Proposed Agency Information Collection Activities; Comment Request, 71637-71639 [2022-25496]
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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices
instrumentality of interstate commerce
to engage in government securities
broker or dealer activities, and to notify
their ARA upon terminating such
activities. The Board is the ARA for
Board-regulated financial institutions. A
Board-regulated financial institution
must use Form G–FIN to register as a
government securities broker or dealer
or to amend a previously submitted
Form G–FIN and must use Form G–
FINW to notify the Board of its
termination of such activities.
Legal authorization and
confidentiality: Form G–FIN and Form
G–FINW are authorized under section
15C of the Act,2 which requires a
financial institution that is a broker or
dealer of government securities to
submit a written notice advising its
ARA that it is a government securities
broker or a government securities dealer
or that it has ceased to act as such. The
Act also directs the Board, in
consultation with the other ARAs (the
Federal Deposit Insurance Corporation
(FDIC) and the Office of the Comptroller
of the Currency (OCC)),3 as well as with
the Securities and Exchange
Commission (SEC), to prescribe the form
of and the information collected in these
notices.4 Further support for the
creation and collection of these notices
by the Board is found in Department of
Treasury (Treasury) regulations,
authorized by section 15 of the Act,
which state that the Form G–FIN and
Form G–FINW are promulgated by the
Board and that such forms are to be
used by non-exempt 5 financial
institutions to notify their ARA of their
status as government securities brokers
or dealers or the termination of such
status.6
Section 15C of the Act also instructs
the Secretary of the Treasury to
promulgate recordkeeping requirements
regarding the forms and records to be
retained by government securities
brokers and dealers and to specify the
time period for which such records shall
be preserved. Accordingly, the
2 15
U.S.C. 78o–5(a)(l)(B).
forms are also collected by the FDIC and
the OCC, respectively, for government securities
brokers and dealers under their supervision. A copy
of the form filed with each ARA is also made
available by the ARA to the SEC under the Act. 15
U.S.C. 78o–5(a)(1)(B)(iii).
4 15 U.S.C. 78o–5(a)(l)(B)(ii).
5 The Act permits the Secretary of the Treasury
to exempt certain government securities brokers or
dealers, 15 U.S.C. 78o–5(a)(5), and the Secretary of
the Treasury has promulgated regulations
exempting certain types of firms. See 17 CFR part
401.
6 See 17 CFR 400.1(d), 449.1, and 449.2; see also
17 CFR 400.5(b) (requiring that any amendments or
corrections to the notice of status of government
securities broker or dealer be filed by the financial
institution on Form G–FIN within 30 days).
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3 These
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recordkeeping requirement associated
with these forms is contained in 17 CFR
404.4, which requires state member
banks and uninsured state branches or
state agencies of foreign banks, as well
as other institutions, to retain these
forms for three years after the financial
institution notifies its ARA that it has
ceased to function as a government
securities broker or dealer. Although
Treasury’s recordkeeping requirement
does not explicitly apply to foreign
banks, to Edge corporations, or to
commercial lending companies that are
owned or controlled by foreign banks,
the Board has the authority to ‘‘issue
such rules and regulations with respect
to transactions in government securities
as may be necessary to prevent
fraudulent and manipulative acts and
practices and to promote just and
equitable principles of trade.’’ 7
Imposing a recordkeeping requirement
on foreign banks, Edge corporations,
and commercial lending companies
owned or controlled by foreign banks is
necessary for the public interest and
protection of investors in order to
ensure that the proper notification has
been provided when these institutions
are transacting in government securities.
In addition, the Board is authorized to
impose recordkeeping requirements on
foreign banks,8 Edge corporations,9 and
on commercial lending companies that
are owned or controlled by foreign
banks.10 The obligation to file the Form
G–FIN and Form G–FINW with the
Board, and the obligation for the
government securities broker or dealer
to retain a copy of the Form G–FIN and
Form G–FINW, is mandatory for those
financial institutions for which the
Board serves as the ARA, unless the
financial institution is exempt from the
reporting requirement under Treasury’s
regulations. The filing of these forms
and the records retention period is
event-generated.
Under the Act, each ARA is instructed
to make these forms available to the
SEC, and the SEC is instructed to make
the notices available to the public.11
Thus, the information collected on Form
G–FIN and Form G–FINW is ordinarily
not treated as confidential.12 However,
7 15 U.S.C. 78o–5(b)(3)(A). See 15 U.S.C. 78o–
5(a)(1)(B).
8 12 U.S.C. 3107 and 3108.
9 12 U.S.C. 625.
10 12 U.S.C. 3106, as applied through 12 U.S.C.
1844(c).
11 15 U.S.C. 78o–5(a)(l)(B)(iii).
