensvote100.org; telephone: 262– the email address above to obtain 349–2990. meeting materials. All written comments received will be provided to SUPPLEMENTARY INFORMATION: the Commission. Background Public Disclosure of Comments Congress passed legislation to create Before including your address, phone the Women’s Suffrage Centennial number, email address, or other Commission Act, a bill, ‘‘to ensure a personal identifying information in your suitable observance of the centennial of comment, you should be aware that the passage and ratification of the 19th your entire comment—including your Amendment of the Constitution of the personal identifying information—may United States providing for women’s be made publicly available at any time. suffrage.’’ While you can ask us in your comment The duties of the Commission, as to withhold your personal identifying written in the law, include: (1) To information from public review, we encourage, plan, develop, and execute PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\31JAN1.SGM 31JAN1

Agencies

[Federal Register Volume 84, Number 21 (Thursday, January 31, 2019)]
[Notices]
[Pages 721-723]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-00366]


-----------------------------------------------------------------------

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 for three years, without revision, the 
Policy Impact Survey (FR 3075 OMB No. 7100-00362).

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

[[Page 722]]

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 public docket files. The Board 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, without revision, of the following information collection:
    Report title: Policy Impact Survey.
    Agency form number: FR 3075.
    OMB control number: 7100-0362.
    Frequency: On occasion, up to five times a year.
    Respondents: Bank holding companies (BHCs), savings and loan 
holding companies (SLHCs), nonbank financial companies that the 
Financial Stability Oversight Council has determined should be 
supervised by the Board, and the combined domestic operations of 
foreign banking organizations.
    Estimated number of respondents: 14.
    Estimated average hours per response: 850 hours.
    Estimated annual burden hours: 59,500 hours.
    General description of report: This survey collects information 
from select institutions regulated by the Board in order to assess the 
effects of proposed, pending, or recently-adopted policy changes at the 
domestic and international levels. For example, the survey has been 
used to collect information used for certain quantitative impact 
studies (QISs) sponsored by bodies that the Board is a member of, such 
as the Basel Committee on Banking Supervision (BCBS) and the Financial 
Stability Board (FSB). Recent collections have included the Basel III 
monitoring exercise, which monitors the global impact of the Basel III 
framework,\1\ the global systemically important bank (G-SIB) exercise, 
which assesses firms' systemic risk profiles,\2\ and a survey of the 
domestic systemic risk footprint of large foreign banking 
organizations. The surveys have helped the Board assess changes in 
regulation related to systemic footprint, insurance underwriting, and 
trading book securitization, among other areas. Since the collected 
data may change from survey to survey, there is no fixed reporting 
form.
---------------------------------------------------------------------------

    \1\ For more information on the Basel III monitoring exercise, 
including recent examples of QIS surveys sponsored by the BCBS and 
conducted by the Board, see www.bis.org/bcbs/qis/.
    \2\ For more information on the G-SIB exercise, see www.bis.org/bcbs/gsib/.
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The Board is authorized to 
collect the information in the FR 3075 from bank holding companies (and 
their subsidiaries) under section 5(c) of the Bank Holding Company Act 
(12 U.S.C. 1844(c)); from savings and loan holding companies under 
section 10(b)(2) of the Home Owners Loan Act (12 U.S.C. 1467a(b)(2)); 
from non-BHC/SLHC systemically important financial institutions under 
section 161(a) of the Dodd-Frank Act (12 U.S.C. 5361(a)); from the 
combined domestic operations of certain foreign banking organizations 
under section 8(a) of the International Banking Act of 1978 (12 U.S.C. 
3106(a)) and section 5(c) of the Bank Holding Company Act (12 U.S.C. 
1844(c)); from state member banks under section 9 of the Federal 
Reserve Act (12 U.S.C. 324); from Edge and agreement corporations under 
sections 25 and 25A of the Federal Reserve Act (12 U.S.C. 602 and 625); 
and from U.S. branches and agencies of foreign banks under section 
7(c)(2) of the International Banking Act of 1978 (12 U.S.C. 3105(c)(2)) 
and section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)).
    These surveys would be conducted on a voluntary basis. The 
confidentiality of information provided by respondents to the FR 3075 
surveys will be determined on a case-by-case basis depending on the 
type of information provided for a particular survey. Depending upon 
the survey questions, confidential treatment may be warranted under 
exemptions 4, 6, and 8 of the Freedom of Information Act (5 U.S.C. 
552(b)(4), (6), and (8)).
    Current actions: On February 16, 2018, the Board published a notice 
in the Federal Register (83 FR 7038) requesting public comment for 60 
days on the extension, without revision, of the Policy Impact Survey. 
The comment period for this notice expired on April 17, 2018. The Board 
received one comment from a trade association.

