30-day Federal Register Notice

66404

Federal Register / Vol. 84, No. 233 / Wednesday, December 4, 2019 / Notices

Open Session

Agency information collection
activities: Submission for OMB review;
comment request.

ACTION:

A. Approval of Minutes
• November 14, 2019
B. Reports
• Quarterly Report on Economic
Conditions and FCS Condition and
Performance
• Semi-Annual Report on Office of
Examination Operations
• Informational Briefing on YBS
Reporting
C. New Business
• Proposed Rule: District Financial
Reporting
Closed Session
• Office of Examination Quarterly
Report 1
Dated: December 2, 2019.
Dale Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2019–26282 Filed 12–2–19; 4:15 pm]
BILLING CODE 6705–01–P

FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request (OMB No.
3064–0200)
Federal Deposit Insurance
Corporation (FDIC).

AGENCY:

The FDIC, as part of its
obligations under the Paperwork
Reduction Act of 1995 (PRA), invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of the existing
information collection described below
(3064–0200).
DATES: Comments must be submitted on
or before January 3, 2020.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal.
• Email: [email protected]. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767), Regulatory Counsel, MB–3128,
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
SUMMARY:

Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza, Regulatory Counsel,
202–898–3767, [email protected], MB–
3128, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION: On
September 26, 2019, the FDIC requested
comment for 60 days on a proposal to
renew the information collections
described below. No comments were
received. The FDIC hereby gives notice
of its plan to submit to OMB a request
to approve the renewal of this
collection, and again invites comment
on its renewal.
Proposal to renew the following
currently approved collection of
information:
1. Title: Joint Standards for Assessing
Diversity Policies and Practices.
OMB Number: 3064–0200.
Form: Diversity Self-Assessment of
Financial Institutions Regulated by the
FDIC. (Paper Form). Form No. 2710/05.
Diversity Self-Assessment of
Financial Institutions Regulated by the
FDIC. (Electronic Form). Form No.
2710/06.
Affected Public: Insured Financial
institutions supervised by the FDIC.
Burden Estimate:

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SUMMARY OF ANNUAL BURDEN
Estimated
number of
respondents

Estimated
number of
responses

Estimated
time per
response
(hours)

Information collection (IC) description

Obligation
to respond

Joint Standards for Assessing the Diversity Policies and
Practices—Paper Form.
Joint Standards for Assessing the Diversity Policies and
Practices—Electronic Form.
Joint Standards for Assessing the Diversity Policies and
Practices—Own Submission.

Reporting ......

Voluntary ......

120

1

8

Annually ........

960

Reporting ......

Voluntary ......

60

1

7

Annually ........

420

Reporting ......

Voluntary ......

15

1

12

Annually ........

180

Total Estimated Annual Burden Hours .....................

.......................

.......................

....................

....................

....................

.......................

1,560

General Description of Collection:
This voluntary information collection
applies to entities regulated by the FDIC
for purposes of assessing their diversity
policies and practices as described in
the final Interagency Policy Statement
Establishing Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies. The FDIC may use the
information submitted by the entities it
regulates to monitor progress and trends
in the financial services industry with

regard to diversity and inclusion in
employment and contracting activities
and to identify and highlight those
policies and practices that have been
successful. The FDIC will continue to
reach out to the regulated entities and
other interested parties to discuss
diversity and inclusion in the financial
services industry and share leading
practices. The FDIC may also publish
information disclosed by the entity,
such as any identified leading practices,
in a form that does not identify a

particular institution or individual or
disclose confidential business
information. The current paper form
and proposed electronic form can be
reviewed at the following link:
Paper Form—https://www.fdic.gov/
regulations/laws/federal/2019/30640200/proposed-paper-form-f271005.pdf
Electronic Form—https://www.fdic.gov/
regulations/laws/federal/2019/30640200/proposed-electronic-form-f271006.pdf

1 Session Closed-Exempt pursuant to 5 U.S.C.
Section 552b(c)(8) and (9).

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Frequency of
response

Total
estimated
annual
burden
(hours)

Type of
burden

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66405

Federal Register / Vol. 84, No. 233 / Wednesday, December 4, 2019 / Notices
Request for Comment

ACTION:

Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collection,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Dated at Washington, DC, on November 27,
2019.
Federal Deposit Insurance Corporation.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019–26170 Filed 12–3–19; 8:45 am]
BILLING CODE 6714–01–P

FEDERAL RESERVE SYSTEM
[Docket No. OP–1687]

Federal Reserve Bank Services
Board of Governors of the
Federal Reserve System.

AGENCY:

Notice.

