Financial Stability Oversight Council
Determinations Regarding Certain Nonbank Financial Companies
OMB No. 1505-0244
Circumstances necessitating the collection of information
Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “DFA”) (Pub. L. 111-203) provides the Financial Stability Oversight Council (the “Council”) the authority to require that a nonbank financial company be supervised by the Board of Governors of the Federal Reserve System and be subject to prudential standards in accordance with Title I of the DFA if the Council determines that material financial distress at the firm, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the firm, could pose a threat to the financial stability of the United States. The rule describes the criteria that will inform, and the processes and procedures established under the DFA for, the Council’s determinations regarding nonbank financial companies under Section 113 of the DFA.
Use of the data
The information collected under § 1310.20 from state and federal regulatory agencies and from nonbank financial companies will be used by the Council to carry out its duties under Title I of the Dodd-Frank Act, for the purpose of assessing the extent to which a nonbank financial company poses a threat to the financial stability of the United States. The collections of information in §§ 1310.21, 1310.22 and 1310.23 provide an opportunity to request a hearing or submit written materials to the Council concerning whether, in the company’s view, material financial distress at the company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the company, could pose a threat to the financial stability of the United States.
3. Use of information technology
When appropriate, the Council may request that information be submitted electronically.
4. Efforts to identify duplication
The information is not collected or reported in any other information collection.
5. Impact on small entities
It is unlikely that small entities will be affected by the information collections.
6. Consequences of less frequent collection and obstacles to burden reduction
If the information is not collected, the Council will not be able to adequately meet its responsibilities under the DFA.
7. Circumstances requiring special information collection
There are no circumstances that require special information collection.
8. Solicitation of comments on information collection
A notice was published in the Federal Register on January 27, 2015, at 80 FR 4266, soliciting comments from the public on the extension of this information collection. No comments were received.
9. Provision of payments to recordkeepers
There is no provision of payments to recordkeepers.
10. Assurance of confidentiality
Any confidential information provided will be maintained as confidential consistent with applicable provisions of the Trade Secrets Act, Freedom of Information Act, and the Privacy Act, and in accordance with Section 112(d)(5) of the DFA.
11. Justification of sensitive questions
There are no sensitive questions; no personally identifiable information (PII) is collected.
Estimated burden of information collection
Based on data currently available to the Council through existing public and regulatory sources, the Council has estimated that fewer than 50 nonbank financial companies meet the Stage 1 thresholds. Estimated total annual burden: 1,000 hours.
13. Estimated total annual cost burden to respondents
Estimated annual cost associated with information collection: $450,000.
14. Estimated cost to the federal government.
There will be no annualized capital/start-up costs for the government to receive this information.
15. Reasons for change in burden
There is no change in burden.
16. Plans for tabulation, statistical analysis and publication
There are no plans for tabulation, statistical analysis and publication.
17. Reasons why displaying the OMB expiration date is inappropriate
There are no reasons why displaying the OMB expirations date is inappropriate.
18. Exceptions to certification
Regarding this request for OMB approval, there are no exceptions to the certification statement.
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| File Title | Department of the Treasury, Departmental Offices |
| Author | reeseci |
| File Modified | 0000-00-00 |
| File Created | 2021-01-25 |