Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 721-723 [2019-00366]
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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]
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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.)
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(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
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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
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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
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SUPPLEMENTARY INFORMATION:
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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
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31JAN1
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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.
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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
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]]>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
