This ICR is being submitted pursuant
to a joint proposal to address changes to U.S. generally accepted
accounting principles (U.S. GAAP) described in Accounting Standards
Update No. 2016-13, Topic 326, Financial Instruments—Credit Losses
(ASU 2016-13), including banking organizations’ implementation of
the current expected credit loss methodology. Specifically, the
proposal would revise the agencies’ regulatory capital rules to
identify which credit loss allowances under the new accounting
standard are eligible for inclusion in regulatory capital and to
provide banking organizations the option to phase in the effect on
regulatory capital that may result from the adoption of the
accounting standard. The proposal also would amend certain
regulatory disclosure requirements to reflect changes to U.S. GAAP.
In addition, the agencies are proposing to make conforming
amendments to their other regulations that reference credit loss
allowance.
US Code:
12 USC 3901-3909 Name of Law: International Lending Supervision
Act
US Code:
12 USC 1 et seq. Name of Law: The National Bank Act
US Code: 12
USC 1464 Name of Law: Homeowners' Loan Act
The changes in the disclosure
requirements to reflect changes in GAAP caused a 480 hour increase.
In addition, there is a 175,110 decrease in burden due to the
change in the burden calculation methodology, consistent with the
other banking agencies. This resulted in an overall burden decrease
of 174,630 hours.
No
No
No
No
No
No
Uncollected
Kevin korzeniewski 202
874-4628
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.