Agency Information Collection Activities: Proposed Collection Renewal; Comment Request, 84134-84136 [2024-24259]
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84134
Federal Register / Vol. 89, No. 203 / Monday, October 21, 2024 / Notices
APPENDIX A—CONSTRUCTION PERMITS McKernan, Director Michael J. Hsu
(Acting Comptroller of the Currency),
IN NCETV FILING WINDOW
Channel
No.
State
Community
AL ...........
AK ...........
AK ...........
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ID ............
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Vernon .....................
Anchorage ...............
Bethel ......................
Colusa .....................
Fort Bragg ...............
Tulare ......................
Filer ..........................
Ames .......................
Alamogordo .............
Jacksonville .............
Waco .......................
Waynesboro ............
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* 12
Federal Communications Commission.
Thomas Horan,
Chief of Staff, Media Bureau.
[FR Doc. 2024–24245 Filed 10–18–24; 8:45 am]
BILLING CODE 6712–01–P
Dated this 17th day of October, 2024.
Federal Deposit Insurance Corporation.
James P. Sheesley,
Assistant Executive Secretary.
FEDERAL DEPOSIT INSURANCE
CORPORATION
Sunshine Act Meetings
10:19 a.m. on Thursday,
October 17, 2024.
PLACE: The meeting was held in the
Board Room located on the sixth floor
of the FDIC Building located at 550 17th
Street NW, Washington, DC.
STATUS: Closed.
MATTERS TO BE CONSIDERED: The Board
of Directors of the Federal Deposit
Insurance Corporation met to consider
matters related to the Corporation’s
resolution, supervision, and corporate
activities. In calling the meeting, the
Board determined, on motion of
Director Michael J. Hsu (Acting
Comptroller of the Currency), seconded
by Director Rohit Chopra (Director,
Consumer Financial Protection Bureau),
by the unanimous vote of Chairman
Martin J. Gruenberg, Vice Chairman
Travis Hill, Director Jonathan
TIME AND DATE:
and Director Rohit Chopra (Director,
Consumer Financial Protection Bureau),
that Corporation business required its
consideration of the matters which were
to be the subject of this meeting on less
than seven days’ notice to the public;
that no earlier notice of the meeting was
practicable; that the public interest did
not require consideration of the matters
in a meeting open to public observation;
and that the matters could be
considered in a closed meeting by
authority of subsections (c)(2), (c)(4),
(c)(6), (c)(8), (c)(9)(A), and (c)(9)(B), of
the ‘‘Government in the Sunshine Act’’
(5 U.S.C. 552b (c)(2), (c)(4), (c)(6), (c)(8),
(c)(9)(A), and (c)(9)(B)).
CONTACT PERSON FOR MORE INFORMATION:
Requests for further information
concerning the meeting may be directed
to Debra A. Decker, Executive Secretary
of the Corporation, at 202–898–8748.
[FR Doc. 2024–24440 Filed 10–17–24; 4:15 pm]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–0183]
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request
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 (PRA), invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of the existing
SUMMARY:
information collections described below
(OMB Control No. 3064–0183).
DATES: Comments must be submitted on
or before December 20, 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 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
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: Credit Risk Retention.
OMB Number: 3064–0183.
Form Number: None.
Affected Public: Insured state
nonmember banks, state savings
institutions, insured state branches of
foreign banks, and any subsidiary of the
aforementioned entities.
BURDEN ESTIMATE
Type of burden
(obligation to respond)
IC description
Frequency of
response
Estimated
number of
respondents
Number of
responses/
respondent
Hours per
response
Total
annual
estimated
burden
lotter on DSK11XQN23PROD with NOTICES1
Disclosure Burdens
§ 373.4(a)(2) Standard Risk Retention—Horizontal Interest
§ 373.4(a)(1) Standard Risk Retention—Vertical Interest ...
§ 373.4(a)(3) Standard Risk Retention—Combined Interest *.
§ 373.5 Revolving Master Trusts ........................................
§ 373.6 Eligible ABCP Conduits * .......................................
§ 373.7 Commercial MBS * .................................................
§ 373.10 Qualified Tender Option Bonds * .........................
§ 373.11 Allocation of Risk Retention to an Originator * ....
