Agency Information Collection Activities: Proposed Collection Renewal; Comment Request; OMB No. 3064-0083; -0182; -0198, 88613-88616 [2023-28206]
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Federal Register / Vol. 88, No. 245 / Friday, December 22, 2023 / Notices
cooperative agreement, or other activity
related to this system of records and
who need to have access to the records
to perform their activity.
POLICIES AND PRACTICES FOR STORAGE OF
RECORDS:
RECORD ACCESS PROCEDURES:
Individuals wishing to request access
to and/or amendment of records about
themselves should follow the
Notification Procedure below.
CONTESTING RECORD PROCEDURES:
This an electronic system of records
that resides on the FCC’s network,
USAC’s network, and FCC contractors’
and vendors’ networks.
Individuals wishing to request access
to and/or amendment of records about
themselves should follow the
Notification Procedure below.
NOTIFICATION PROCEDURES:
POLICIES AND PRACTICES FOR RETRIEVAL OF
RECORDS:
Records in this system of records can
be retrieved by any category field, e.g.,
first name or email address.
POLICIES AND PRACTICES FOR RETENTION AND
DISPOSAL OF RECORDS:
The information in this system is
maintained and disposed of in
accordance with the National Archives
and Records Administration (NARA)
General Records Schedule GRS 3.2,
Information Systems Security Records
(DAA–GRS–2013–0006).
ADMINISTRATIVE, TECHNICAL, AND PHYSICAL
SAFEGUARDS:
The electronic records, files, and data
are stored within FCC, USAC, other
program administrator, contractor, and
vendor accreditation boundaries and
maintained in databases housed on their
network databases. Access to the
electronic files is restricted to
authorized employees, staff and
contractors; and to IT staff, contractors,
and vendors who maintain the IT
networks and services. Other employees
and contractors may be granted access
on a need-to-know basis. The electronic
files and records are protected by the
FCC, USAC, and third-party privacy
safeguards, a comprehensive and
dynamic set of IT safety and security
protocols and features that are designed
to meet all Federal privacy standards,
including those required by the Federal
Information Security Modernization Act
of 2014 (FISMA), the Office of
Management and Budget (OMB), and
the National Institute of Standards and
Technology (NIST).
Individuals wishing to determine
whether this system of records contains
information about themselves may do so
by writing to privacy@fcc.gov.
Individuals requesting access must also
comply with the FCC’s Privacy Act
regulations regarding verification of
identity to gain access to records as
required under 47 CFR part 0, subpart
E.
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
None.
HISTORY:
None.
Federal Communications Commission.
Marlene Dortch,
Secretary.
[FR Doc. 2023–27896 Filed 12–19–23; 4:15 pm]
BILLING CODE 6712–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request; OMB No.
3064–0083; –0182; –0198
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, as part of its
obligations under the Paperwork
Reduction Act of 1995, invites the
general public and other Federal
agencies to take this opportunity to
comment on the request to renew the
existing information collections
described below (OMB Control No.
3064–0083; –0182; –0198). The notices
SUMMARY:
of the proposed renewal for these
information collections were previously
published in the Federal Register on
October 19, 2023, allowing for a 60-day
comment period.
DATES: Comments must be submitted on
or before January 22, 2024.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Agency Website: https://
www.fdic.gov/resources/regulations/
federal-register-publications/.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767), Regulatory Counsel, MB–3128,
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street NW building
(located on F Street NW), on business
days between 7 a.m. and 5 p.m.
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza, Regulatory Counsel,
202–898–3767, mcabeza@fdic.gov, MB–
3128, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collection of
information:
1. Title: Recordkeeping and
Disclosure Requirements in Connection
with Regulation M (Consumer Leasing).
OMB Number: 3064–0083.
Affected Public: State nonmember
banks and state savings associations
engaging in consumer leasing.
Burden Estimate:
SUMMARY OF ESTIMATED ANNUAL BURDEN
ddrumheller on DSK120RN23PROD with NOTICES1
[OMB No. 3064–0083]
Information collection
(obligation to respond)
Type of burden
(frequency of response)
Recordkeeping Requirements in Connection with Regulation M
(Consumer Leasing), 12 CFR 1013.8.
Third-Party Disclosure Requirements in Connection with Regulation M (Consumer Leasing), 12 CFR 1013.3.
