Proposed Agency Information Collection Activities; Comment Request, 9940-9941 [2021-03091]

Download as PDF 9940 Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices the Federal Reserve 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 above. Final Approval Under OMB Delegated Authority of the Extension for Three Years, Without Revision, of the Following Information Collection: Report title: Recordkeeping, Disclosure, and Reporting Requirements Associated with Securities Transactions Pursuant to Sections 208.34(c), (d), and (g) of Regulation H. Agency form number: FR H–3. OMB control number: 7100–0196. Frequency: Event-generated, quarterly. Respondents: State member banks (SMBs), SMB officers/employees. Estimated number of respondents: SMBs (de novo): 1; SMBs with trust departments: 209; SMBs without trust departments: 545; SMB officers/ employees: 2,389. Estimated average hours per response: SMBs (de novo): recordkeeping, 40 hours. SMBs with trust departments: recordkeeping, 2 hours; disclosure, 16 hours. SMBs without trust departments: recordkeeping, 15 minutes; disclosure, 5 hours. SMB officers/employees: reporting, 2 hours. Estimated annual burden hours: SMBs (de novo): recordkeeping, 40 hours. SMBs with trust departments: recordkeeping, 10,032 hours; disclosure, 40,128 hours. SMBs without trust departments: recordkeeping, 3,815 hours; disclosure, 32,700 hours. SMB officers/employees: reporting, 19,112 hours. General description of report: Section 15C of the Securities Exchange Act of 1934 (the Act), establishes federal regulation of brokers and dealers of government securities, including banks and other financial institutions, and directs those brokers and dealers to keep certain records.1 These requirements are implemented for SMBs by sections 208.34(c), (d), and (g) of the Board’s Regulation H, which require that nonexempt state member banks 2 effecting 1 12 U.S.C. 78o–5(a), (d). requirements of section 208.34 of Regulation H apply to all SMBs that effect more than 500 government securities brokerage transactions per year, unless the institution has filed a written notice, or is required to file notice, with the Board that it acts as a government securities broker or a government securities dealer. These requirements also do not apply to activities of foreign branches of SMBs; activities of nonmember, non-insured trust company subsidiaries of bank holding companies; or activities that are subject to regulations promulgated by the Municipal Securities jbell on DSKJLSW7X2PROD with NOTICES 2 The VerDate Sep<11>2014 20:43 Feb 16, 2021 Jkt 253001 securities transactions for customers establish and maintain a system of records of these transactions, furnish confirmations of transactions to customers that disclose certain information, and establish written policies and procedures relating to securities trading. Legal authorization and confidentiality: FR H–3 is authorized pursuant to Section 23 of the Act,3 which empowers the Board to make rules and regulations implementing those portions of the Act for which it is responsible. Because these records and disclosures would be maintained at each banking organization, 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 banking organization. In the event the records are obtained by the Board as part of an examination or supervision of a financial institution, this information may be 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.4 In addition, the information may also be kept confidential under exemption 4 for the FOIA, which protects commercial or financial information obtained from a person that is privileged or confidential.5 Current actions: On October 14, 2020, the Board published a notice in the Federal Register (85 FR 65047) requesting public comment for 60 days on the extension, without revision, of FR H–3. The comment period for this notice expired on December 14, 2020. The Board did not receive any comments. Board of Governors of the Federal Reserve System, February 10, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–03093 Filed 2–16–21; 8:45 am] BILLING CODE 6210–01–P Rulemaking Board. In addition, SMBs with an annual average of less than 200 securities transactions for customers over the prior three calendar years (exclusive of transactions in U.S. government and agency obligations) are exempt from these Regulation H recordkeeping, disclosure, and reporting requirements. See 12 CFR 208.34(a)(1)(i)–(iv). 3 15 U.S.C. 78w. The Board also has the authority to require reports from SMBs (12 U.S.C. 248(a) and 324). 4 5 U.S.C. 552(b)(8). 5 5 U.S.C. 552(b)(4). PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request Board of Governors of the Federal Reserve System. ACTION: Notice, request for comment. AGENCY: The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products (FR 4029; OMB No. 7100–0330). DATES: Comments must be submitted on or before April 19, 2021. ADDRESSES: You may submit comments, identified by FR 4029, by any of the following methods: • Agency Website: https:// www.federalreserve.gov/. Follow the instructions for submitting comments at https://www.federalreserve.gov/apps/ foia/proposedregs.aspx. • Email: regs.comments@ federalreserve.gov. Include the OMB number in the subject line of the message. • Fax: (202) 452–3819 or (202) 452– 3102. • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. All public comments are available from the Board’s website at https:// www.federalreserve.gov/apps/foia/ proposedregs.aspx as submitted, unless modified for technical reasons or to remove personally identifiable information at the commenter’s request. Accordingly, comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the Board requires that visitors make an appointment to inspect comments. You may do so by calling (202) 452–3684. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. Additionally, commenters may send a copy of their comments to the Office of Management and Budget (OMB) Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, SUMMARY: E:\FR\FM\17FEN1.SGM 17FEN1 Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices 725 17th Street NW, Washington, DC 20503, or by fax to (202) 395–6974. 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. SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board authority under the PRA to approve and assign OMB control numbers to collections of information 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. A copy of the Paperwork Reduction Act (PRA) OMB submission, including the reporting form and instructions, supporting statement, and other documentation will be available at https://www.reginfo.gov/public/do/ PRAMain, 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 above. jbell on DSKJLSW7X2PROD with NOTICES 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 VerDate Sep<11>2014 20:43 Feb 16, 2021 Jkt 253001 received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal Under OMB Delegated Authority To Extend for Three Years, Without Revision, the Following Information Collection Report title: Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products. Agency form number: FR 4029. OMB control number: 7100–0330. Frequency: Annually. Respondents: State member banks that originate proprietary reverse mortgages. Estimated number of respondents: Implementation of policies and procedures, 1 and Review and maintenance of policies and procedures, 7. Estimated average hours per response: Implementation of policies and procedures, 40 and Review and maintenance of policies and procedures, 8. Estimated annual burden hours: Implementation of policies and procedures, 40 and Review and maintenance of policies and procedures, 56. General description of report: The reverse mortgage guidance discusses the reporting, recordkeeping, and disclosures required by federal laws and regulations and also discusses consumer disclosures that financial institutions typically provide as a standard business practice. Legal authorization and confidentiality: The information collection is authorized pursuant to the Board’s examination authority, which is located in section 11 of the Federal Reserve Act for state member banks.1 The guidance is voluntary. Because the documentation encouraged by the guidance is maintained by each institution, 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 1 12 U.S.C. 248. Although there is no information indicating that Federal Reserve-supervised financial institutions other than state member banks originate reverse mortgage loans, this collection would be authorized by sections 25 and 25A of the Federal Reserve Act (12 U.S.C. 602, 625) for Edge and Agreement corporations, section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844) for bank holding companies and, in conjunction with section 8 of the International Banking Act (12 U.S.C. 3106), for foreign banking organizations. The information collection would be authorized by the examination authority in section 7(c) of the International Banking Act of 1978 (12 U.S.C. 3105(c)) for branches and agencies of foreign banks, and by section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a) for savings and loan holding companies. PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 9941 banking organization. In the event the records are obtained by the Board as part of the examination or supervision of a financial institution, this information may be 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.2 In addition, the information may also be kept confidential under exemption 4 of the FOIA, which protects trade secrets and commercial or financial information obtained from a person that is both customarily and actually treated as private by the respondent.3 Board of Governors of the Federal Reserve System, February 10, 2021. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2021–03091 Filed 2–16–21; 8:45 am] BILLING CODE 6210–01–P FEDERAL RETIREMENT THRIFT INVESTMENT BOARD Notice of Board Meeting February 23, 2021 at 10 a.m. Telephonic. Dial-in (listen only) information: Number: 1–415–527– 5035, Code: 199 823 1558; or via web: https://tspmeet.webex.com/tspmeet/ onstage/g.php?MTID=e2efffcede5c 039e6f0391d2594443262. DATES: ADDRESSES: FOR FURTHER INFORMATION CONTACT: Kimberly Weaver, Director, Office of External Affairs, (202) 942–1640. SUPPLEMENTARY INFORMATION: Board Meeting Agenda Open Session 1. Approval of the January 26, 2021 Board Meeting Minutes 2. Monthly Reports (a) Participant Activity Report (b) Investment Performance (c) Legislative Report 3. Quarterly Reports (d) Metrics 4. Multi-asset Manager Update 5. Federal Information Security Modernization Act (FISMA) Report Closed Session 6. Information covered under 5 U.S.C. 552b (c)(9)(B) and (c)(10). Informational Session 7. Records Management Training Authority: 5 U.S.C. 552b(e)(1). 25 35 U.S.C. 552(b)(8). U.S.C. 552(b)(4). E:\FR\FM\17FEN1.SGM 17FEN1