12 The Board’s Regulation H provides that any
person filing any statement, report, or document
under the Act may submit written objection to the
public disclosure of the information when such
information is filed in accordance with the
procedures provided in 12 CFR 208.36(d). In
addition, if a respondent believes that information
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71637
given that Item 6 of Form G–FIN
instructs the filer to attach copies of the
confidential Form G–FIN–4, or if
applicable, to attach copies of any
previously filed confidential Form
MSD–4 or confidential Form U–4, such
attachments may be treated as
confidential by the Board under
exemptions 4 and/or 6 of the Freedom
of Information Act.13
Current actions: On July 6, 2022, the
Board published a notice in the Federal
Register (87 FR 40239) requesting
public comment for 60 days on the
extension, without revision, of the Form
G–FIN and Form G–FINW. The
comment period for this notice expired
on September 6, 2022. The Board did
not receive any comments.
Board of Governors of the Federal Reserve
System, November 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–25495 Filed 11–22–22; 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
SUMMARY:
disclosed on these forms constitutes nonpublic
commercial or financial information, which is both
customarily and actually treated as private by the
respondent, the respondent may request
confidential treatment pursuant to exemption 4 of
the Freedom of Information Act (FOIA) pursuant to
the Board’s Rules Regarding the Availability of
Information, 12 CFR 261.15.
13 Generally, information provided on Form
MSD–4 and Form MSD–5 will be kept confidential
from the public under exemption 6 of the FOIA,
which protects information in ‘‘personnel and
medical files and similar files the disclosure of
which would constitute a clearly unwarranted
invasion of personal privacy.’’ 5 U.S.C. 552(b)(6). In
addition, other information on Form MSD–4 and
Form MSD–5, such as the name of the municipal
securities dealer that filed the form, may be
withheld under exemption 4 of the FOIA, if it
constitutes nonpublic commercial or financial
information, which is both customarily and actually
treated as private by the respondent (e.g., if a
municipal securities dealer recently hired or
terminated a number of municipal securities
employees, disclosing these forms could reveal
competitively sensitive commercial information
about that dealer). 5 U.S.C. 552(b)(4). We note that
FINRA’s Form U–4 collects the social security
number and other personally identifiable
information about an individual, which may be
withheld under the Privacy Act, 5 U.S.C. 552b. In
addition, Treasury’s Form G–FIN–4 states ‘‘[t]he
Department of the Treasury and the appropriate
regulatory agencies regard the information provided
by each respondent on this form as confidential.’’
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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices
three years, without revision, the
Recordkeeping and Disclosure
Requirements Associated with
Regulation RR (FR RR; OMB No. 7100–
0372).
DATES: Comments must be submitted on
or before January 23, 2023.
ADDRESSES: You may submit comments,
identified by FR RR, 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.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Federal Reserve Board of
Governors, Attn: Ann E. Misback,
Secretary of the Board, Mailstop M–
4775, 2001 C St. 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 M–
4365A, 2001 C St. NW, Washington, DC
20551, 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, nuha.elmaghrabi@frb.gov, (202)
452–3884.
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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.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
Without Revision, the Following
Information Collection
Request for Comment on Information
Collection Proposal
Section 244.5
SUPPLEMENTARY INFORMATION:
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.
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Sfmt 4703
Collection title: Recordkeeping and
Disclosure Requirements Associated
with Regulation RR.
Collection identifier: FR RR.
OMB control number: 7100–0372.
Frequency: Annual, event-generated.
Respondents: Securitizers that are, or
are a subsidiary of, a state member bank.
Estimated number of respondents: 1.
Estimated average hours per response:
Section 244.4
Standard Risk Retention
Horizontal Interest
Recordkeeping—0.5.
Disclosure—5.5.
Vertical Interest
Recordkeeping—0.5.
Disclosure—2.
Combined Horizontal and Vertical
Interests
Recordkeeping—0.5.
Disclosure—7.5.
Recordkeeping—0.5.
Disclosure—7.
Section 244.6
Recordkeeping—20.
Disclosure—3.
Section 244.7
Recordkeeping—30.
Disclosure—20.75.
Section 244.8
Disclosure—1.5.
Section 244.9
Disclosure—20.25.
Section 244.10
Disclosure—6.
Section 244.11
Recordkeeping—20.
Disclosure—2.5.
Sections 244.13 and 244.19(g)
Recordkeeping—40.
Disclosure—1.25.
Section 244.15
Recordkeeping—05.
Disclosure—20.
Section 244.16
Recordkeeping—40.5.
Disclosure—1.25.
Section 244.17
Recordkeeping—40.5.
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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices
Disclosure—1.25.
Section 244.18
Recordkeeping—40.5.
Disclosure—1.25.
Estimated annual burden hours: 340.