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Number of
respondents
Number of
responses per
respondent
Time per
response
(HH:MM)
Annual
burden
(hours)
Recordkeeping (On occasion) ....
17
100
00:22.5
638
Third-Party Disclosure (On occasion).
17
100
00:22.5
638
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Federal Register / Vol. 88, No. 245 / Friday, December 22, 2023 / Notices
SUMMARY OF ESTIMATED ANNUAL BURDEN—Continued
[OMB No. 3064–0083]
Type of burden
(frequency of response)
Number of
respondents
Number of
responses per
respondent
Time per
response
(HH:MM)
.....................................................
........................
........................
........................
Information collection
(obligation to respond)
Total Annual Burden (Hours) ....................................................
Annual
burden
(hours)
1,276
Source: FDIC.
General Description of Collection:
Regulation M (12 CFR 1013), issued by
the Bureau of Consumer Financial
Protection, implements the consumer
leasing provisions of the Truth in
Lending Act. Regulation M requires
lessors of personal property to provide
consumers with meaningful disclosures
about the costs and terms of the leases
for personal property. Lessors are
required to retain evidence of
compliance with Regulation M for
twenty-four months. There is no change
in the methodology or substance of this
information collection. The change in
burden is due solely to the decrease in
the estimated number of respondents
from 19 in 2021 to 17.
2. Title: Retail Foreign Exchange
Transactions.
OMB Number: 3064–0182.
Forms: None.
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
SUMMARY OF ESTIMATED ANNUAL BURDEN
[OMB No. 3064–0182]
Number of
responses per
respondent
Number of
respondents
Time per
response
(HH:MM)
Annual
burden
(hours)
Information collection
(obligation to respond)
Type of burden
(frequency of response)
1. Recordkeeping Requirements, 12 CFR 349.19, 12 CFR
349.21(b)(2), 12 CFR 349.25(a) (Mandatory).
2. Reporting Requirements, 12 CFR 349.16 (Mandatory) ..............
3. Disclosure Requirements, 12 CFR 349.22(a), 12 CFR
349.17(a)(4)(ii), 12 CFR 349.18, 12 CFR 349.25(c) and (d), 12
CFR 349.27, 12 CFR 349.28(a) and (b) (Mandatory).
Recordkeeping (Annual) .............
1
1
1,332:00
1,332
Reporting (Annual) .....................
Third-Party Disclosure (Annual)
1
1
1
1
16:00
276:00
16
276
Total Annual Burden (Hours) ....................................................
.....................................................
........................
........................
........................
1,624
ddrumheller on DSK120RN23PROD with NOTICES1
Source: FDIC.
General Description of Collection:
This information collection implements
section 742(c)(2) of the Dodd-Frank Act
(7 U.S.C. 2(c)(2)(E)) and FDIC
regulations governing retail foreign
exchange transactions as set forth at 12
CFR part 349, subpart B. The regulation
allows banking organizations under
FDIC supervision to engage in offexchange transactions in foreign
currency with retail customers provided
they comply with various reporting,
recordkeeping and third-party
disclosure requirements specified in the
rule. If an institution elects to conduct
such transactions, compliance with the
information collection is mandatory.
Reporting Requirements—part 349,
subpart B requires that, prior to
initiating a retail foreign exchange
business; a banking institution must
provide the FDIC with a notice
certifying that the institution has
written policies and procedures, and
risk measurement and management
systems and controls in place to ensure
that retail foreign exchange transactions
are conducted in a safe and sound
manner. The institution must also
provide information about how it
intends to manage customer due
diligence, new product approvals and
haircuts applied to noncash margin.
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Recordkeeping Requirements—part 349
subpart B requires that institutions
engaging in retail foreign exchange
transactions keep full, complete and
systematic records of account, financial
ledger, transaction, memorandum orders
and post execution allocations of
bunched orders. In addition, institutions
are required to maintain records
regarding their ratio of profitable
accounts, possible violations of law,
records of noncash margin and monthly
statements and confirmations issued.
