Proposed Agency Information Collection Activities; Comment Request, 3809-3810 [2022-01417]
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Federal Register / Vol. 87, No. 16 / Tuesday, January 25, 2022 / Notices
Board of Governors of the Federal Reserve
System, January 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–01418 Filed 1–24–22; 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 Disclosure
Requirements of Subpart H of
Regulation H (Consumer Protection in
Sales of Insurance) (FR H–7; OMB No.
7100–0298).
AGENCY:
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.
Office of Management and Budget
(OMB) Desk Officer for the Federal
Reserve Board, 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.
On June
15, 1984, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. The OMB
inventory, as well as copies of the PRA
Submission, supporting statements, and
approved collection of information
instrument(s) are available at https://
www.reginfo.gov/public/do/PRAMain.
These documents are also available on
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.
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SUPPLEMENTARY INFORMATION:
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17:19 Jan 24, 2022
Jkt 256001
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, With Revision, of the Following
Information Collection
Report title: Disclosure Requirements
of Subpart H of Regulation H (Consumer
Protection in Sales of Insurance).
Agency form number: FR H–7.
OMB control number: 7100–0298.
Effective Date: January 25, 2022.
Frequency: On occasion.
Respondents: State member banks or
any other person at an office of a bank
or on behalf of a bank (collectively,
Covered Persons).
Estimated number of respondents:
Insurance and extension of credit, 341;
advertisements, 341.
Estimated average hours per response:
Insurance and extension of credit, 1.5
minutes; advertisements, 25 minutes.
Estimated annual burden hours:
Insurance and extension of credit, 5,371;
advertisements, 142.
General description of report: The
insurance consumer protection rules in
Regulation H require depository
institutions to prepare and provide
certain disclosures to consumers. The
disclosure requirements are codified at
12 CFR 208.81 et seq. and require
Covered Persons to make certain
disclosures: Before the completion of
the initial purchase of an insurance
product or annuity by a consumer; at
the time a consumer applies for an
extension of credit in connection with
which an insurance product or annuity
is solicited, offered, or sold; and in
advertisements and promotional
materials for insurance products or
annuities.
Legal authorization and
confidentiality: The Disclosure
Requirements of Subpart H of
Regulation H are authorized by section
305 of the Gramm-Leach-Bliley Act of
1999, which requires that the Board
issue regulations, including disclosure
requirements, applicable to retail sales
practices, solicitations, advertising, or
offers of insurance by depository
institutions.1 The disclosures required
under Subpart H of Regulation H are
mandatory.
Because the FR H–7 disclosures are
provided by state member banks to
customers, confidentiality issues should
generally not arise. 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 Freedom of Information Act, which
1 12 U.S.C. 1831x. The Board also has the
authority to require reports from state member
banks. 12 U.S.C. 248(a) and 324.
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
3809
protects information contained in
‘‘examination, operating, or condition
reports’’ obtained in the bank
supervisory process.2
Current actions: On October 5, 2021,
the Board published a notice in the
Federal Register (86 FR 54978)
requesting public comment for 60 days
on the extension, with revision, of the
Disclosure Requirements of Subpart H
of Regulation H (Consumer Protection in
Sales of Insurance). The Board revised
the FR H–7 collection to account for one
existing disclosure requirement in
Regulation H that was not previously
cleared by the Board under the PRA.
The revision of the FR H–7 information
collection accounts for this disclosure
provision. This revision does not amend
Regulation H or add any new
information collection requirements.
The comment period for this notice
expired on December 6, 2021. The
Board did not receive any comments.
The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve
System, January 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–01416 Filed 1–24–22; 8:45 am]
BILLING CODE 6210–01–P
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
Recordkeeping Provisions Associated
with the Interagency Statement on
Complex Structured Finance Activities
(FR 4022; OMB No. 7100–0311).
DATES: Comments must be submitted on
or before March 28, 2022.
ADDRESSES: You may submit comments,
identified by FR 4022, 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 or FR number in the subject line
of the message.
SUMMARY:
25
U.S.C. 552(b)(8).
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Federal Register / Vol. 87, No. 16 / Tuesday, January 25, 2022 / Notices
• 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 confidential
business information, identifying
information, 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 for the Federal Reserve Board,
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.
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 Paperwork
Reduction Act (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.
During the comment period for this
proposal, a copy of the proposed PRA
OMB submission, including the draft
reporting form and instructions,
supporting statement, and other
VerDate Sep<11>2014
17:19 Jan 24, 2022
Jkt 256001
documentation, will 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.
Final versions of these documents will
be made available at https://
www.reginfo.gov/public/do/PRAMain, if
approved.
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: Recordkeeping Provisions
Associated with the Interagency
Statement on Complex Structured
Finance Activities.
Agency form number: FR 4022.
OMB control number: 7100–0311.
Frequency: Annually.
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
Interagency Statement on Sound
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Frm 00057
Fmt 4703
Sfmt 4703
Practices Concerning Elevated Risk
Complex Structured Finance Activities
(the Statement) 1 states that certain
financial institutions should establish
and maintain written policies and
procedures for identifying, evaluating,
assessing, documenting, and controlling
risks associated with complex
structured finance transactions (CSFTs)
and should retain certain documents
related to elevated risk CSFTs, which
are a subcategory of CSFTs. The FR
4022 covers these information
collections for financial institutions that
are subject to the Statement and that are
supervised by the Board.
