Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 21779-21780 [2019-09970]

Download as PDF Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Notices jbell on DSK3GLQ082PROD with NOTICES instructions, supporting statement, and other documentation will be placed into OMB’s public docket files, if approved. These documents will also be made available on the Board’s public website at https://www.federalreserve.gov/apps/ reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board authority under the PRA to approve and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Board’s functions, including whether the information has practical utility; b. The accuracy of the Board’s estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. VerDate Sep<11>2014 22:43 May 14, 2019 Jkt 247001 Proposal Under OMB Delegated Authority To Extend for Three Years, Without Revision, the Following Information Collection Report title: Recordkeeping Provisions Associated with the Interagency Statement on Complex Structured Finance Activities. Agency form number: FR 4022. OMB control number: 7100–0311. Frequency: Annual. Respondents: State member banks, bank holding companies (other than foreign banking organizations), savings and loan holding companies (SLHCs), and U.S. branches and agencies of foreign banks. Estimated number of respondents: 18. Estimated average hours per response: 10. Estimated annual burden hours: 180. General description of report: The guidance provides that state member banks, bank holding companies (other than foreign banking organizations), SLHCs, and U.S. branches and agencies of foreign banks supervised by the Board should establish and maintain policies and procedures for identifying, evaluating, assessing, documenting, and controlling risks associated with certain complex structured finance transactions (CSFTs). The guidance states that supervised entities should provide sufficient information and convey reports to the institution’s management and board of directors concerning elevated risks from CSFTs. Legal authorization and confidentiality: The Board is authorized to issue the recordkeeping guidance associated with the Interagency Statement with respect to state member banks pursuant to sections 9(7), 11(a), 21(4), and 25(4) of the Federal Reserve Act (12 U.S.C. 325, 248(a), 483, and 602); with respect to bank holding companies pursuant to section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); with respect to SLHCs pursuant to section 10(b) and (g) of the Home Owners’ Loan Act (12 U.S.C. 1467a(b) and (g)); and with respect to U.S. branches and agencies of foreign banks pursuant to sections 7(c) and 13(a) of the International Banking Act of 1978 (12 U.S.C. 3105(c) and 3108(a)). Because the recordkeeping provisions are contained within guidance, which is nonbinding, these provisions are voluntary. There are no reporting forms associated with the recordkeeping provisions of the Interagency Statement. Because any policies, procedures, or other records that were voluntarily created pursuant to the guidance in the Interagency Statement would be maintained at each financial institution, PO 00000 Frm 00032 Fmt 4703 Sfmt 4703 21779 the Freedom of Information Act (FOIA) would only be implicated if the Board obtained such records as part of the examination or supervision of a financial institution. In the event the records are obtained by the Board as part of an examination or supervision of a financial institution, this information is considered confidential pursuant to exemption 8 of the FOIA, which protects information contained in ‘‘examination, operating, or condition reports’’ obtained in the bank supervisory process (5 U.S.C. 552(b)(8)). In addition, the information may also be kept confidential under exemption 4 of the FOIA, which protects trade secrets or confidential commercial or financial information that is reasonably likely to result in substantial competitive harm if disclosed (5 U.S.C. 552(b)(4)). Board of Governors of the Federal Reserve System, May 9, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2019–09962 Filed 5–14–19; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance (FR K; OMB No. 7100– 0310). The internal Agency Tracking Number previously assigned by the Board to this information collection was ‘‘Reg K.’’ The Board is changing the internal Agency Tracking Number to ‘‘FR K’’ for the purpose of consistency. 