Disclosure Requirements—The
regulation requires that, before opening
an account that will engage in retail
foreign exchange transactions, a banking
institution must obtain from each retail
foreign exchange customer an
acknowledgement of receipt and
understanding of a written disclosure
specified in the rule and of disclosures
about the banking institution’s fees and
other charges and of its profitable
accounts ratio. The institution must also
provide monthly statements to each
retail foreign exchange customer and
must send confirmation statements
following every transaction. The
customer dispute resolution provisions
of the regulation require certain
endorsements, acknowledgements and
signature language as well as the timely
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provision of a list of persons qualified
to handle a customer’s request for
arbitration.
After reviewing the requirements in
subpart B and the similar ICRs currently
approved by OMB for the OCC and the
Federal Reserve, the FDIC has
determined that subpart B imposes more
recordkeeping requirements than those
listed in the 2021 ICR. While the 2021
ICR listed 12 CFR 349.19 as the only
recordkeeping requirement in subpart
B,1 the FDIC notes that the requirement
in 12 CFR 349.21(b)(2) 2 also meets the
definition of a recordkeeping
requirement, as does the requirement in
12 CFR 349.25(a).3 The OCC and the
1 See
footnote 7.
CFR 349.21(b)(2) requires FDIC-supervised
institutions that are engaged in, or that offer to
engage in, retail foreign exchange transactions to
establish written policies and procedures that
include: Haircuts for noncash margin collected
pursuant to 12 CFR 349.21 (12 CFR 349.21(b)(2)(i)),
and annual evaluation and, if appropriate,
modification of the haircuts (12 CFR
349.21(b)(2)(ii)).
3 12 CFR 349.25(a)(1) requires FDIC-supervised
institutions that are engaged in retail foreign
exchange transactions to establish and implement
internal policies, procedures, and controls designed
to ensure that orders placed for retail foreign
exchange transactions by retail foreign exchange
customers are given priority over orders placed for
retail foreign exchange transactions for a
proprietary account of the FDIC-supervised
2 12
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Federal Register / Vol. 88, No. 245 / Friday, December 22, 2023 / Notices
Federal Reserve each listed
requirements that are analogous to those
in 12 CFR 349.21(b)(2) and 12 CFR
349.25(a) as recordkeeping requirements
in their similar ICRs,4 in addition to
recordkeeping requirements that are
analogous to those in 12 CFR 349.19.5
The FDIC is revising its information
collection to include this burden.
3. Title: Generic Information
Collection for Qualitative Research.
OMB Number: 3064–0198.
Affected Public: General public
including FDIC insured depository
institutions.
Burden Estimate:
SUMMARY OF ESTIMATED ANNUAL BURDEN
[OMB No. 3064–0198]
Information collection
(obligation to respond)
Type of burden
(frequency of response)
1. Generic Information Collection for Qualitative Research, (Voluntary).
Total Annual Burden (Hours) ....................................................
Number of
respondents
Number of
responses per
respondent
Time per
response
(HH:MM)
Annual
burden
(hours)
Reporting (Once) ........................
10,000
1
01:00
10,000
.....................................................
........................
........................
........................
10,000
ddrumheller on DSK120RN23PROD with NOTICES1
Source: FDIC.
General Description of Collection: The
FDIC is requesting renewal of this
approved collection to use occasional
qualitative surveys to gather information
from the public to inform qualitative
research. While the subject and nature
of the surveys to be deployed under this
information collection are yet to be
determined, based on prior experience it
is expected that the number or
respondents will range from a few to, at
times, several thousands, but, in
general, these surveys are expected to
involve an average of 500 respondents.
Likewise, the time to respond to the
surveys can range from a few minutes to
several hours, but it is expected that the
average time to respond to a survey is
approximately one hour. These surveys
are completely voluntary in nature.
