Federal Register / Vol. 87, No. 100 / Tuesday, May 24, 2022 / Notices 31553 

1See https://www.federalregister.gov/documents/ 

2007/01/11/07-55/interagency-statement-on-soundpractices-concerning-elevated-risk-complexstructured-finance. 

2 12 U.S.C. 248(a). 

3 12 U.S.C. 1844(c). 

4 12 U.S.C. 1467a(b) and 1467a(g). 

5 12 U.S.C. 3105(c) and 3108(a). 

6 5 U.S.C. 552(b)(8). 

7 5 U.S.C. 552(b)(4). 

1See 15 U.S.C. 78c(a)(25) (defining ‘‘transfer 

agent’’). 

2 15 U.S.C. 78b, 78q(a)(3), 78q–1(c), and 78w(a). 

3Additionally, the Board also has the authority to 

require reports from bank holding companies (12 

U.S.C. 1844(c)), savings and loan holding 

companies (12 U.S.C. 1467a(b) and (g)), and state 

member banks (12 U.S.C. 248(a) and 324). 

Estimated average hours per response: 

10. 

Estimated annual burden hours: 180. 

General description of collection: The 

Interagency Statement on Sound 

Practices Concerning Elevated Risk 

Complex Structured Finance Activities 

(the Statement) 1 states that certain 

financial institutions should establish 

and maintain written policies and 

procedures for identifying, evaluating, 

assessing, documenting, and controlling 

risks associated with complex 

structured finance transactions (CSFTs) 

and should retain certain documents 

related to elevated risk CSFTs, which 

are a subcategory of CSFTs. The FR 

4022 covers these information 

collections for financial institutions that 

are subject to the Statement and that are 

supervised by the Board. 

Legal authorization and 

confidentiality: The Board’s 

recordkeeping guidance associated with 

the Statement relates to information that 

the Board is authorized to collect under 

the Federal Reserve Act (with respect to 

state member banks),2 under the Bank 

Holding Company Act (with respect to 

bank holding companies),3 under the 

Home Owners’ Loan Act (with respect 

to SLHCs),4 and under the International 

Banking Act (with respect to U.S. 

branches and agencies of foreign 

banks).5 The FR 4022 recordkeeping 

provisions are voluntary. 

Any policies, procedures, or other 

records voluntarily created based on the 

Statement would be maintained at the 

financial institution that created them. 

The Freedom of Information Act (FOIA) 

would be implicated only if the Board 

obtained such records as part of the 

examination or supervision of a 

financial institution, in which case the 

records may be protected from 

disclosure under FOIA exemption 8, 

which protects information contained in 

‘‘examination, operating, or condition 

reports’’ obtained in the bank 

supervisory process.6 Information 

provided on the FR 4022 may also be 

exempt from disclosure pursuant to 

FOIA exemption 4 if it is nonpublic 

commercial or financial information, 

which is both customarily and actually 

treated as private by the respondent.7

Current actions: On January 25, 2022, 

the Board published a notice in the 

Federal Register (87 FR 3809) 

requesting public comment for 60 days 

on the extension, without revision, of 

the FR 4022. The comment period for 

this notice expired on March 28, 2022. 

The Board did not receive any 

comments. 

Board of Governors of the Federal Reserve 

System, May 17, 2022. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2022–11093 Filed 5–23–22; 8:45 am] 

BILLING CODE 6210–01–P 

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, without revision, the Notice 

Claiming Status as an Exempt Transfer 

Agent (FR 4013; OMB No. 7100–0137). 

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. 

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. Boardapproved 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, 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/ 

reportforms/review.aspx 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, Without Revision, of the 

Following Information Collection 

Collection title: Notice Claiming 

Status as an Exempt Transfer Agent. 

Collection identifier: FR 4013. 

OMB control number: 7100–0137. 

Frequency: On occasion. 

Respondents: Board-regulated transfer 

agents. 

Estimated number of respondents: 

Exemption notice: 1; exemption 

disqualification notice: 1. 

Estimated average hours per response: 

Exemption notice: 2; exemption 

disqualification notice: 2. 

Estimated annual burden hours: 

Exemption notice: 2; exemption 

disqualification notice: 2. 

General description of collection: 

Transfer agents, which are institutions 

that provide securities transfer, 

registration, monitoring, and other 

specified services on behalf of securities 

issuers,1 are generally subject to certain 

Securities and Exchange Commission 

(SEC) regulations. However, a transfer 

agent that is regulated by and registered 

with the Board (a Board-regulated 

transfer agent) may request an 

exemption from those regulations if it 

transfers and processes a low volume of 

securities (a low-volume transfer agent). 

A transfer agent is Board-regulated if it 

is a state member bank or a subsidiary 

thereof, a bank holding company, or a 

savings and loan holding company. A 

Board-regulated transfer agent may 

request an exemption from the SEC 

regulations by filing with the Board a 

notice certifying that it qualifies as a 

low-volume transfer agent. In addition, 

a Board-regulated low-volume transfer 

agent that no longer meets the 

requirements of being a low-volume 

transfer agent must notify the Board of 

that fact. 

