Reporting Requirements Associated with Regulation QQ

Forms and Documents

Document Name	Status
FRQQ_20200206_omb.pdf Supporting Statement A	2020-02-06

IC Document Collections

IC ID	Document Title	Status
202989	Complex Filers Foreign	Removed
202987	Complex Filers Domestic	Removed
202986	Waivers	Modified
202985	Biennial Filers Domestic	Modified
202984	Triennial Full Foreign and Domestic	Modified
202983	Triennial Full Complex Foreign	Modified
202982	Triennial Reduced	Modified

ICR Details

OMB Control No: 7100-0346	ICR Reference No: 201911-7100-002
Status: Active	Previous ICR Reference No: 201911-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR QQ
Title: Reporting Requirements Associated with Regulation QQ
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/06/2020
	Date Received in OIRA: 02/06/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2023	36 Months From Approved	08/31/2021
Responses	39	0	109
Time Burden (Hours)	215,606	0	1,066,086
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation QQ - Resolution Plans (12 CFR Part 243) requires each bank holding company (BHC) with assets of $50 billion or more and nonbank financial firms designated by the Financial Stability Oversight Council (FSOC) for supervision by the Board (each a covered company) to report annually to the Board and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) the plan of such company for orderly resolution under the U.S. Bankruptcy Code in the event of the company’s material financial distress or failure.

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Authorizing Statute(s): US Code: 12 USC 5365(d)(8) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 5365(d)(1) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 174 132 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AE93	Final or interim final rulemaking	84 FR 59194	11/01/2019

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 21600	05/14/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 59194	11/01/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Triennial Reduced
Triennial Full Complex Foreign
Triennial Full Foreign and Domestic
Biennial Filers Domestic
Waivers
Complex Filers Foreign
Complex Filers Domestic

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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	39	109	-70	0	0	0
Annual Time Burden (Hours)	215,606	1,066,086	-850,480	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: The estimated total annual burden for the FR QQ is 1,066,086 hours, and would decrease to 215,606 hours with the adopted revisions. The decrease in burden is due in part to the burden reducing revisions to the regulation and in part due to the FDIC creating a clearance to account for roughly half of the total burden. The FDIC splits the burden with the Board, and their information collection for the final rule stage is currently housed under the OMB number 3064-0210. In order to facilitate the split in burden, each agency accounted for half of the number of respondents for each element of the collection. For those elements with an odd number of respondents, the Board took the greater portion of the split.

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Annual Cost to Federal Government: $6,000,000

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]? Yes

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: 02/06/2020

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