FDIC estimates that approximately 20
such surveys will be conducted in any
given year. Currently, the FDIC has a
variety of methods to collect
quantitative information from
consumers and institutions (e.g., Call
Reports, FDIC National Survey of
Unbanked and Underbanked
Households, etc.). Qualitative data
would provide complementary
information on insights, opinions, and
perceptions that will inform how the
FDIC approaches its mission to
safeguard financial stability of the
banking system and promote consumer
protection and economic inclusion. This
clearance would allow the FDIC to
engage with consumers and other
relevant stakeholders through
qualitative research methods such as
focus groups, in-depth interviews,
cognitive testing, and/or qualitative
virtual methods. The purpose of the
surveys is, in general terms, to obtain
anecdotal information about regulatory
burden, problems or successes in the
bank supervisory process (including
both safety-and-soundness and
consumer related exams), the perceived
need for regulatory or statutory change,
and similar concerns. The information
in these surveys is anecdotal in nature,
that is, samples are not necessarily
random, the results are not necessarily
representative of a larger class of
potential respondents, and the goal is
not to produce a statistically valid and
reliable database. Rather, the surveys are
expected to yield anecdotal information
about the particular experiences and
opinions of members of the public,
primarily staff at respondent banks or
bank customers. The collection is
noncontroversial and does not raise
issues of concern to other Federal
agencies; with the exception of
information needed to provide
remuneration for participants of focus
groups and cognitive laboratory studies,
personally identifiable information (PII)
is collected only to the extent necessary
and is not retained. Participation in this
information collection will be voluntary
and conducted in-person, by phone, or
using other methods, such as virtual
technology. The types of collections that
this generic clearance covers include,
but are not limited to: Small discussion
groups; focus groups of consumers,
financial industry professionals, or
other stakeholders; cognitive laboratory
studies, such as those used to refine
questions or assess usability of a
website; qualitative customer
satisfaction surveys (e.g., posttransaction surveys; opt-out web
surveys); and in-person observation
testing (e.g., website or software
usability tests).
There is no change in the substance
or methodology of this information
collection.
institution (12 CFR 349.25(a)(1)(i)), or an account in
which a related person has an interest (12 CFR
349.25(a)(1)(ii), (iii), and (iv)). 12 CFR 349.14
defines ‘‘related person’’ as: (1) Any general partner,
officer, director, or owner of ten percent or more of
the capital stock of the FDIC-supervised insured
depository institution; (2) An associated person or
employee of the retail foreign exchange
counterparty, if the retail foreign exchange
counterparty is not an FDIC-supervised insured
depository institution; (3) An institution-affiliated
party, as that term is defined in 12 U.S.C.
1813(u)(1), (2), or (3), or employee of the retail
foreign exchange counterparty, if the retail foreign
exchange counterparty is not an FDIC-supervised
insured depository institution, or; (4) And relative
or spouse of any of the foregoing persons, or any
relative of such spouse, who shares the same home
as any of the foregoing persons. 12 CFR 349.25(a)(2)
requires FDIC-supervised institutions that are
engaged in retail foreign exchange transactions to
establish and implement internal policies,
procedures, and controls designed to prevent FDICsupervised insured depository institution related
persons from placing orders, directly or indirectly,
with another person in a manner designed to
circumvent the provisions of 12 CFR 349.25(a)(1).
12 CFR 349.25(a)(3) requires FDIC-supervised
institutions that are engaged in retail foreign
exchange transactions to establish and implement
internal policies, procedures, and controls designed
to fairly and objectively establish settlement prices
for retail foreign exchange transactions.
4 For the Federal Reserve, these requirements
include those in 12 CFR 240.9(b)(2) and 12 CFR
240.13(a). For the OCC, these requirements include
those in 12 CFR 48.13 and 12 CFR 48.9.
5 These requirements include the Federal
Reserve’s regulations at 12 CFR 240.7 and the OCC’s
regulations at 12 CFR 48.7.
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Request for Comment
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the 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; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
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Federal Register / Vol. 88, No. 245 / Friday, December 22, 2023 / Notices
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 18,
2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023–28206 Filed 12–21–23; 8:45 am]
BILLING CODE 6714–01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Joint Report to Congressional
Committees: Differences in
Accounting and Capital Standards
Among the Federal Banking Agencies
as of September 30, 2023
Office of the Comptroller of the
Currency, Treasury; Board of Governors
of the Federal Reserve System; and
Federal Deposit Insurance Corporation.
ACTION: Report to Congressional
Committees.
AGENCY:
The Office of the Comptroller
of the Currency (OCC), the Board of
Governors of the Federal Reserve
System (Board), and the Federal Deposit
Insurance Corporation (FDIC)
(collectively, the agencies) have
prepared this report pursuant to section
37(c) of the Federal Deposit Insurance
Act. Section 37(c) requires the agencies
to jointly submit an annual report to the
Committee on Financial Services of the
U.S. House of Representatives and to the
Committee on Banking, Housing, and
Urban Affairs of the U.S. Senate
describing differences among the
accounting and capital standards used
by the agencies for insured depository
institutions (institutions). Section 37(c)
requires that this report be published in
the Federal Register. The agencies have
not identified any material differences
among the agencies’ accounting and
capital standards applicable to the
institutions they regulate and supervise.
