Single-Counterparty Credit Limits

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR 2590 Reporting Ongoing	Form	Modified	Available
Form FR 2590 Reporting One-time implementation	Form	Modified	Available
FR2590_20201211_omb.pdf	Supporting Statement A	Uploaded 2020-12-11	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
238681	Recordkeeping	Instruction	Modified
238680	Reporting Requests for temporary relief		Modified
238679	Reporting Ongoing	Form	Modified
238678	Reporting One-time implementation	Form	Modified

ICR Details

OMB Control No: 7100-0377	ICR Reference No: 202005-7100-001
Status: Active	Previous ICR Reference No: 201911-7100-005
Agency/Subagency: FRS	Agency Tracking No: FR 2590
Title: Single-Counterparty Credit Limits
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: 12/11/2020
	Date Received in OIRA: 12/11/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	11/30/2022
Responses	678	0	678
Time Burden (Hours)	171,780	0	171,780
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 2590 was implemented in connection with the Board’s single-counterparty credit limits rule (SCCL rule), codified in the Board’s Regulation YY - Enhanced Prudential Standards (12 CFR Part 252). The information collected by the Single-Counterparty Credit Limits reporting form allows the Board to monitor a covered company’s or a covered foreign entity’s compliance with the SCCL rule. A covered company is any U.S. bank holding company (BHC) or savings and loan holding company (SLHC) that is subject to Category I, II, or III standards. A covered foreign entity is a foreign banking organization (FBO) that is subject to Category II or III standards or that has total global consolidated assets of $250 billion or more, and any U.S. intermediate holding company (IHC) that is subject to Category II or III standards. In addition to the reporting form, the FR 2590 information collection incorporates notice requirements pertaining to requests that may be made by a covered company or covered foreign entity to request temporary relief from specific requirements of the SCCL rule. A respondent must retain one exact copy of each completed FR 2590 report in electronic form and these records must be kept for at least three years.

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Authorizing Statute(s): US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1467a(b) Name of Law: Home Owners’ Loan Act
   US Code: 12 USC 3106 Name of Law: International Banking Act of 1978
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AE38	Final or interim final rulemaking	85 FR 31949	05/28/2020

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 64031	11/20/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 31949	05/28/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

table that charts list of burden

IC Title	Form No.	Form Name
Reporting One-time implementation	FR 2590	Single-Counterparty Credit Limits Reporting Form
Reporting Ongoing	FR 2590	Single-Counterparty Credit Limits Reporting Form
Reporting Requests for temporary relief
Recordkeeping	FR 2590	Single-Counterparty Credit Limits Reporting Form

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ICR Summary of Burden

table that charts list 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	678	678	0	0	0	0
Annual Time Burden (Hours)	171,780	171,780	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: $204,800

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.     Yes

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? No

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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: 12/11/2020

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