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###### Federal Reserve System

# 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 Provisions Associated with the Interagency Statement on Complex Structured Finance Activities (FR 4022; OMB No. 7100-0311).

# 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. 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, 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:*                     Recordkeeping Provisions Associated with the Interagency Statement on Complex Structured Finance Activities.                

*Collection identifier:*                     FR 4022.                

*OMB control number:*                     7100-0311.                

*Frequency:*                     Annual.                

*Respondents:*                     State member banks, bank holding companies (other than foreign banking organizations), savings and loan holding companies (SLHCs), and U.S. branches and agencies of foreign banks.                

*Estimated number of respondents:*                     18.                          ( print page 31553)    

*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.

# Footnotes

1.                             See                         *https://www.federalregister.gov/​documents/​2007/​01/​11/​07-55/​interagency-statement-on-sound-practices-concerning-elevated-risk-complex-structured-finance.*
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2.                             12 U.S.C. 248(a).                    
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3.                             12 U.S.C. 1844(c).                    
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4.                             12 U.S.C. 1467a(b) and 1467a(g).                    
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5.                             12 U.S.C. 3105(c) and 3108(a).                    
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6.                             5 U.S.C. 552(b)(8).                    
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7.                             5 U.S.C. 552(b)(4).                    
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[FR Doc. 2022-11093 Filed 5-23-22; 8:45 am]

BILLING CODE 6210-01-P