Legal authorization and
confidentiality: The Board’s
recordkeeping guidance associated with
the Statement relates to information that
the Board is authorized to collect under
the Federal Reserve Act (with respect to
state member banks),2 under the Bank
Holding Company Act (with respect to
bank holding companies),3 under the
Home Owners’ Loan Act (with respect
to SLHCs),4 and under the International
Banking Act (with respect to U.S.
branches and agencies of foreign
banks).5 The FR 4022 recordkeeping
provisions are voluntary.
Any policies, procedures, or other
records voluntarily created based on the
Statement would be maintained at the
financial institution that created them.
The Freedom of Information Act (FOIA)
would be implicated only if the Board
obtained such records as part of the
examination or supervision of a
financial institution, in which case the
records may be protected from
disclosure under FOIA exemption 8,
which protects information contained in
‘‘examination, operating, or condition
reports’’ obtained in the bank
supervisory process.6 Information
provided on the FR 4022 may also be
exempt from disclosure pursuant to
FOIA exemption 4 if it is nonpublic
commercial or financial information,
which is both customarily and actually
treated as private by the respondent.7
Board of Governors of the Federal Reserve
System, January 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–01417 Filed 1–24–22; 8:45 am]
BILLING CODE 6210–01–P
1 See https://www.federalregister.gov/documents/
2007/01/11/07-55/interagency-statement-on-soundpractices-concerning-elevated-risk-complexstructured-finance.
2 12 U.S.C. 248(a).
3 12 U.S.C. 1844(c).
4 12 U.S.C. 1467a(b) and 1467a(g).
5 12 U.S.C. 3105(c) and 3108(a).
6 5 U.S.C. 552(b)(8).
7 5 U.S.C. 552(b)(4).
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]]>Agencies
[Federal Register Volume 87, Number 16 (Tuesday, January 25, 2022)]
[Notices]
[Pages 3809-3810]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01417]
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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 Recordkeeping Provisions Associated with the Interagency
Statement on Complex Structured Finance Activities (FR 4022; OMB No.
7100-0311).
DATES: Comments must be submitted on or before March 28, 2022.
ADDRESSES: You may submit comments, identified by FR 4022, 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 or FR number in the subject line of the message.
[[Page 3810]]
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 confidential
business information, identifying information, 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 for the Federal
Reserve Board, 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.
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 Paperwork Reduction Act (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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will 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. Final
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.
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: Recordkeeping Provisions Associated with the
Interagency Statement on Complex Structured Finance Activities.
Agency form number: FR 4022.
OMB control number: 7100-0311.
Frequency: Annually.
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 Interagency Statement on Sound
Practices Concerning Elevated Risk Complex Structured Finance
Activities (the Statement) \1\ states that certain financial
institutions should establish and maintain written policies and
procedures for identifying, evaluating, assessing, documenting, and
controlling risks associated with complex structured finance
transactions (CSFTs) and should retain certain documents related to
elevated risk CSFTs, which are a subcategory of CSFTs. The FR 4022
covers these information collections for financial institutions that
are subject to the Statement and that are supervised by the Board.
---------------------------------------------------------------------------
\1\ See https://www.federalregister.gov/documents/2007/01/11/07-55/interagency-statement-on-sound-practices-concerning-elevated-risk-complex-structured-finance.
---------------------------------------------------------------------------
Legal authorization and confidentiality: The Board's recordkeeping
guidance associated with the Statement relates to information that the
Board is authorized to collect under the Federal Reserve Act (with
respect to state member banks),\2\ under the Bank Holding Company Act
(with respect to bank holding companies),\3\ under the Home Owners'
Loan Act (with respect to SLHCs),\4\ and under the International
Banking Act (with respect to U.S. branches and agencies of foreign
banks).\5\ The FR 4022 recordkeeping provisions are voluntary.
---------------------------------------------------------------------------
\2\ 12 U.S.C. 248(a).
\3\ 12 U.S.C. 1844(c).
\4\ 12 U.S.C. 1467a(b) and 1467a(g).
\5\ 12 U.S.C. 3105(c) and 3108(a).
---------------------------------------------------------------------------
Any policies, procedures, or other records voluntarily created
based on the Statement would be maintained at the financial institution
that created them. The Freedom of Information Act (FOIA) would be
implicated only if the Board obtained such records as part of the
examination or supervision of a financial institution, in which case
the records may be protected from disclosure under FOIA exemption 8,
which protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process.\6\
Information provided on the FR 4022 may also be exempt from disclosure
pursuant to FOIA exemption 4 if it is nonpublic commercial or financial
information, which is both customarily and actually treated as private
by the respondent.\7\
---------------------------------------------------------------------------
\6\ 5 U.S.C. 552(b)(8).
\7\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, January 19,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-01417 Filed 1-24-22; 8:45 am]
BILLING CODE 6210-01-P