FOR FURTHER INFORMATION CONTACT:
OCC: Diana Wei, Risk Expert, Capital
Policy, (202) 649–5554, Rima Kundnani,
Counsel, Chief Counsel’s Office, (202)
649–5490, Office of the Comptroller of
the Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
Board: Andrew Willis, Manager, (202)
912–4323, Jennifer McClean, Senior
Financial Institution Policy Analyst II,
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
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18:10 Dec 21, 2023
Jkt 262001
(202) 785–6033, Shooka Saket, Senior
Financial Institution Policy Analyst II,
(202) 475–3869, Division of Supervision
and Regulation, Mark Buresh, Senior
Counsel (202) 452–5270 and Jasmin
Keskinen, Senior Attorney, (202) 475–
6650, Legal Division, Board of
Governors of the Federal Reserve
System, 20th Street and Constitution
Avenue NW, Washington, DC 20551.
For users of Telecommunications
Device for the Deaf (TDD) and TTY–
TRS, please call 711 from any
telephone, anywhere in the United
States.
FDIC: Benedetto Bosco, Chief, Capital
Policy Section, (703) 245–0778,
Christine Bouvier, Assistant Chief
Accountant, (202) 898–7289, Richard
Smith, Capital Policy Analyst, Capital
Policy Section, (703) 254–0782, Division
of Risk Management Supervision,
Amber Beck, Senior Attorney, (202)
898–3772, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The text of
the report follows:
Report to the Committee on Financial
Services of the U.S. House of
Representatives and to the Committee
on Banking, Housing, and Urban
Affairs of the U.S. Senate Regarding
Differences in Accounting and Capital
Standards among the Federal Banking
Agencies
Introduction
In accordance with section 37(c), the
agencies are submitting this joint report,
which covers differences among their
accounting and capital standards
existing as of September 30, 2023,
applicable to institutions.1 In recent
years, the agencies have acted together
to harmonize their accounting and
capital standards and eliminate as many
differences as possible. As of September
30, 2023, the agencies have not
identified any material differences
among the agencies’ accounting
standards applicable to institutions.
In 2013, the agencies revised the riskbased and leverage capital rule for
institutions (capital rule),2 which
1 Although not required under section 37(c), this
report includes descriptions of certain of the
Board’s capital standards applicable to depository
institution holding companies where such
descriptions are relevant to the discussion of capital
standards applicable to institutions.
2 See 78 FR 62018 (October 11, 2013) (final rule
issued by the OCC and the Board); 78 FR 55,340
(September 10, 2013) (interim final rule issued by
the FDIC). The FDIC later issued its final rule in 79
FR 20,754 (April 14, 2014). The agencies’ respective
capital rule is at 12 CFR pt. 3 (OCC), 12 CFR pt.
217 (Board), and 12 CFR pt. 324 (FDIC). The capital
rule applies to institutions, as well as to certain
bank holding companies (BHCs) and savings and
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harmonized the agencies’ capital rule in
a comprehensive manner.3 Since 2013,
the agencies have revised the capital
rule on several occasions, further
reducing the number of differences in
the agencies’ capital rule.4 Today, only
a few differences remain, which are
statutorily mandated for certain
categories of institutions or which
reflect certain technical, generally
nonmaterial differences among the
agencies’ capital rule. No new material
differences were identified in the capital
standards applicable to institutions in
this report compared to the previous
report submitted by the agencies
pursuant to section 37(c).
Differences in the Standards Among the
Federal Banking Agencies
Differences in Accounting Standards
As of September 30, 2023, the
agencies have not identified any
material differences among themselves
in the accounting standards applicable
to institutions.
Differences in Capital Standards
The following are the remaining
technical differences among the capital
standards of the agencies’ capital rule.5
Definitions
The agencies’ capital rule largely
contains the same definitions.6 The
differences that exist generally serve to
accommodate the different needs of the
institutions that each agency charters,
regulates, and/or supervises.