§ 373.13 Exemption for Qualified Residential Mortgages *
§ 373.15 Exemption for Qualifying Commercial Loans,
Commercial Real Estate and Automobile Loans *.
VerDate Sep<11>2014
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Disclosure (Mandatory) ...........
Disclosure (Mandatory) ...........
Disclosure (Mandatory) ...........
On Occasion .....
On Occasion .....
On Occasion .....
2
2
1
2
2
1
5.5
2.0
7.5
22
8
8
Disclosure
Disclosure
Disclosure
Disclosure
Disclosure
Disclosure
Disclosure
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
On
On
On
On
On
On
On
3
1
1
1
1
1
1
2
1
1
1
1
1
1
7.0
3.0
20.75
6.0
2.5
1.25
20.0
42
3
21
6
3
1
20
Frm 00026
Fmt 4703
...........
...........
...........
...........
...........
...........
...........
Sfmt 4703
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
.....
.....
.....
.....
.....
.....
.....
E:\FR\FM\21OCN1.SGM
21OCN1
84135
Federal Register / Vol. 89, No. 203 / Monday, October 21, 2024 / Notices
BURDEN ESTIMATE—Continued
Hours per
response
Total
annual
estimated
burden
1
1.25
1
1
1
1.25
1
On Occasion .....
1
1
1.25
1
...........................
....................
....................
................
137
Estimated
number of
respondents
Type of burden
(obligation to respond)
Frequency of
response
§ 373.16 Underwriting Standards for Qualifying Commercial Loans *.
§ 373.17 Underwriting Standards for Qualifying Commercial Real Estate Loans *.
Disclosure (Mandatory) ...........
On Occasion .....
1
Disclosure (Mandatory) ...........
On Occasion .....
§ 373.18 Underwriting Standards for Qualifying Automobile Loans *.
Disclosure Subtotal ......................................................
Disclosure (Mandatory) ...........
.................................................
IC description
Number of
responses/
respondent
Recordkeeping Burdens
§ 373.4(a)(2) Standard Risk Retention—Horizontal Interest
§ 373.4(a)(1) Standard Risk Retention—Vertical Interest ...
§ 373.4(a)(3) Standard Risk Retention—Combined Interest *.
§ 373.5 Revolving Master Trusts ........................................
§ 373.6 Eligible ABCP Conduits * .......................................
§ 373.7 Commercial MBS * .................................................
§ 373.11 Allocation of Risk Retention to an Originator * ....
§ 373.13 Exemption for Qualified Residential Mortgages *
§ 373.15 Exemption for Qualifying Commercial Loans,
Commercial Real Estate and Automobile Loans *.
§ 373.16 Underwriting Standards for Qualifying Commercial Loans *.
§ 373.17 Underwriting Standards for Qualifying Commercial Real Estate Loans *.
§ 373.18 Underwriting Standards for Qualifying Automobile Loans *.
Recordkeeping (Mandatory) ....
Recordkeeping (Mandatory) ....
Recordkeeping (Mandatory) ....
On Occasion .....
On Occasion .....
On Occasion .....
2
2
1
2
2
1
0.5
0.5
0.5
2
2
1
Recordkeeping
Recordkeeping
Recordkeeping
Recordkeeping
Recordkeeping
Recordkeeping
On
On
On
On
On
On
.....
.....
.....
.....
.....
.....
3
1
1
1
1
1
2
1
1
1
1
1
0.5
20.0
30.0
20.0
40.0
0.5
3
20
30
20
40
1
Recordkeeping (Mandatory) ....
On Occasion .....
1
1
40.0
40
Recordkeeping (Mandatory) ....
On Occasion .....
1
1
40.0
40
Recordkeeping (Mandatory) ....
On Occasion .....
1
1
40.0
40
Recordkeeping Subtotal ...............................................
Total Annual Burden Hours ..................................
.................................................
.................................................
...........................
...........................
....................
....................
....................
....................
................
................
