[Federal Register Volume 74, Number 62 (Thursday, April 2, 2009)]
[Notices]
[Pages 14988-14990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-7339]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY:

[[Page 14989]]

Background

    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
as per 5 CFR 1320.16, to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

Request for Comment on Information Collection Proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed 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 information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

DATES: Comments must be submitted on or before June 1, 2009.

ADDRESSES: You may submit comments, identified by FR 4022 by any of the 
following methods:
    <bullet> Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
    <bullet> Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> E-Mail: <a href="/cdn-cgi/l/email-protection#8efcebe9fda0ede1e3e3ebe0fafdcee8ebeaebfcefe2fcebfdebfcf8eba0e9e1f8"><span class="__cf_email__" data-cfemail="13617674603d707c7e7e767d6760537576777661727f617660766165763d747c65">[email protected]</span></a>. Include docket 
number in the subject line of the message.
    <bullet> FAX: 202-452-3819 or 202-452-3102.
    <bullet> Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets, NW.) between 9 
a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. 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.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    Report Title: Recordkeeping Requirements Associated with the 
Interagency Statement on Complex Structured Finance Activities.
    Agency Form Number: FR 4022.
    OMB Control Number: 7100-0311.
    Frequency: Annual.
    Reporters: State member banks, bank holding companies, and U.S. 
branches and agencies of foreign banks supervised by the Federal 
Reserve.
    Estimated Annual Reporting Hours: 230 hours.
    Estimated Average Hours per Response: New respondents, 25 hours; 
existing respondents, 10 hours.
    Estimated Number of Respondents: New respondents, 2; existing 
respondents, 18.
    General Description of Report: This information collection is 
authorized pursuant to 12 U.S.C. 248(a), 248(i), 483, and 602, 12 
U.S.C. 1844, and 12 U.S.C. 3108(a). Respondent participation in the 
statement is voluntary. However, the Federal Reserve expects to use the 
statement in reviewing the internal controls and risk management 
systems of those financial institutions engaged in complex structured 
finance transactions (CSFTs) as part of the Federal Reserve's 
supervisory process. Since the Federal Reserve does not collect any 
information, no issue of confidentiality normally arises. However, in 
the event records generated under the statement are obtained by the 
Board during an examination of a state member bank or U.S. branch or 
agency of a foreign bank, or during an inspection of a bank holding 
company, confidential treatment may be afforded to the records under 
exemption 8 of the Freedom of Information Act (FOIA), 5 U.S.C. 
552(b)(8). FOIA exemption 8 exempts from disclosure matters that are 
contained in or related to examination, operating, or condition reports 
prepared by, on behalf of, or for the use of an agency responsible for 
the regulation or supervision of financial institutions.
    Abstract: The Interagency Statement on Complex Structured Finance 
Activities provides that state member banks, bank holding companies, 
and U.S. branches and agencies of foreign banks supervised by the 
Federal Reserve should establish and maintain policies and procedures 
for identifying, evaluating, assessing, documenting, and controlling 
risks associated with certain CSFTs.
    A financial institution engaged in CSFTs should maintain a set of 
formal,

[[Page 14990]]

firm-wide policies and procedures that are designed to allow the 
institution to identify, evaluate, assess, document, and control the 
full range of credit, market, operational, legal, and reputational 
risks associated with these transactions. These policies may be 
developed specifically for CSFTs, or included in the set of broader 
policies governing the institution generally. A financial institution 
operating in foreign jurisdictions may tailor its policies and 
procedures as appropriate to account for, and comply with, the 
applicable laws, regulations and standards of those jurisdictions.
    A financial institution's policies and procedures should establish 
a clear framework for the review and approval of individual CSFTs. 
These policies and procedures should set forth the responsibilities of 
the personnel involved in the origination, structuring, trading, 
review, approval, documentation, verification, and execution of CSFTs. 
A financial institution should define what constitutes a new complex 
structured finance product and establish a control process for the 
approval of such new products. An institution's policies also should 
provide for new complex structured finance products to receive the 
approval of all relevant control areas that are independent of the 
profit center before the product is offered to customers.

    Board of Governors of the Federal Reserve System, March 27, 
2009.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E9-7339 Filed 4-1-09; 8:45 am]
BILLING CODE 6210-01-P


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