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[Federal Register Volume 88, Number 248 (Thursday, December 28, 2023)]
[Notices]
[Pages 89691-89692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28683]

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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 
Single-Counterparty Credit Limits (FR 2590; OMB No. 7100-0377).

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.

[[Page 89692]]

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Collection title: Single-Counterparty Credit Limits.
    Collection identifier: FR 2590.
    OMB control number: 7100-0377.
    Effective Date: June 30, 2024.
    General description of collection: The FR 2590 was implemented in 
connection with the Board's single-counterparty credit limits rule 
(SCCL rule),\1\ codified in the Board's Regulation YY--Enhanced 
Prudential Standards (12 CFR part 252) \2\ and the Board's Regulation 
LL--Savings and Loan Holding Companies (12 CFR part 238).\3\
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    \1\ 83 FR 38460 (August 6, 2018). See also 84 FR 59032 (November 
1, 2019) (finalizing the SCCL rule for Savings and Loan Holding 
Companies).
    \2\ See 12 CFR part 252, subparts H and Q.
    \3\ See 12 CFR part 238, subpart Q.
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    The information collected by the FR 2590 reporting form allows the 
Board to monitor a covered company's or a covered foreign entity's 
compliance with the SCCL rule. In addition to the reporting form, the 
FR 2590 information collection incorporates notice requirements 
pertaining to requests that may be made by a covered company or covered 
foreign entity to request temporary relief from specific requirements 
of the SCCL rule, as well as a requirement that filers of the FR 2590 
reporting form retain an exact copy of each completed FR 2590.
    Frequency: Quarterly, event-generated.
    Respondents: Covered company or covered foreign entity. A covered 
company is any U.S. bank holding company that is subject to Category I, 
II, or III standards or any savings and loan holding company that is 
subject to Category II or III standards. A covered foreign entity is a 
foreign banking organization (FBO) that is subject to Category II or 
III standards or that has total global consolidated assets of $250 
billion or more, and any U.S. intermediate holding company that is 
subject to Category II or III standards.
    Total estimated number of respondents: 83.
    Estimated average hours per response:
    Reporting FR 2590 Form: 170.56.
    Reporting Requests for temporary relief: 10.
    Recordkeeping: 0.25.
    Total estimated change in burden: 0.
    Total estimated annual burden hours: 56,719.\4\
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    \4\ 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 2590.
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    Current actions: On September 11, 2023, the Board published a 
notice in the Federal Register (88 FR 62364) requesting public comment 
for 60 days on the extension, with revision, of the FR 2590. The Board 
proposed to revise the FR 2590 reporting form to clarify that an FBO 
that meets the large exposure standards on a consolidated basis 
established by its home-country supervisor is not required to provide 
additional documentation as part of its FR 2590 submission. The Board 
also proposed to clarify that a respondent should use tier 1 capital 
data and total consolidated assets data that is concurrent with its FR 
2590 submission when calculating and reporting compliance with the SCCL 
rule. The Board also proposed to clarify that respondents should retain 
manually signed and attested copies of the cover page of the FR 2590 
form and of the data submitted for three years, in accordance with 
similar requirements for other regulatory reports. The Board also 
proposed to clarify that the order of counterparties should be the same 
across Schedules G-1 through G-4, Schedules M-1 through M-2, and the 
Summary of Net Credit Exposures. Finally, the Board proposed to revise 
Schedule M-1 by adding an additional table for firms calculating 
derivative transaction exposures using the standardized approach for 
counterparty credit risk to report collateral received in connection 
with those derivative transactions. The comment period for this notice 
expired on November 13, 2023. The Board did not receive any comments 
relevant to the revision of this collection or to the PRA. The 
revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, December 22, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-28683 Filed 12-27-23; 8:45 am]
BILLING CODE 6210-01-P
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