[Federal Register Volume 83, Number 177 (Wednesday, September 12, 2018)]
[Notices]
[Pages 46163-46164]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19675]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of temporary approval of revisions to 
the mandatory Complex Institution Liquidity Monitoring Report (FR 
2052a; OMB No. 7100-0361) by the Board of Governors of the Federal 
Reserve System (Board) pursuant to the authority delegated to the Board 
by the Office of Management and Budget (OMB), per OMB Regulations on 
Controlling Paperwork Burdens on the Public. The temporary approval is 
valid until March 31, 2019.

DATES: The revisions are applicable as of June 30, 2018.

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, Washington, DC 20551, (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--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 temporarily 
approve a revision to a collection of information without providing 
opportunity for public comment if the Board determines that a change in 
an existing collection must be instituted quickly and that public 
participation in the approval process would defeat the purpose of the 
collection or substantially interfere with the Board's ability to 
perform its statutory obligation.
    The Board's delegated authority requires that the Board, after 
temporarily approving a collection, publish a notice soliciting public 
comment. The Board will publish a notice in the future inviting comment 
on these actions.
    Final approval under OMB delegated authority of the temporary 
revision of the following report:
    Report title: Complex Institution Liquidity Monitoring Report.
    Agency form number: FR 2052a.
    OMB control number: 7100-0361.
    Effective Date: June 30, 2018.
    Frequency: Monthly, and each business day (daily).
    Respondents: U.S. bank holding companies (BHCs), U.S. savings and 
loan holding companies (SLHCs), and foreign banking organizations 
(FBOs) with U.S. assets.
    Estimated number of respondents: Monthly, 40; Daily, 12.
    Estimated average hours per response: Monthly, 120; Daily, 220.
    Estimated annual burden hours: 717,600.
    General description of report: The FR 2052a is used to monitor the 
overall liquidity profile of institutions supervised by the Board. 
These data provide detailed information on the liquidity risks within 
different business lines (e.g., financing of securities positions, 
prime brokerage activities). In particular, these data serve as part of 
the Board's supervisory surveillance program in its liquidity risk 
management area and provide timely information on firm-specific 
liquidity risks during periods of stress. Analyses of systemic and 
idiosyncratic liquidity risk issues are then used to inform the Board's 
supervisory processes, including the preparation of analytical

[[Page 46164]]

reports that detail funding vulnerabilities.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that the FR 2052a is authorized pursuant to section 5 of 
the Bank Holding Company Act (12 U.S.C. 1844), section 8 of the 
International Banking Act (12 U.S.C. 3106), and section 165 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 
Act) (12 U.S.C. 5365) and are mandatory. Section 5(c) of the Bank 
Holding Company Act authorizes the Board to require BHCs to submit 
reports to the Board regarding their financial condition. Section 8(a) 
of the International Banking Act subjects FBOs to the provisions of the 
Bank Holding Company Act. Section 165 of the Dodd-Frank Act requires 
the Board to establish prudential standards for certain BHCs and FBOs, 
which include liquidity requirements.
    Financial institution information required by the FR 2052a is 
collected as part of the Board's supervisory process. Therefore, such 
information is entitled to confidential treatment under Exemption 8 of 
the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In 
addition, the institution information provided by each respondent would 
not be otherwise available to the public and its disclosure could cause 
substantial competitive harm. Accordingly, it is entitled to 
confidential treatment under the authority of exemption 4 of the FOIA 
(5 U.S.C. 552(b)(4)), which protects from disclosure trade secrets and 
commercial or financial information.
    Current Actions: The Economic Growth, Regulatory Relief, and 
Consumer Protection Act (EGRRCPA), enacted on May 24, 2018, amended 
various provisions of banking law to eliminate or reduce statutory and 
regulatory requirements on certain banking organizations. Section 403 
of EGRRCPA provides that the federal banking agencies shall treat 
certain municipal obligations as ``high quality liquid assets'' (HQLA) 
for purposes of their liquidity regulations, and must amend those 
regulations to reflect this new treatment within 90 days of the 
enactment of EGRRCPA. The federal banking agencies, on August 22, 2018, 
issued an interim final rule \1\ amending their liquidity regulations 
(the ``Liquidity IFR'). The current FR 2052a instructions are 
inconsistent with the provisions of EGRRCPA. The Board has revised the 
FR 2052a to provide that respondents are permitted to report investment 
grade municipal obligations as HQLA, consistent with EGRRCPA and the 
Liquidity IFR. In order for the FR 2052a to reflect section 403 of 
EGRRCPA, which became effective immediately when EGRRCPA was signed on 
May 24, 2018, the Board cannot comply with the normal clearance process 
and still receive the June 30, 2018, financial data in a timely manner. 
Therefore, the Board has determined that the revision to the FR 2052a 
described above must be instituted quickly and public participation in 
the approval process would substantially interfere with the Board's 
ability to perform its statutory obligations arising from EGRRCPA.
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    \1\ Press Release, Board of Governors of the Federal Reserve 
System, Agencies issue final rule regarding the treatment of certain 
municipal securities as high-quality liquid assets (August 22, 
2018), available at https://www.federalreserve.gov/newsevents/pressreleases/bcreg20180822a.htm.

    Board of Governors of the Federal Reserve System, September 6, 
2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-19675 Filed 9-11-18; 8:45 am]
 BILLING CODE 6210-01-P