Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
| Published date | 16 February 2024 |
| Record Number | 2024-03283 |
| Citation | 89 FR 12336 |
| Court | Federal Deposit Insurance Corporation |
| Section | Notices |
Federal Register, Volume 89 Issue 33 (Friday, February 16, 2024)
[Federal Register Volume 89, Number 33 (Friday, February 16, 2024)]
[Notices]
[Pages 12336-12338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03283]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0022; -0137; -0148]
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, 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.
3064-0022; -0137; -0148). The notices of the proposed renewal for these
information collections were previously published in the Federal
Register on December 14, 2023, allowing for a 60-day comment period.
[[Page 12337]]
DATES: Comments must be submitted on or before March 18, 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.
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: Uniform Application/Uniform Termination for Municipal
Securities Principal or Representative.
OMB Number: 3064-0022.
Forms: 6200/54; 6200/55.
Affected Public: Individuals, Insured state nonmember banks and
state savings associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0022]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Uniform Application for Reporting (On 1 1 1:00 1
Municipal Securities Occasion).
Principal or Representative
(Form MSD-4) (Mandatory).
Uniform Termination Notice for Reporting (On 1 1 1:00 1
Securities Principal or Occasion).
Representative (Form MSD-5)
(Mandatory).
---------------------------------------------------------------
Total Annual Burden ................ .............. .............. .............. 2
(Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: The 1975 Amendments to the
Securities Exchange Act of 1934 established a comprehensive framework
for the regulation of the activities of municipal securities dealers.
Under Section 15B(a) of the Securities Exchange Act, municipal
securities dealers which are banks, or separately identifiable
departments or divisions of banks engaging in municipal securities
activities, are required to be registered with the Securities and
Exchange Commission in accordance with such rules as the Municipal
Securities Rulemaking Board (MSRB), a rulemaking authority established
by the 1975 Amendments, may prescribe as necessary or appropriate in
the public interest or for the protection of investors. One of the
areas in which the Act directed the MSRB to promulgate rules is the
qualifications of persons associated with municipal securities dealers
as municipal securities principals and municipal securities
representatives. The MSRB Rules require persons who are or seek to be
associated with municipal securities dealers as municipal securities
principals or municipal securities representatives to provide certain
background information and conversely, require the municipal securities
dealers to obtain the information from such persons. Generally, the
information required to be furnished relates to employment history and
professional background including any disciplinary sanctions and any
claimed bases for exemption from MSRB examination requirements. The
FDIC and the other two Federal bank regulatory agencies, the
Comptroller of the Currency, and the Federal Reserve Board, have
prescribed Forms MSD-4 to satisfy these requirements and have
prescribed Form MSD-5 for notification by a bank municipal securities
dealer that a municipal securities principal's or a municipal
securities representative's association with the dealer has terminated
and the reason for such termination. State nonmember banks and state
savings associations that are municipal security dealers submit these
forms, as applicable, to the FDIC as their appropriate regulatory
agency for each person associated with the dealer as a municipal
securities principal or municipal securities representative. There is
no change in the methodology or substance of this information
collection. This reduction in estimated annual burden (from 4 hours in
2021 to 2 hours currently) is due to the decrease in the estimated
number of respondents.
2. Title: Interagency Guidance on Asset Securitization Activities.
OMB Number: 3064-0137.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
[[Page 12338]]
Summary of Estimated Annual Burden
[OMB No. 3064-0137]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
1. Documentation of Fair Recordkeeping 19 1 04:00 76
Value, ``Valuation and (On Occasion).
Modeling Processes,'' pp. 6-7
(Voluntary).
2. Asset Securitization Recordkeeping 5 1 32:00 160
Policies--Implementation, (On Occasion).
``Independent Risk Management
Function,'' pg. 4 (Voluntary).
3. Asset Securitization Recordkeeping 2 1 03:00 6
Policies--Ongoing, (On Occasion).
``Independent Risk Management
Function,'' pg. 4 (Voluntary).
4. MIS Improvements-- Recordkeeping 5 1 21:00 105
Implementation, ``Independent (On Occasion).
Risk Management Function,''
pp. 4-6 (Voluntary).
5. MIS Improvements--Ongoing, Recordkeeping 2 1 05:00 10
``Independent Risk Management (On Occasion).
Function,'' pp. 4-6, and
``Audit Function or Internal
Review,'' pg. 8 (Voluntary).
---------------------------------------------------------------
Total Annual Burden ................ .............. .............. .............. 357
(Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: The Interagency Guidance on
Asset Securitization Activities informs bankers and examiners of safe
and sound practices regarding asset Securitization. The information
collections contained in the Interagency Guidance are needed by
institutions to manage their asset Securitization activities in a safe
and sound manner. Bank management uses this information as the basis
for the safe and sound operation of their asset securitization
activities and to ensure that they minimize operational risk in these
activities. There is no change in the method or substance of the
information collection. The 94-hour increase in estimated annual burden
(from 263 hours in 2021 to 357 hours currently) is the result of
economic fluctuation. In particular, the number of respondents has
increased while the reporting frequency and the estimated time per
response remain the same.
3. Title: Interagency Statement on Sound Practices Concerning
Complex Structured Finance Transactions,
OMB Number: 3064-0148,
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0148]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Complex Structured Finance Reporting (On 1 1 25:00 25
Transactions (Voluntary). occasion).
---------------------------------------------------------------
Total Annual Burden (Hours)... ................ .............. .............. .............. 25
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: The Interagency Statement on
Sound Practices Concerning Complex Structured Finance Transactions
describes the types of internal controls and risk management procedures
that the Agencies believe are particularly effective in assisting
financial institutions to identify, evaluate, assess, document, and
control the full range of credit, market, operational, legal and
reputation al risks. A financial institution that engages in complex
structured finance transactions should maintain a set of formal,
written, firm-wide policies and procedures that are designed to allow
the institution to identify and assess these risks. There is no change
in the methodology or substance of this information collection. The
estimated annual burden is unchanged.
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on February 13, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-03283 Filed 2-15-24; 8:45 am]
BILLING CODE 6714-01-P