The agencies’ capital rule has
differing definitions of a pre-sold
construction loan. The capital rule of all
three agencies provides that a pre-sold
construction loan means any ‘‘one-tofour family residential construction loan
to a builder that meets the requirements
of section 618(a)(1) or (2) of the
loan holding companies (SLHCs). See also 12 CFR
217.1(c).
3 The capital rule reflects the scope of each
agency’s regulatory jurisdiction. For example, the
Board’s capital rule includes requirements related
to BHCs, SLHCs, and state member banks (SMBs),
while the FDIC’s capital rule includes provisions
for state nonmember banks and state savings
associations, and the OCC’s capital rule includes
provisions for national banks and federal savings
associations.
4 See, e.g., 84 FR 35234 (July 22, 2019). The OCC
and FDIC revised their capital rule to conform with
language in the Board’s capital rule related to the
qualification criteria for additional tier 1 capital
instruments and the definition of corporate
exposures. As a result, these differences, which
were included in previous reports submitted by the
agencies pursuant to section 37(c), have been
eliminated.
5 Certain minor differences, such as terminology
specific to each agency for the institutions that it
supervises, are not included in this report.
6 See 12 CFR 3.2 (OCC); 12 CFR 217.2 (Board); 12
CFR 324.2 (FDIC).
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]]>Agencies
[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88613-88616]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28206]
=======================================================================
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request; OMB No. 3064-0083; -0182; -0198
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its obligations under the Paperwork
Reduction Act of 1995, invites the general public and other Federal
agencies to take this opportunity to comment on the request to renew
the existing information collections described below (OMB Control No.
3064-0083; -0182; -0198). The notices of the proposed renewal for these
information collections were previously published in the Federal
Register on October 19, 2023, allowing for a 60-day comment period.
DATES: Comments must be submitted on or before January 22, 2024.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street NW building (located on F Street
NW), on business days between 7 a.m. and 5 p.m.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to www.reginfo.gov/public/do/PRAMain. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
1. Title: Recordkeeping and Disclosure Requirements in Connection
with Regulation M (Consumer Leasing).
OMB Number: 3064-0083.
Affected Public: State nonmember banks and state savings
associations engaging in consumer leasing.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0083]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Recordkeeping Requirements in Recordkeeping (On 17 100 00:22.5 638
Connection with Regulation M occasion).
(Consumer Leasing), 12 CFR
1013.8.
Third-Party Disclosure Third-Party 17 100 00:22.5 638
Requirements in Connection with Disclosure (On
Regulation M (Consumer occasion).
Leasing), 12 CFR 1013.3.
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[[Page 88614]]
Total Annual Burden (Hours). ................... .............. .............. .............. 1,276
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: Regulation M (12 CFR 1013),
issued by the Bureau of Consumer Financial Protection, implements the
consumer leasing provisions of the Truth in Lending Act. Regulation M
requires lessors of personal property to provide consumers with
meaningful disclosures about the costs and terms of the leases for
personal property. Lessors are required to retain evidence of
compliance with Regulation M for twenty-four months. There is no change
in the methodology or substance of this information collection. The
change in burden is due solely to the decrease in the estimated number
of respondents from 19 in 2021 to 17.
2. Title: Retail Foreign Exchange Transactions.
OMB Number: 3064-0182.
Forms: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0182]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
1. Recordkeeping Requirements, Recordkeeping 1 1 1,332:00 1,332
12 CFR 349.19, 12 CFR (Annual).
349.21(b)(2), 12 CFR 349.25(a)
(Mandatory).
2. Reporting Requirements, 12 Reporting (Annual). 1 1 16:00 16
CFR 349.16 (Mandatory).
3. Disclosure Requirements, 12 Third-Party 1 1 276:00 276
CFR 349.22(a), 12 CFR Disclosure
349.17(a)(4)(ii), 12 CFR (Annual).
349.18, 12 CFR 349.25(c) and
(d), 12 CFR 349.27, 12 CFR
349.28(a) and (b) (Mandatory).
----------------------------------------------------------
Total Annual Burden (Hours). ................... .............. .............. .............. 1,624
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: This information collection
implements section 742(c)(2) of the Dodd-Frank Act (7 U.S.C.