Legal authorization and 

confidentiality: The FR 4013 is 

authorized pursuant to sections 2, 

17(a)(3), 17A(c), and 23(a) of the 

Exchange Act,2 which, among other 

things, authorize the Board to 

promulgate regulations and establish 

recordkeeping and reporting 

requirements with respect to Boardregulated transfer agents.3

The exemption notice is mandatory 

for Board-registered transfer agents 

seeking the exemption. The obligation 


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31554 Federal Register / Vol. 87, No. 100 / Tuesday, May 24, 2022 / Notices 

1 15 U.S.C. 1693o–2(a)(3) (authorizing the Board 

to prescribe regulations regarding interchange 

transaction fees and require issuers or payment card 

networks to provide to the Board such information 

as deemed necessary). 

to respond for the exemption notice, 

therefore, is required to obtain a benefit. 

The exemption disqualification notice is 

mandatory for a Board-regulated transfer 

agent that no longer qualifies for the 

exemption. 

The information collected in the FR 

4013 regarding a Board-regulated 

transfer agent’s volume of transactions 

is public information through the filing 

and publication of the transfer agent’s 

Form TA–2 with the SEC. Therefore, 

individual respondent data collected by 

the FR 4013 are not confidential. 

Current actions: On January 25, 2022, 

the Board published a notice in the 

Federal Register (87 FR 3807) 

requesting public comment for 60 days 

on the extension, without revision, of 

the FR 4013. The comment period for 

this notice expired on March 28, 2022. 

The Board did not receive any 

comments. 

Board of Governors of the Federal Reserve 

System, May 17, 2022. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2022–11092 Filed 5–23–22; 8:45 am] 

BILLING CODE 6210–01–P 

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, without revision, the 

Recordkeeping and Disclosure 

Requirements Associated with 

Regulation II (FR II; OMB No. 7100– 

0349). 

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. 

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. Boardapproved 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, 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/ 

reportforms/review.aspx 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, Without Revision, of the 

Following Information Collection 

Report title: Recordkeeping and 

Disclosure Requirements Associated 

with Regulation II. 

Agency form number: FR II. 

OMB control number: 7100–0349. 

Frequency: On occasion, annually. 

Respondents: Debit card issuers and 

payment card networks. 

Estimated number of respondents: 

Implement policies and procedures, 1; 

Review and update policies and 

procedures, 527; General recordkeeping, 

527; Annual notification and change in 

status, 527. 

Estimated average hours per response: 

Implement policies and procedures, 

160; Review and update policies and 

procedures, 40; General recordkeeping, 

1; Annual notification and change in 

status, 1. 

Estimated annual burden hours: 

Implement policies and procedures, 

160; Review and update policies and 

procedures, 21,080; General 

recordkeeping, 527; Annual notification 

and change in status, 527. 

General description of report: 

Regulation II—Debit Card Interchange 

Fees and Routing (12 CFR part 235) 

implements standards for assessing 

whether interchange transaction fees for 

electronic debit transactions are 

reasonable and proportional to the cost 

incurred by the issuer with respect to 

the transaction, and establishes rules for 

payment card transactions as required 

by section 920(a) of the Electronic Fund 

Transfer Act (EFTA) (15 U.S.C. 1693o– 

2(a)). 

Section 235.4(b)(1) requires that, in 

order to be eligible to receive or charge 

the fraud-prevention adjustment, an 

issuer that is subject to Regulation II’s 

interchange fee standards (a ‘‘covered 

issuer’’) must develop and implement 

policies and procedures reasonably 

designed to take effective steps to 

reduce the occurrence of, and costs to 

all parties from, fraudulent electronic 

debit transactions, including through 

the development and implementation of 

cost-effective fraud-prevention 

technology. Section 235.4(b)(2) 

describes the specific requirements that 

a covered issuer’s fraud-prevention 

policies and procedures must address. 

Section 235.4(b)(3) requires that a 

covered issuer must review its fraudprevention policies and procedures, and 

their implementation, at least annually, 

and update them as necessary. Section 

235.4(c) requires that, to be eligible to 

receive or charge a fraud-prevention 

adjustment, a covered issuer must 

annually notify its payment card 

networks that it complies with the 

standards under section 235.4(b). 

Section 235.4(d) requires that, no later 

than 10 days after a covered issuer 

determines or receives a notification 

from the appropriate agency under 

section 235.9 that the covered issuer is 

substantially non-compliant with the 

standards set forth in section 235.4(b), a 

covered issuer must notify its payment 

card networks that it is no longer 

eligible to receive or charge a fraudprevention adjustment. The covered 

issuer must stop receiving and charging 

the fraud-prevention adjustment within 

30 days after providing such notification 

to its payment card networks. 

Section 235.8(c)(1) requires that any 

debit card issuer subject to Regulation II 

(i.e., not just covered issuers) shall 

retain evidence of compliance with the 

requirements in Regulation II for a 

period of not less than five years after 

the end of the calendar year in which 

the electronic debit transaction 

occurred. In addition, section 

235.8(c)(2) requires that, where any 

person subject to Regulation II (e.g., an 

issuer or payment card network) 

receives actual notice that it is subject 

to an investigation by an enforcement 

agency, such person must retain the 

records until final disposition of the 

matter. Compliance with this general 

recordkeeping requirement involves 

retaining records to demonstrate 

fulfillment of the other requirements in 

Regulation II. 

Legal authorization and 

confidentiality: The Recordkeeping and 

Disclosure Requirements Associated 

with Regulation II are authorized by 

section 920(a)(3) of the EFTA.1 The 

fraud-prevention and disclosure 

requirements are additionally 


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