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. Office of Management and Budget (OMB) Desk Officer—Shagufta Ahmed— Office of Information and Regulatory Affairs, Office of Management and AGENCY: E:\FR\FM\15MYN1.SGM 15MYN1 21780 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Notices jbell on DSK3GLQ082PROD with NOTICES 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, 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: Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance. Agency form number: FR K. OMB control number: 7100–0310. Frequency: Annually. Respondents: State member banks; Edge and agreement corporations; and certain U.S. branches, agencies, and representative offices of foreign banks supervised by the Board. Estimated number of respondents: Establish compliance program—1; maintenance of compliance program— 957. Estimated average hours per response: Establish compliance program—16; maintenance of compliance program—4. Estimated annual burden hours: Establish compliance program—16; maintenance of compliance program— 3,828. General description of report: The Board’s Regulation K and Regulation H require state member banks, Edge and agreement corporations and, except for a federal branch or a federal agency or a state branch that is insured by the Federal Deposit Insurance Corporation, the U.S. branches, agencies, and representative offices of foreign banks supervised by the Board to establish a written Bank Secrecy Act (BSA) compliance program that includes the following components: (1) A system of internal controls to assure ongoing VerDate Sep<11>2014 22:43 May 14, 2019 Jkt 247001 compliance, (2) independent testing of compliance by the institution’s personnel or by an outside party, (3) the designation of an individual or individuals for coordinating and monitoring day-to-day compliance, and (4) training for appropriate personnel.1 The compliance program must be approved by the board of directors of the state member bank, Edge corporation, or agreement corporation and must be noted in the institution’s minutes. In the case of a branch, agency, or representative office of a foreign bank, the compliance program may be approved by the foreign bank’s board of directors and noted in the minutes or approved by a delegee acting under the express authority of the foreign bank’s board of directors. Legal authorization and confidentiality: The FR K is authorized pursuant to the Federal Deposit Insurance Act (12 U.S.C. 1818(s)), which requires the federal banking agencies, including the Board, to (1) prescribe regulations requiring the institutions they regulate to establish and maintain procedures reasonably designed to assure and monitor compliance with the BSA and (2) to review such procedures during the course of their examinations.2 The FR K is mandatory. Because the Federal Reserve will not collect this information, confidentiality issues would normally not arise. Because the records will be retained at banking organizations, the Freedom of Information Act (FOIA) will only be implicated if the Board’s examiners retain a copy of the record as part of an examination or supervision of a banking institution. In that case, the records would be exempt from disclosure under exemption 8 of the FOIA, which protects examination materials from disclosure (5 U.S.C. 552(b)(8)). Exemption 4 of the FOIA, which protects confidential financial information, may also be applicable (5 U.S.C. 552(b)(4)). Current actions: On February 5, 2019, the Board published a notice in the Federal Register (84 FR 1731) requesting public comment for 60 days on the extension, without revision, of the FR K. The comment period for this notice expired on April 8, 2019. The Board did not receive any comments. 1 See 12 CFR 208.63(c); these specific requirements are incorporated by reference in 12 CFR 211.5(m)(1) and 211.24(j)(1). 2 The Board’s authority in 12 U.S.C. 1818(s) to prescribe regulations includes the entities required to comply with section 208.63 of the Board’s Regulation H (12 CFR 208.63) and sections 211.5(m)(1) and 211.24(j)(1) of the Board’s Regulation K (12 CFR 211.5(m)(1) and 12 CFR 211.24(j)(1)). PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 Board of Governors of the Federal Reserve System, May 9, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2019–09970 Filed 5–14–19; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings and Loan Holding Company (FR LL–10(e); OMB No. 7100–0336). DATES: The revisions are applicable as of May 1, 2019. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC, 20551 (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503 or by fax to (202) 395–6974. SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act 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 AGENCY: E:\FR\FM\15MYN1.SGM 15MYN1