General description of collection: In
2014, the Board, Office of the
Comptroller of the Currency (OCC),
Federal Deposit Insurance Corporation
(FDIC), U.S. Securities and Exchange
Commission (SEC), Federal Housing
Finance Agency (FHFA), and
Department of Housing and Urban
Development (HUD) adopted a joint
final rule (credit risk retention rule) that
implemented the credit risk retention
requirements of section 15G of the
Securities Exchange Act of 1934
(Exchange Act),1 which was added by
section 941 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act.2 The Board’s credit risk retention
rule, which applies to any securitizer of
asset-backed securities (securitizer) that
is a state member bank (SMB) or a
subsidiary of an SMB, is codified in the
Board’s Regulation RR—Credit Risk
Retention (12 CFR part 244). Regulation
RR includes a number of mandatory
recordkeeping and disclosure
requirements.3
Legal authorization and
confidentiality: The FR RR is authorized
pursuant to section 15G of the Exchange
Act, which requires the Board, jointly
with the OCC, FDIC, and SEC, to
prescribe risk retention regulations for
securitizers (15 U.S.C. 78o–11). The FR
RR is mandatory.
Records kept and information
disclosed pursuant to the requirements
of the FR RR are not submitted to the
Board, so the issue of confidentiality
will not normally arise. If the Board’s
examiners obtain a copy of the records
as part of an examination, the records
may be exempt from disclosure under
exemption 8 of the Freedom of
Information Act, which exempts from
disclosure matters that are ‘‘contained
in or related to examination, operating,
or condition reports prepared by, on
behalf of, or for the use of an agency
responsible for the regulation or
supervision of financial institutions’’ (5
U.S.C. 552(b)(8)).
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1 15
U.S.C. 78o–11.
2 Public Law 111–203, 124 Stat. 1376 (2010).
3 The FR RR currently takes burden for the SEC’s
credit risk retention rule insofar as it applies to
securitizers that are, or are a subsidiary of, a bank
holding company, savings and loan holding
company, intermediate holding company, Edge or
agreement corporation, foreign banking
organization, or nonbank financial company
supervised by the Board. The proposed extension
of the FR RR would not include burden for the
SEC’s rule, because it is not a collection of
information conducted or sponsored by the Board.
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Consultation outside the agency: The
credit risk retention rule was adopted
on an interagency basis. The Board
consulted with the OCC, FDIC, and SEC
with respect to the extension, without
revision, of this information collection.
Board of Governors of the Federal Reserve
System, November 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022–25496 Filed 11–22–22; 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.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Transfer Agent
Registration and Amendment Form and
Transfer Agent Deregistration Form
(Form TA–1 and Form TA–W); OMB
No. 7100–0099).
SUMMARY:
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, nuha.elmaghrabi@frb.gov, (202)
452–3884.
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
SUPPLEMENTARY INFORMATION:
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71639
requested from the agency clearance
officer, whose name appears above.
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, With Revision, of the Following
Information Collection
Collection title: Transfer Agent
Registration and Amendment Form and
Transfer Agent Deregistration Form.
Collection identifier: Form TA–1 and
Form TA–W.
OMB control number: 7100–0099.
Effective Date: December 23, 2022.
Frequency: As needed.
Respondents: The respondent panel
for this collection of information
consists of current and former transfer
agents that are a state member bank
(SMB) or a subsidiary thereof, a bank
holding company (BHC), a savings and
loan holding company (SLHC), or a
subsidiary of a BHC that is a bank
within the meaning of the Securities
Exchange Act of 1934 (Exchange Act)
and that is not required to register with
the Office of the Comptroller of the
Currency (OCC) or the Federal Deposit
Insurance Corporation (FDIC).
Estimated number of respondents:
Registrations, 1; Amendments, 1;
Deregistrations, 1.
Estimated average hours per response:
Registrations, 1.25; Amendments, 0.16;
Deregistrations, 0.5.
Estimated annual burden hours:
Registrations, 1; Amendments, 0.16;
Deregistrations, 1.
General description of collection: The
Exchange Act requires any person acting
as a transfer agent 1 to register as such
with the appropriate regulatory agency
(ARA). The Board is the ARA for
transfer agents listed in the respondents
section above. Transfer agents for which
the Board is the ARA must register with
the Board using Form TA–1.
Additionally, registered transfer agents
for which the Board is their ARA may
deregister by submitting Form TA–W.
Legal authorization and
confidentiality: This information
collection is authorized under section
17A(c) of the Exchange Act.2 The
collection is also authorized under
sections 2, 17(a)(3), and 23(a) of the
Exchange Act 3 and under the Board’s
1 Transfer agents are persons that provide
securities transfer, registration, monitoring, and
other specified services on behalf of securities
issuers. See 15 U.S.C. 78c(25) (defining ‘‘transfer
agent’’).
2 15 U.S.C. 78q–1(c) (requiring all transfer agents
for securities registered under section 12 of the
Exchange Act to register with the ARA by filing ‘‘an
application for registration in such form and
containing such information’’ as the ARA may
prescribe).