239
376
lotter on DSK11XQN23PROD with NOTICES1
General Description of Collection:
This information collection request
comprises disclosure and recordkeeping
requirements under the credit risk
retention rule issued pursuant to section
15G of the Securities Exchange Act of
1934 (15 U.S.C. 78o–11), as added by
section 941 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank).1 The Credit Risk
Retention rule (the Rule) was jointly
issued in 2015 by the FDIC, the Office
of the Comptroller of the Currency
(OCC), the Federal Reserve Board
(Board), the Securities and Exchange
Commission (SEC) and, with respect to
the portions of the Rule addressing the
securitization of residential mortgages,
the Federal Housing Finance Agency
(FHFA) and the Department of Housing
and Urban Development (HUD).2 The
FDIC regulations corresponding to the
Rule are found at 12 CFR part 373.3
Section 941 of Dodd-Frank requires
the Board, the FDIC, the OCC, the SEC,
and, in the case of the securitization of
any ‘‘residential mortgage asset,’’
1 Public
Law 111–2–3, 124 Stat. 1376 (2010).
FR 77740.
3 Each agency adopted the same rule text but each
agency’s version of its rule is codified in different
parts of the Code of Federal Regulations with
substantially identical section numbers (e.g. l.01;
l.02, etc.). Rule citations herein are to FDIC’s
version of the Rule, which is codified at 12 CFR
part 373.
2 79
VerDate Sep<11>2014
16:27 Oct 18, 2024
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(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
(Mandatory)
....
....
....
....
....
....
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
together with HUD and FHFA, to jointly
prescribe regulations that (1) require an
issuer of an asset-backed security or a
person who organizes and initiates an
asset-backed securities transaction by
selling or transferring assets, either
directly or indirectly, including through
an affiliate, to the issuer (issuer or
organizer) to retain not less than five
percent of the credit risk of any asset
that the issuer or organizer, through the
issuance of an asset-backed security
(ABS), transfers, sells or conveys to a
third party and (2) prohibit an issuer or
organizer from directly or indirectly
hedging or otherwise transferring the
credit risk that the issuer or organizer is
required to retain under section 941 and
the agencies’ implementing rules.
Exempted from the credit risk retention
requirements of section 941 are certain
types of securitization transactions,
including ABS collateralized solely by
qualified residential mortgages (QRMs),
as that term is defined in the Rule. In
addition, section 941 provides that the
agencies must permit an issuer or
organizer to retain less than five percent
of the credit risk of residential mortgage
loans, commercial real estate (CRE)
loans, commercial loans and automobile
loans that are transferred, sold or
conveyed through the issuance of ABS
by the issuer or organizer, if the loans
meet underwriting standards
PO 00000
Frm 00027
Fmt 4703
Sfmt 4703
established by the Federal banking
agencies.
The FDIC implemented section 941 of
Dodd-Frank through 12 CFR part 373
(the Rule). The Rule defines a
securitizer as (1) the depositor of the
asset-backed securities (if the depositor
is not the sponsor); or (2) the sponsor of
the asset-backed securities.4 The Rule
provides a menu of credit risk retention
options from which securitizers can
choose and sets out the standards,
including disclosure, recordkeeping,
and reporting requirements, for each
option; identifies the eligibility criteria,
including certification and disclosure
requirements, that must be met for ABS
offerings to qualify for the QRM and
other exemptions; specifies the
underwriting standards for CRE loans,
commercial loans and automobile loans,
as well as disclosure, certification and
recordkeeping requirements, that must
be met for ABS issuances collateralized
by such loans to qualify for reduced
credit risk retention; and sets forth the
circumstances under which retention
obligations may be allocated by
sponsors to originators, including
disclosure and monitoring
requirements.
The regulations at 12 CFR part 373
contains several requirements that
qualify as information collections under
4 12
E:\FR\FM\21OCN1.SGM
CFR 373.2.
21OCN1
84136
Federal Register / Vol. 89, No. 203 / Monday, October 21, 2024 / Notices
the PRA. The information collection
requirements are found in §§ 373.4, 373,
373.6, 373.7, 373.8, 373.9, 373.10,
373.11, 373.13, 373.15, 373.16, 373.17,
373.18, and 373.19(g). The
recordkeeping requirements relate
primarily to (1) the adoption and
maintenance of various policies and
procedures to ensure and monitor
compliance with regulatory
requirements; and (2) certifications,
including as to the effectiveness of
internal supervisory controls. The
required disclosures for each risk
retention option are intended to provide
investors with material information
concerning the sponsor’s retained
interest in a securitization transaction
(e.g., the amount, form and nature of the
retained interest, material assumptions
and methodology, representations and
warranties). Compliance with the
information collection requirements is
mandatory, responses to the information
collections will not be kept confidential
and, with the exception of the
recordkeeping requirements in
§§ 373.4(d), 373.5(k)(3), and 373.15(d),
the Rule does not specify a mandatory
retention period for the information.
