Recordkeeping Provisions Associated with the Interagency Statement on Complex Structured Finance Activities

Forms and Documents

Document Name	Status
FR4022_20190911_omb.pdf Supporting Statement A	2019-09-11

IC Document Collections

IC ID	Document Title	Status
188514	Maintain records associated with the compliance program Other-Interagency Statement on Sound Practices Concerning Elevat	Modified

ICR Details

OMB Control No: 7100-0311	ICR Reference No: 201909-7100-003
Status: Active	Previous ICR Reference No: 201606-7100-014
Agency/Subagency: FRS	Agency Tracking No: FR 4022
Title: Recordkeeping Provisions Associated with the Interagency Statement on Complex Structured Finance Activities
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/11/2019
	Date Received in OIRA: 09/11/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2022	36 Months From Approved	12/31/2019
Responses	18	0	18
Time Burden (Hours)	180	0	180
Cost Burden (Dollars)	0	0	0

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Abstract: The guidance provides that financial institutions supervised by the Board should establish and maintain written policies and procedures for identifying, evaluating, assessing, documenting, and controlling risks associated with certain complex structured finance transactions (CSFTs), and should retain certain documents related to elevated risk CSFTs. For purposes of the Board’s review, the term “financial institution” refers to 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.

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Authorizing Statute(s): US Code: 12 USC 602 Name of Law: Federal Reserve Act
   US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1467a(b) and (g) Name of Law: Home Owners’ Loan Act
   US Code: 12 USC 3105(c) Name of Law: International Banking Act of 1978
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 3108(a) Name of Law: International Banking Act of 1978
   US Code: 12 USC 325 Name of Law: Federal Reserve Act
   US Code: 12 USC 483 Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 21778	05/15/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 40051	08/13/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Maintain records associated with the compliance program

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	18	18	0	0	0	0
Annual Time Burden (Hours)	180	180	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/11/2019

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