3 12 U.S.C. 78b, 78q(a)(3) and 78w(a) (authorizing
the Board to promulgate regulations and establish
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]]>Agencies
[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71637-71639]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25496]
-----------------------------------------------------------------------
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
[[Page 71638]]
three years, without revision, the Recordkeeping and Disclosure
Requirements Associated with Regulation RR (FR RR; OMB No. 7100-0372).
DATES: Comments must be submitted on or before January 23, 2023.
ADDRESSES: You may submit comments, identified by FR RR, 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.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. 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
M-4365A, 2001 C St. NW, Washington, DC 20551, 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, [email protected], (202)
452-3884.
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
Collection title: Recordkeeping and Disclosure Requirements
Associated with Regulation RR.
Collection identifier: FR RR.
OMB control number: 7100-0372.
Frequency: Annual, event-generated.
Respondents: Securitizers that are, or are a subsidiary of, a state
member bank.
Estimated number of respondents: 1.
Estimated average hours per response:
Section 244.4
Standard Risk Retention
Horizontal Interest
Recordkeeping--0.5.
Disclosure--5.5.
Vertical Interest
Recordkeeping--0.5.
Disclosure--2.
Combined Horizontal and Vertical Interests
Recordkeeping--0.5.
Disclosure--7.5.
Section 244.5
Recordkeeping--0.5.
Disclosure--7.
Section 244.6
Recordkeeping--20.
Disclosure--3.
Section 244.7
Recordkeeping--30.
Disclosure--20.75.
Section 244.8
Disclosure--1.5.
Section 244.9
Disclosure--20.25.
Section 244.10
Disclosure--6.
Section 244.11
Recordkeeping--20.
Disclosure--2.5.
Sections 244.13 and 244.19(g)
Recordkeeping--40.
Disclosure--1.25.
Section 244.15
Recordkeeping--05.
Disclosure--20.
Section 244.16
Recordkeeping--40.5.
Disclosure--1.25.
Section 244.17
Recordkeeping--40.5.
[[Page 71639]]
Disclosure--1.25.
Section 244.18
Recordkeeping--40.5.
Disclosure--1.25.
Estimated annual burden hours: 340.
General description of collection: In 2014, the Board, Office of
the Comptroller of the Currency (OCC), Federal Deposit Insurance
Corporation (FDIC), U.S. Securities and Exchange Commission (SEC),
Federal Housing Finance Agency (FHFA), and Department of Housing and
Urban Development (HUD) adopted a joint final rule (credit risk
retention rule) that implemented the credit risk retention requirements
of section 15G of the Securities Exchange Act of 1934 (Exchange
Act),\1\ which was added by section 941 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.\2\ The Board's credit risk
retention rule, which applies to any securitizer of asset-backed
securities (securitizer) that is a state member bank (SMB) or a
subsidiary of an SMB, is codified in the Board's Regulation RR--Credit
Risk Retention (12 CFR part 244). Regulation RR includes a number of
mandatory recordkeeping and disclosure requirements.\3\
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\1\ 15 U.S.C. 78o-11.
\2\ Public Law 111-203, 124 Stat. 1376 (2010).
\3\ The FR RR currently takes burden for the SEC's credit risk
retention rule insofar as it applies to securitizers that are, or
are a subsidiary of, a bank holding company, savings and loan
holding company, intermediate holding company, Edge or agreement
corporation, foreign banking organization, or nonbank financial
company supervised by the Board. The proposed extension of the FR RR
would not include burden for the SEC's rule, because it is not a
collection of information conducted or sponsored by the Board.
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Legal authorization and confidentiality: The FR RR is authorized
pursuant to section 15G of the Exchange Act, which requires the Board,
jointly with the OCC, FDIC, and SEC, to prescribe risk retention
regulations for securitizers (15 U.S.C. 78o-11). The FR RR is
mandatory.
Records kept and information disclosed pursuant to the requirements
of the FR RR are not submitted to the Board, so the issue of
confidentiality will not normally arise. If the Board's examiners
obtain a copy of the records as part of an examination, the records may
be exempt from disclosure under exemption 8 of the Freedom of
Information Act, which exempts from disclosure matters that are
``contained in or related to examination, operating, or condition
reports prepared by, on behalf of, or for the use of an agency
responsible for the regulation or supervision of financial
institutions'' (5 U.S.C. 552(b)(8)).
Consultation outside the agency: The credit risk retention rule was
adopted on an interagency basis. The Board consulted with the OCC,
FDIC, and SEC with respect to the extension, without revision, of this
information collection.
Board of Governors of the Federal Reserve System, November 17,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25496 Filed 11-22-22; 8:45 am]
BILLING CODE 6210-01-P