Detailed Discussion of Public Comments

    The commenter expressed appreciation for QISs, and indicated that 
members of trade associations continue to participate in the voluntary 
surveys because of the surveys' importance for the calibration of 
international standards. The commenter included five recommendations 
for helping the Board maximize the utility of QISs.
    The commenter's first recommendation was that the Board work with 
the Basel Committee to move QIS submission due dates to quarters, such 
as the second quarter, during which stress testing and other regulatory 
reporting requirements do not require significant resources from 
respondent institutions. Although the timeline for development of QISs 
is not under the Board's control, the Board has communicated the 
commenter's concern regarding the timing of QIS submission dates to the 
Basel Committee QIS working group. In cases where there is flexibility 
to move a QIS submission date by one or two weeks, the Board will work 
with the Basel Committee to avoid coincidence with significant 
reporting deadlines to the extent feasible. However, because the 
typical timeframe for the entire QIS process is six months and the 
international working groups often require three or more months to 
develop a QIS, the Board has a limited window for submission dates that 
would allow for cleaning the data and a full analysis of results.
    The commenter's second and third recommendations were to leverage 
data available from other reporting forms to gather data that 
respondents would otherwise report on the QIS, and, to the extent 
feasible, to minimize inconsistency between QIS definitions and 
established market and regulatory definitions. The Board agrees that 
the goals of minimizing duplication and promoting consistent 
definitions are worthwhile. To minimize duplication, the Board already 
periodically reviews QISs and eliminates data items that have become 
available through other reporting channels. The Board will continue to 
work with the sponsoring body of a collection to identify established 
market and regulatory definitions and to minimize any inconsistency 
when feasible.
    The commenter's fourth recommendation was to release for notice and 
comment any QIS that gathers data for the purpose of

[[Page 723]]

calibrating international standards. The Board welcomes feedback on 
current and future QISs from firms both formally, through frequently 
asked questions (FAQs), and informally via newly instituted QIS 
outreach sessions, ad hoc discussions, and emails. As a general matter, 
however, the Board is unable to guarantee the release of QISs for 
notice and comment because international working groups often require 
three or more months to develop QISs, and the typical timeframe for the 
entire QIS process is six months. The full notice-and-comment period 
under the PRA for information collections is 60 days. In order to alter 
such a proposed QIS prior to its finalization, the international 
working groups that develop the QIS would need to reconvene and the 
development process would need to be reopened. Given these constraints, 
the Board may have insufficient time to conduct the final survey and 
analyze the results within the typical six-month QIS timeframe. 
However, when a QIS template is available in advance of the planned 
distribution date, the Board works to distribute the templates to 
respondents early for information purposes, and when time allows, to 
obtain feedback. The Board has sent several proposed collections to 
firms for feedback in advance of the due date, including the end-
December 2017 Basel Monitoring collection, and the newly proposed Basel 
III Monitoring Capital and Liquidity collections. Upon receiving 
feedback from firms, the Board, in conjunction with the Basel Committee 
QIS working group, often revises the templates and applies the feedback 
to subsequent templates in order to enhance the relevance and quality 
of collected data.
    The commenter's final recommendation was for the Board to recognize 
QIS data limitations when applying international standards to U.S. 
institutions. The commenter noted the example of a QIS for the largest 
financial institutions in connection with Basel III, arguing that it 
did not capture the impact of the proposals on all segments of the U.S. 
banking sector, its customers, and the broader U.S. economy. The Board 
recognizes the limitations of QIS data and confirms that QISs are a 
tool that serves as a starting point for assessing the impact of 
proposals.
    The information collection will be extended without revision as 
proposed.

    Board of Governors of the Federal Reserve System, January 17, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-00366 Filed 1-30-19; 8:45 am]
 BILLING CODE 6210-01-P