Request for Comment
Comments are invited on (a) whether
the collections of information are
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 collections,
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 collections 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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 15,
2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024–24259 Filed 10–18–24; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–0028; –0109; –0124; –0134;
–0162; –0179; –0195]
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request
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.
3064–0028, –0109, –0124, –0134, –0162,
–0179 and –0195). The notices of
proposed renewal for these information
collections were previously published
in the Federal Register on August 21,
2024, and September 9, 2024, allowing
for a 60-day comment period.
DATES: Comments must be submitted on
or before November 20, 2024.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
SUMMARY:
• 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 7:00 a.m. and 5:00 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
Confirmation Requirements for
Securities Transactions.
OMB Number: 3064–0028.
Form Number: None.
Affected Public: FDIC-Insured
Institutions and Certain Employees of
the FDIC-Insured Institutions.
Burden Estimate:
SUMMARY OF ESTIMATED ANNUAL BURDEN (OMB NO. 3064–0028)
Information collection (IC)
(obligation to respond)
Type of burden
(frequency of response)
1. Maintain Securities Trading Policies and Procedures, 12 CFR 344.8
(Mandatory).
2. Officer/Employee Filing of Reports of Personal Securities Trading, 12
CFR 344.9 (Mandatory).
Recordkeeping (On Occasion) .......
Total Annual Burden (Hours) .............................................................
.........................................................
Number of
respondents
Number of
responses per
respondent
Time per
response
(HH:MM)
632
1
1:00
632
1,896
4
1:00
7,584
....................
........................
................
8,216
Third Party Disclosure (On Occasion).
Annual
burden
(hours)
lotter on DSK11XQN23PROD with NOTICES1
Source: FDIC.
General Description of Collection: The
collection of information requirements
is contained in 12 CFR part 344. The
purpose of the regulation is to ensure
that purchasers of securities in
transactions affected by insured State
nonmember banks are provided with
adequate records concerning the
VerDate Sep<11>2014
16:27 Oct 18, 2024
Jkt 265001
transactions. The regulation is also
designed to ensure that insured State
nonmember banks maintain adequate
records and controls with respect to the
securities transactions they effect.
Finally, this regulation requires officers
and employees of FDIC-supervised
institutions to report to the FDIC-
PO 00000
Frm 00028
Fmt 4703
Sfmt 4703
supervised institution certain personal
securities trading activity. There is no
change in the methodology or substance
of this information collection. The
decrease in total estimated annual
burden from 8,583 hours in 2021 to
8,216 hours currently is due to a
E:\FR\FM\21OCN1.SGM
21OCN1
]]>Agencies
[Federal Register Volume 89, Number 203 (Monday, October 21, 2024)]
[Notices]
[Pages 84134-84136]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-24259]
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0183]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
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 (PRA), invites the general public and other
Federal agencies to take this opportunity to comment on the renewal of
the existing information collections described below (OMB Control No.
3064-0183).
DATES: Comments must be submitted on or before December 20, 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 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A
copy of the comments may also be submitted to the OMB desk officer for
the FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
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: Credit Risk Retention.
OMB Number: 3064-0183.
Form Number: None.
Affected Public: Insured state nonmember banks, state savings
institutions, insured state branches of foreign banks, and any
subsidiary of the aforementioned entities.
Burden Estimate
--------------------------------------------------------------------------------------------------------------------------------------------------------
Total
Type of burden (obligation Estimated Number of Hours per annual
IC description to respond) Frequency of response number of responses/ response estimated
respondents respondent burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Disclosure Burdens
--------------------------------------------------------------------------------------------------------------------------------------------------------
Sec. 373.4(a)(2) Standard Risk Disclosure (Mandatory)...... On Occasion.................... 2 2 5.5 22
Retention--Horizontal Interest.
Sec. 373.4(a)(1) Standard Risk Disclosure (Mandatory)...... On Occasion.................... 2 2 2.0 8
Retention--Vertical Interest.
Sec. 373.4(a)(3) Standard Risk Disclosure (Mandatory)...... On Occasion.................... 1 1 7.5 8
Retention--Combined Interest *.
