The Board, Office of the Comptroller
of the Currency (OCC), Federal Deposit Insurance Corporation
(FDIC), Farm Credit Administration (FCA), and Federal Housing
Finance Agency (FHFA) (collectively, the agencies) adopted a joint
final rule that implemented sections 731 and 764 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
requiring the agencies to establish capital requirements and
initial and variation margin requirements for such entities on all
non-cleared swaps and non-cleared security-based swaps in order to
offset the greater risk to such entities and the financial system
arising from the use of swaps and security-based swaps that are not
cleared. This final rule created reporting and recordkeeping
requirements. The Board accounts for any state member bank, bank
holding company, savings and loan holding company, foreign banking
organization, foreign bank that does not operate an insured branch,
state branch or state agency of a foreign bank, or Edge or
agreement corporation that is registered as a swap dealer, major
swap participant, security-based swap dealer, or major
security-based swap participant. The Board adopted a final rule
that implemented section 716 of the Dodd-Frank Act. Regulation KK -
Swaps Margin and Swaps Push-Out (12 CFR Part 237) treats an
uninsured U.S. branch or agency of a foreign bank as an insured
depository institution for purposes of section 716 of the
Dodd-Frank Act and establishes a process by which a state member
bank or uninsured state branch or agency of a foreign bank may
request a transition period to conform its swaps activities to the
Dodd-Frank Act. This final rule created reporting
requirements.
US Code:
7 USC
6s Name of Law: Dodd-Frank Wall Street Reform and Consumer
Protection Act
US Code: 15
USC 78o-10 Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
US Code: 7
USC 1a(39) Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
US Code: 15
USC 8305(f) Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
The estimated total annual
burden for the FR KK is 71,313 hours, and would decrease to 61,104
hour with the adopted revisions. The Board estimates that the
average hours per response for the new disclosure requirement would
be 1 hour.
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.
FRKK_20200831_omb.pdf
Disclosure Section 237.1(h)