2(c)(2)(E)) and FDIC regulations governing retail foreign exchange
transactions as set forth at 12 CFR part 349, subpart B. The regulation
allows banking organizations under FDIC supervision to engage in off-
exchange transactions in foreign currency with retail customers
provided they comply with various reporting, recordkeeping and third-
party disclosure requirements specified in the rule. If an institution
elects to conduct such transactions, compliance with the information
collection is mandatory. Reporting Requirements--part 349, subpart B
requires that, prior to initiating a retail foreign exchange business;
a banking institution must provide the FDIC with a notice certifying
that the institution has written policies and procedures, and risk
measurement and management systems and controls in place to ensure that
retail foreign exchange transactions are conducted in a safe and sound
manner. The institution must also provide information about how it
intends to manage customer due diligence, new product approvals and
haircuts applied to noncash margin. Recordkeeping Requirements--part
349 subpart B requires that institutions engaging in retail foreign
exchange transactions keep full, complete and systematic records of
account, financial ledger, transaction, memorandum orders and post
execution allocations of bunched orders. In addition, institutions are
required to maintain records regarding their ratio of profitable
accounts, possible violations of law, records of noncash margin and
monthly statements and confirmations issued. Disclosure Requirements--
The regulation requires that, before opening an account that will
engage in retail foreign exchange transactions, a banking institution
must obtain from each retail foreign exchange customer an
acknowledgement of receipt and understanding of a written disclosure
specified in the rule and of disclosures about the banking
institution's fees and other charges and of its profitable accounts
ratio. The institution must also provide monthly statements to each
retail foreign exchange customer and must send confirmation statements
following every transaction. The customer dispute resolution provisions
of the regulation require certain endorsements, acknowledgements and
signature language as well as the timely provision of a list of persons
qualified to handle a customer's request for arbitration.
After reviewing the requirements in subpart B and the similar ICRs
currently approved by OMB for the OCC and the Federal Reserve, the FDIC
has determined that subpart B imposes more recordkeeping requirements
than those listed in the 2021 ICR. While the 2021 ICR listed 12 CFR
349.19 as the only recordkeeping requirement in subpart B,\1\ the FDIC
notes that the requirement in 12 CFR 349.21(b)(2) \2\ also meets the
definition of a recordkeeping requirement, as does the requirement in
12 CFR 349.25(a).\3\ The OCC and the
[[Page 88615]]
Federal Reserve each listed requirements that are analogous to those in
12 CFR 349.21(b)(2) and 12 CFR 349.25(a) as recordkeeping requirements
in their similar ICRs,\4\ in addition to recordkeeping requirements
that are analogous to those in 12 CFR 349.19.\5\ The FDIC is revising
its information collection to include this burden.
---------------------------------------------------------------------------
\1\ See footnote 7.
\2\ 12 CFR 349.21(b)(2) requires FDIC-supervised institutions
that are engaged in, or that offer to engage in, retail foreign
exchange transactions to establish written policies and procedures
that include: Haircuts for noncash margin collected pursuant to 12
CFR 349.21 (12 CFR 349.21(b)(2)(i)), and annual evaluation and, if
appropriate, modification of the haircuts (12 CFR 349.21(b)(2)(ii)).
\3\ 12 CFR 349.25(a)(1) requires FDIC-supervised institutions
that are engaged in retail foreign exchange transactions to
establish and implement internal policies, procedures, and controls
designed to ensure that orders placed for retail foreign exchange
transactions by retail foreign exchange customers are given priority
over orders placed for retail foreign exchange transactions for a
proprietary account of the FDIC-supervised institution (12 CFR
349.25(a)(1)(i)), or an account in which a related person has an
interest (12 CFR 349.25(a)(1)(ii), (iii), and (iv)). 12 CFR 349.14
defines ``related person'' as: (1) Any general partner, officer,
director, or owner of ten percent or more of the capital stock of
the FDIC-supervised insured depository institution; (2) An
associated person or employee of the retail foreign exchange
counterparty, if the retail foreign exchange counterparty is not an
FDIC-supervised insured depository institution; (3) An institution-
affiliated party, as that term is defined in 12 U.S.C. 1813(u)(1),
(2), or (3), or employee of the retail foreign exchange
counterparty, if the retail foreign exchange counterparty is not an
FDIC-supervised insured depository institution, or; (4) And relative
or spouse of any of the foregoing persons, or any relative of such
spouse, who shares the same home as any of the foregoing persons. 12
CFR 349.25(a)(2) requires FDIC-supervised institutions that are
engaged in retail foreign exchange transactions to establish and
implement internal policies, procedures, and controls designed to
prevent FDIC-supervised insured depository institution related
persons from placing orders, directly or indirectly, with another
person in a manner designed to circumvent the provisions of 12 CFR
349.25(a)(1). 12 CFR 349.25(a)(3) requires FDIC-supervised
institutions that are engaged in retail foreign exchange
transactions to establish and implement internal policies,
procedures, and controls designed to fairly and objectively
establish settlement prices for retail foreign exchange
transactions.