Sec. 373.5 Revolving Master Trusts..... Disclosure (Mandatory)...... On Occasion.................... 3 2 7.0 42
Sec. 373.6 Eligible ABCP Conduits *.... Disclosure (Mandatory)...... On Occasion.................... 1 1 3.0 3
Sec. 373.7 Commercial MBS *............ Disclosure (Mandatory)...... On Occasion.................... 1 1 20.75 21
Sec. 373.10 Qualified Tender Option Disclosure (Mandatory)...... On Occasion.................... 1 1 6.0 6
Bonds *.
Sec. 373.11 Allocation of Risk Disclosure (Mandatory)...... On Occasion.................... 1 1 2.5 3
Retention to an Originator *.
Sec. 373.13 Exemption for Qualified Disclosure (Mandatory)...... On Occasion.................... 1 1 1.25 1
Residential Mortgages *.
Sec. 373.15 Exemption for Qualifying Disclosure (Mandatory)...... On Occasion.................... 1 1 20.0 20
Commercial Loans, Commercial Real Estate
and Automobile Loans *.
[[Page 84135]]
Sec. 373.16 Underwriting Standards for Disclosure (Mandatory)...... On Occasion.................... 1 1 1.25 1
Qualifying Commercial Loans *.
Sec. 373.17 Underwriting Standards for Disclosure (Mandatory)...... On Occasion.................... 1 1 1.25 1
Qualifying Commercial Real Estate Loans
*.
--------------------------------------------------------------------------------------------------------------
Sec. 373.18 Underwriting Standards for Disclosure (Mandatory)...... On Occasion.................... 1 1 1.25 1
Qualifying Automobile Loans *.
Disclosure Subtotal.................. ............................ ............................... ........... ........... ......... 137
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping Burdens
--------------------------------------------------------------------------------------------------------------------------------------------------------
Sec. 373.4(a)(2) Standard Risk Recordkeeping (Mandatory)... On Occasion.................... 2 2 0.5 2
Retention--Horizontal Interest.
Sec. 373.4(a)(1) Standard Risk Recordkeeping (Mandatory)... On Occasion.................... 2 2 0.5 2
Retention--Vertical Interest.
Sec. 373.4(a)(3) Standard Risk Recordkeeping (Mandatory)... On Occasion.................... 1 1 0.5 1
Retention--Combined Interest *.
Sec. 373.5 Revolving Master Trusts..... Recordkeeping (Mandatory)... On Occasion.................... 3 2 0.5 3
Sec. 373.6 Eligible ABCP Conduits *.... Recordkeeping (Mandatory)... On Occasion.................... 1 1 20.0 20
Sec. 373.7 Commercial MBS *............ Recordkeeping (Mandatory)... On Occasion.................... 1 1 30.0 30
Sec. 373.11 Allocation of Risk Recordkeeping (Mandatory)... On Occasion.................... 1 1 20.0 20
Retention to an Originator *.
Sec. 373.13 Exemption for Qualified Recordkeeping (Mandatory)... On Occasion.................... 1 1 40.0 40
Residential Mortgages *.
Sec. 373.15 Exemption for Qualifying Recordkeeping (Mandatory)... On Occasion.................... 1 1 0.5 1
Commercial Loans, Commercial Real Estate
and Automobile Loans *.
Sec. 373.16 Underwriting Standards for Recordkeeping (Mandatory)... On Occasion.................... 1 1 40.0 40
Qualifying Commercial Loans *.
Sec. 373.17 Underwriting Standards for Recordkeeping (Mandatory)... On Occasion.................... 1 1 40.0 40
Qualifying Commercial Real Estate Loans
*.
Sec. 373.18 Underwriting Standards for Recordkeeping (Mandatory)... On Occasion.................... 1 1 40.0 40
Qualifying Automobile Loans *.
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Recordkeeping Subtotal............... ............................ ............................... ........... ........... ......... 239
Total Annual Burden Hours........ ............................ ............................... ........... ........... ......... 376
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General Description of Collection: This information collection
request comprises disclosure and recordkeeping requirements under the
credit risk retention rule issued pursuant to section 15G of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-11), as added by section
941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank).\1\ The Credit Risk Retention rule (the Rule) was jointly
issued in 2015 by the FDIC, the Office of the Comptroller of the
Currency (OCC), the Federal Reserve Board (Board), the Securities and
Exchange Commission (SEC) and, with respect to the portions of the Rule
addressing the securitization of residential mortgages, the Federal
Housing Finance Agency (FHFA) and the Department of Housing and Urban
Development (HUD).\2\ The FDIC regulations corresponding to the Rule
are found at 12 CFR part 373.\3\
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\1\ Public Law 111-2-3, 124 Stat. 1376 (2010).