Agencies

[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Pages 9940-9941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03091]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Interagency Guidance on Managing Compliance and 
Reputation Risks for Reverse Mortgage Products (FR 4029; OMB No. 7100-
0330).

DATES: Comments must be submitted on or before April 19, 2021.

ADDRESSES: You may submit comments, identified by FR 4029, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New Executive Office Building, Room 10235,

[[Page 9941]]

725 17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, 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 above.

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.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Interagency Guidance on Managing Compliance and 
Reputation Risks for Reverse Mortgage Products.
    Agency form number: FR 4029.
    OMB control number: 7100-0330.
    Frequency: Annually.
    Respondents: State member banks that originate proprietary reverse 
mortgages.
    Estimated number of respondents: Implementation of policies and 
procedures, 1 and Review and maintenance of policies and procedures, 7.
    Estimated average hours per response: Implementation of policies 
and procedures, 40 and Review and maintenance of policies and 
procedures, 8.
    Estimated annual burden hours: Implementation of policies and 
procedures, 40 and Review and maintenance of policies and procedures, 
56.
    General description of report: The reverse mortgage guidance 
discusses the reporting, recordkeeping, and disclosures required by 
federal laws and regulations and also discusses consumer disclosures 
that financial institutions typically provide as a standard business 
practice.
    Legal authorization and confidentiality: The information collection 
is authorized pursuant to the Board's examination authority, which is 
located in section 11 of the Federal Reserve Act for state member 
banks.\1\ The guidance is voluntary. Because the documentation 
encouraged by the guidance is maintained by each institution, 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 
banking organization. In the event the records are obtained by the 
Board as part of the examination or supervision of a financial 
institution, this information may be 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.\2\ In addition, the information may also be kept 
confidential under exemption 4 of the FOIA, which protects trade 
secrets and commercial or financial information obtained from a person 
that is both customarily and actually treated as private by the 
respondent.\3\
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    \1\ 12 U.S.C. 248. Although there is no information indicating 
that Federal Reserve-supervised financial institutions other than 
state member banks originate reverse mortgage loans, this collection 
would be authorized by sections 25 and 25A of the Federal Reserve 
Act (12 U.S.C. 602, 625) for Edge and Agreement corporations, 
section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844) 
for bank holding companies and, in conjunction with section 8 of the 
International Banking Act (12 U.S.C. 3106), for foreign banking 
organizations. The information collection would be authorized by the 
examination authority in section 7(c) of the International Banking 
Act of 1978 (12 U.S.C. 3105(c)) for branches and agencies of foreign 
banks, and by section 10 of the Home Owners' Loan Act (12 U.S.C. 
1467a) for savings and loan holding companies.
    \2\ 5 U.S.C. 552(b)(8).
    \3\ 5 U.S.C. 552(b)(4).

    Board of Governors of the Federal Reserve System, February 10, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-03091 Filed 2-16-21; 8:45 am]
BILLING CODE 6210-01-P