Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
| Published date | 29 March 2024 |
| Record Number | 2024-06716 |
| Citation | 89 FR 22144 |
| Court | Federal Reserve System |
| Section | Notices |
Federal Register, Volume 89 Issue 62 (Friday, March 29, 2024)
[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Pages 22144-22145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06716]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Reporting, Recordkeeping, and Disclosure Requirements Associated with
Regulation LL (FR LL; OMB No. 7100-0380).
DATES: The revisions to the collection are applicable as of March 29,
2024.
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. 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.
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. Board-approved 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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/home/review or may
be 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: Reporting, Recordkeeping, and Disclosure
Requirements Associated with Regulation LL.
[[Page 22145]]
Collection identifier: FR LL.
OMB control number: 7100-0380.
General description of collection: Regulation LL--Savings and Loan
Holding Companies (12 CFR part 238) requires certain large savings and
loan holding companies (SLHCs) to submit a capital plan to the Board on
an annual basis, request prior approval from the Board under certain
circumstances before making a capital distribution, conduct company-run
periodic stress tests, report the results of its company-run stress
tests to the Board, publicly disclose a summary of the results of such
stress tests, and comply with certain other reporting and recordkeeping
requirements.
Capital is central to a firm's ability to absorb unexpected losses
and continue to lend to creditworthy businesses and consumers. The
Board's capital planning requirements for large bank holding companies
help to ensure that these firms have robust systems and processes that
incorporate forward-looking projections of revenue and losses to
monitor and maintain their internal capital adequacy. The Board's
stress testing and stress capital buffer requirements help ensure that
a firm can meet its obligations to creditors and other counterparties,
as well as continue to serve as a financial intermediary through
periods of financial and economic stress.
Frequency: Ongoing, annual, biennial, or event-generated.
Respondents: Foreign SLHCs with average total consolidated assets
of greater than $250 billion and domestic covered SLHCs with average
total consolidated assets of greater than $100 billion.
Total estimated number of respondents: 1.
Total estimated change in burden: 31.
Total estimated annual burden hours: 14,430.\1\
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\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR LL.
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Current actions: On September 28, 2023, the Board published a
notice in the Federal Register (88 FR 66848) requesting public comment
for 60 days on the extension, with revision, of the FR LL. The Board
proposed to revise the FR LL to account for several reporting
provisions and one recordkeeping provision which had not been
previously cleared by the Board under the PRA. The comment period for
this notice expired on November 27, 2023. The Board did not receive any
comments. The revisions will be implemented as proposed.
Board of Governors of the Federal Reserve System, March 26,
2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024-06716 Filed 3-28-24; 8:45 am]
BILLING CODE 6210-01-P