\4\ For the Federal Reserve, these requirements include those in
12 CFR 240.9(b)(2) and 12 CFR 240.13(a). For the OCC, these
requirements include those in 12 CFR 48.13 and 12 CFR 48.9.
\5\ These requirements include the Federal Reserve's regulations
at 12 CFR 240.7 and the OCC's regulations at 12 CFR 48.7.
---------------------------------------------------------------------------
3. Title: Generic Information Collection for Qualitative Research.
OMB Number: 3064-0198.
Affected Public: General public including FDIC insured depository
institutions.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0198]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
1. Generic Information Reporting (Once)... 10,000 1 01:00 10,000
Collection for Qualitative
Research, (Voluntary).
----------------------------------------------------------
Total Annual Burden (Hours). ................... .............. .............. .............. 10,000
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: The FDIC is requesting renewal
of this approved collection to use occasional qualitative surveys to
gather information from the public to inform qualitative research.
While the subject and nature of the surveys to be deployed under this
information collection are yet to be determined, based on prior
experience it is expected that the number or respondents will range
from a few to, at times, several thousands, but, in general, these
surveys are expected to involve an average of 500 respondents.
Likewise, the time to respond to the surveys can range from a few
minutes to several hours, but it is expected that the average time to
respond to a survey is approximately one hour. These surveys are
completely voluntary in nature. FDIC estimates that approximately 20
such surveys will be conducted in any given year. Currently, the FDIC
has a variety of methods to collect quantitative information from
consumers and institutions (e.g., Call Reports, FDIC National Survey of
Unbanked and Underbanked Households, etc.). Qualitative data would
provide complementary information on insights, opinions, and
perceptions that will inform how the FDIC approaches its mission to
safeguard financial stability of the banking system and promote
consumer protection and economic inclusion. This clearance would allow
the FDIC to engage with consumers and other relevant stakeholders
through qualitative research methods such as focus groups, in-depth
interviews, cognitive testing, and/or qualitative virtual methods. The
purpose of the surveys is, in general terms, to obtain anecdotal
information about regulatory burden, problems or successes in the bank
supervisory process (including both safety-and-soundness and consumer
related exams), the perceived need for regulatory or statutory change,
and similar concerns. The information in these surveys is anecdotal in
nature, that is, samples are not necessarily random, the results are
not necessarily representative of a larger class of potential
respondents, and the goal is not to produce a statistically valid and
reliable database. Rather, the surveys are expected to yield anecdotal
information about the particular experiences and opinions of members of
the public, primarily staff at respondent banks or bank customers. The
collection is noncontroversial and does not raise issues of concern to
other Federal agencies; with the exception of information needed to
provide remuneration for participants of focus groups and cognitive
laboratory studies, personally identifiable information (PII) is
collected only to the extent necessary and is not retained.
Participation in this information collection will be voluntary and
conducted in-person, by phone, or using other methods, such as virtual
technology. The types of collections that this generic clearance covers
include, but are not limited to: Small discussion groups; focus groups
of consumers, financial industry professionals, or other stakeholders;
cognitive laboratory studies, such as those used to refine questions or
assess usability of a website; qualitative customer satisfaction
surveys (e.g., post- transaction surveys; opt-out web surveys); and in-
person observation testing (e.g., website or software usability tests).
There is no change in the substance or methodology of this
information collection.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the 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; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
[[Page 88616]]
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 18, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-28206 Filed 12-21-23; 8:45 am]
BILLING CODE 6714-01-P