\2\ 79 FR 77740.
\3\ Each agency adopted the same rule text but each agency's
version of its rule is codified in different parts of the Code of
Federal Regulations with substantially identical section numbers
(e.g. _.01; _.02, etc.). Rule citations herein are to FDIC's version
of the Rule, which is codified at 12 CFR part 373.
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Section 941 of Dodd-Frank requires the Board, the FDIC, the OCC,
the SEC, and, in the case of the securitization of any ``residential
mortgage asset,'' together with HUD and FHFA, to jointly prescribe
regulations that (1) require an issuer of an asset-backed security or a
person who organizes and initiates an asset-backed securities
transaction by selling or transferring assets, either directly or
indirectly, including through an affiliate, to the issuer (issuer or
organizer) to retain not less than five percent of the credit risk of
any asset that the issuer or organizer, through the issuance of an
asset-backed security (ABS), transfers, sells or conveys to a third
party and (2) prohibit an issuer or organizer from directly or
indirectly hedging or otherwise transferring the credit risk that the
issuer or organizer is required to retain under section 941 and the
agencies' implementing rules. Exempted from the credit risk retention
requirements of section 941 are certain types of securitization
transactions, including ABS collateralized solely by qualified
residential mortgages (QRMs), as that term is defined in the Rule. In
addition, section 941 provides that the agencies must permit an issuer
or organizer to retain less than five percent of the credit risk of
residential mortgage loans, commercial real estate (CRE) loans,
commercial loans and automobile loans that are transferred, sold or
conveyed through the issuance of ABS by the issuer or organizer, if the
loans meet underwriting standards established by the Federal banking
agencies.
The FDIC implemented section 941 of Dodd-Frank through 12 CFR part
373 (the Rule). The Rule defines a securitizer as (1) the depositor of
the asset-backed securities (if the depositor is not the sponsor); or
(2) the sponsor of the asset-backed securities.\4\ The Rule provides a
menu of credit risk retention options from which securitizers can
choose and sets out the standards, including disclosure, recordkeeping,
and reporting requirements, for each option; identifies the eligibility
criteria, including certification and disclosure requirements, that
must be met for ABS offerings to qualify for the QRM and other
exemptions; specifies the underwriting standards for CRE loans,
commercial loans and automobile loans, as well as disclosure,
certification and recordkeeping requirements, that must be met for ABS
issuances collateralized by such loans to qualify for reduced credit
risk retention; and sets forth the circumstances under which retention
obligations may be allocated by sponsors to originators, including
disclosure and monitoring requirements.
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\4\ 12 CFR 373.2.
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The regulations at 12 CFR part 373 contains several requirements
that qualify as information collections under
[[Page 84136]]
the PRA. The information collection requirements are found in
Sec. Sec. 373.4, 373, 373.6, 373.7, 373.8, 373.9, 373.10, 373.11,
373.13, 373.15, 373.16, 373.17, 373.18, and 373.19(g). The
recordkeeping requirements relate primarily to (1) the adoption and
maintenance of various policies and procedures to ensure and monitor
compliance with regulatory requirements; and (2) certifications,
including as to the effectiveness of internal supervisory controls. The
required disclosures for each risk retention option are intended to
provide investors with material information concerning the sponsor's
retained interest in a securitization transaction (e.g., the amount,
form and nature of the retained interest, material assumptions and
methodology, representations and warranties). Compliance with the
information collection requirements is mandatory, responses to the
information collections will not be kept confidential and, with the
exception of the recordkeeping requirements in Sec. Sec. 373.4(d),
373.5(k)(3), and 373.15(d), the Rule does not specify a mandatory
retention period for the information.
Request for Comment
Comments are invited on (a) whether the collections of information
are 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 collections,
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 collections 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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 15, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-24259 Filed 10-18-24; 8:45 am]
BILLING CODE 6714-01-P