The Board of Governors of the
Federal Reserve System (Board) has
approved the private sector adjustment
factor (PSAF) for 2020 of $18.9 million
and the 2020 fee schedules for Federal
Reserve priced services and electronic
access. These actions were taken in
accordance with the Monetary Control
Act of 1980, which requires that, over
the long run, fees for Federal Reserve
priced services be established on the
basis of all direct and indirect costs,
including the PSAF.
DATES: The new fee schedules become
effective January 2, 2020.
FOR FURTHER INFORMATION CONTACT: For
questions regarding the fee schedules:
David C. Mills, Deputy Associate
Director, (202) 530–6265; Max
Sinthorntham, Senior Financial Policy
Analyst, (202) 452–2864; Amanda
Holcombe, Financial Institution Policy
Analyst, (202) 912–4625; Division of
Reserve Bank Operations and Payment
Systems. For questions regarding the
PSAF: Casey Clark, Assistant Director/
Manager, (202) 452–5232; Grace
Milbank, Senior Financial Institution
Policy Analyst, (202) 263–4828,
Division of Reserve Bank Operations
and Payment Systems. For users of
Telecommunications Device for the Deaf
(TDD) only, please call (202) 263–4869.
Copies of the 2020 fee schedules for the
SUMMARY:

check service are available from the
Board, the Federal Reserve Banks, or the
Reserve Banks’ financial services
website at www.frbservices.org.
I. Supplementary Information
Private Sector Adjustment Factor,
Priced Services Cost Recovery, and
Overview of 2020 Price Changes
A. Overview—Each year, as required
by the Monetary Control Act of 1980,
the Reserve Banks set fees for priced
services provided to depository
institutions.1 These fees are set to
recover, over the long run, all direct and
indirect costs and imputed costs,
including financing costs, taxes, and
certain other expenses, as well as the
return on equity (profit) that will have
been earned if a private business firm
provided the services. The imputed
costs and imputed profit are collectively
referred to as the private-sector
adjustment factor (PSAF). From 2009
through 2018, the Reserve Banks
recovered 102.6 percent of their total
expenses (including imputed costs) and
targeted after-tax profits or return on
equity (ROE) for providing priced
services.2
Table 1 summarizes 2018 actual, 2019
estimated, and 2020 budgeted costrecovery rates for all priced services.
Cost recovery is estimated to be 100.8
percent in 2019 and budgeted to be
100.2 percent in 2020.

TABLE 1—AGGREGATE PRICED SERVICES PRO FORMA COST AND REVENUE PERFORMANCE a
[Dollars in millions]

Year

2018 (actual) ........................................................................
2019 (estimate) ....................................................................
2020 (budget) .......................................................................

Revenue

Total expense

Net income
(ROE)
[1–2]

Targeted ROE

Recovery rate
after
targeted ROE
[1/(2 + 4)](%)

1b

2c

3

4d

5e f

$442.5
442.4
443.1

$428.1
433.4
436.3

$14.4
9.0
6.7

$5.2
5.4
5.9

102.1
100.8
100.2

a Calculations

in this table and subsequent pro forma cost and revenue tables may be affected by rounding.
includes imputed income on investments when equity is imputed at a level that meets minimum capital requirements and, when
combined with liabilities, exceeds total assets (attachment 1). For 2020, the projected revenue assumes implementation of the fee changes.
c The calculation of total expense includes operating, imputed, and other expenses. Imputed and other expenses include taxes, Board of Governors’ priced services expenses, the cost of float, and interest on imputed debt, if any. Credits or debits related to the accounting for pension
plans under ASC 715 are also included.
d Targeted ROE is the after-tax ROE included in the PSAF.
e The recovery rates in this and subsequent tables do not reflect the unamortized gains or losses that must be recognized in accordance with
ASC 715. Future gains or losses, and their effect on cost recovery, cannot be projected.
f For 2019 and 2020, credits or debits related to the accounting for pension plans under ASC 715 include service cost only with the adoption of
ASU 2017–07 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715).
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b Revenue

1 On August 5, 2019, the Federal Reserve Board
announced that the Reserve Banks will develop the
FedNowSM Service, an interbank real-time gross
settlement (RTGS) service with integrated clearing
functionality, to support the provision of end-toend faster payment services. The Board anticipates
the FedNow Service will be available in 2023 or
2024. Following the introduction of the FedNow

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Service, the Board will regularly disclose the
service’s cost recovery and will monitor progress
toward matching revenues and costs.
2 The 10-year recovery rate is based on the pro
forma income statements for Federal Reserve priced
services published in the Board’s Annual Report. In
accordance with Accounting Standards Codification
(ASC) 715 Compensation—Retirement Benefits, the

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Reserve Banks recognized a cumulative reduction
in equity related to the priced services’ benefit
plans. Including this cumulative reduction in
equity from 2009 to 2018 results in cost recovery
of 104.1 percent for the ten-year period. This
measure of long-run cost recovery is also published
in the Board’s Annual Report.

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