Agencies

FEDERAL RESERVE SYSTEM

[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Notices]
[Pages 21779-21780]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09970]


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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 for three years, without revision, the 
Recordkeeping Requirements of Regulation H and Regulation K Associated 
with the Procedures for Monitoring Bank Secrecy Act Compliance (FR K; 
OMB No. 7100-0310). The internal Agency Tracking Number previously 
assigned by the Board to this information collection was ``Reg K.'' The 
Board is changing the internal Agency Tracking Number to ``FR K'' for 
the purpose of consistency.

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.
    Office of Management and Budget (OMB) Desk Officer--Shagufta 
Ahmed--Office of Information and Regulatory Affairs, Office of 
Management and

[[Page 21780]]

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, 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: Recordkeeping Requirements of Regulation H and 
Regulation K Associated with the Procedures for Monitoring Bank Secrecy 
Act Compliance.
    Agency form number: FR K.
    OMB control number: 7100-0310.
    Frequency: Annually.
    Respondents: State member banks; Edge and agreement corporations; 
and certain U.S. branches, agencies, and representative offices of 
foreign banks supervised by the Board.
    Estimated number of respondents: Establish compliance program--1; 
maintenance of compliance program--957.
    Estimated average hours per response: Establish compliance 
program--16; maintenance of compliance program--4.
    Estimated annual burden hours: Establish compliance program--16; 
maintenance of compliance program--3,828.
    General description of report: The Board's Regulation K and 
Regulation H require state member banks, Edge and agreement 
corporations and, except for a federal branch or a federal agency or a 
state branch that is insured by the Federal Deposit Insurance 
Corporation, the U.S. branches, agencies, and representative offices of 
foreign banks supervised by the Board to establish a written Bank 
Secrecy Act (BSA) compliance program that includes the following 
components: (1) A system of internal controls to assure ongoing 
compliance, (2) independent testing of compliance by the institution's 
personnel or by an outside party, (3) the designation of an individual 
or individuals for coordinating and monitoring day-to-day compliance, 
and (4) training for appropriate personnel.\1\ The compliance program 
must be approved by the board of directors of the state member bank, 
Edge corporation, or agreement corporation and must be noted in the 
institution's minutes. In the case of a branch, agency, or 
representative office of a foreign bank, the compliance program may be 
approved by the foreign bank's board of directors and noted in the 
minutes or approved by a delegee acting under the express authority of 
the foreign bank's board of directors.
---------------------------------------------------------------------------

    \1\ See 12 CFR 208.63(c); these specific requirements are 
incorporated by reference in 12 CFR 211.5(m)(1) and 211.24(j)(1).
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The FR K is authorized 
pursuant to the Federal Deposit Insurance Act (12 U.S.C. 1818(s)), 
which requires the federal banking agencies, including the Board, to 
(1) prescribe regulations requiring the institutions they regulate to 
establish and maintain procedures reasonably designed to assure and 
monitor compliance with the BSA and (2) to review such procedures 
during the course of their examinations.\2\ The FR K is mandatory.
---------------------------------------------------------------------------

    \2\ The Board's authority in 12 U.S.C. 1818(s) to prescribe 
regulations includes the entities required to comply with section 
208.63 of the Board's Regulation H (12 CFR 208.63) and sections 
211.5(m)(1) and 211.24(j)(1) of the Board's Regulation K (12 CFR 
211.5(m)(1) and 12 CFR 211.24(j)(1)).
---------------------------------------------------------------------------

    Because the Federal Reserve will not collect this information, 
confidentiality issues would normally not arise. Because the records 
will be retained at banking organizations, the Freedom of Information 
Act (FOIA) will only be implicated if the Board's examiners retain a 
copy of the record as part of an examination or supervision of a 
banking institution. In that case, the records would be exempt from 
disclosure under exemption 8 of the FOIA, which protects examination 
materials from disclosure (5 U.S.C. 552(b)(8)). Exemption 4 of the 
FOIA, which protects confidential financial information, may also be 
applicable (5 U.S.C. 552(b)(4)).
    Current actions: On February 5, 2019, the Board published a notice 
in the Federal Register (84 FR 1731) requesting public comment for 60 
days on the extension, without revision, of the FR K. The comment 
period for this notice expired on April 8, 2019. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, May 9, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-09970 Filed 5-14-19; 8:45 am]
 BILLING CODE 6210-01-P

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