Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation After September 30, 2010.

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR2 0177 - Securitization Safe Harbor 88 FR 17222 March 22, 2023.pdf	Supplementary Document	Uploaded 2023-04-25	Repair queued
FR1-0177 Securitization Safe Harbor 88 FR 8860 Feb 10 2023.pdf	Supplementary Document	Uploaded 2023-04-25	Repair queued
SPST-0177 Securitization Safe Harbor 2023 Renewal FINAL.docx	Supporting Statement A	Uploaded 2023-04-25	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
259858	IC 5 - Securitization documents, 12 CFR 360.6(c)(7)		New
229805	IC 4 - Residential mortgages: servicer or affiliate ownership interests, 12 CFR 360.6(b)(2)(ii)(C)		Modified
229804	IC 3 - Residential mortgages: loan-level information and sponsor's disclosure of third-party due diligence report on compliance with 12 CFR 360.6(b)(2)(ii)(A) & (B)		Modified
229803	IC 2 - Securitization structure and initial compensation arrangements, 12 CFR 360.6(b)(2)(i)(B) & (D)		Modified
229802	IC 1 - Periodic disclosures of credit performance or changes to initial compensation arrangements under 12 CFR 360.6(b)(2)(i)(C) and (D)		Modified

ICR Details

OMB Control No: 3064-0177	ICR Reference No: 202301-3064-008
Status: Active	Previous ICR Reference No: 202003-3064-001
Agency/Subagency: FDIC	Agency Tracking No: 3064-0177
Title: Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation After September 30, 2010.
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/07/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/25/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2026	36 Months From Approved	06/30/2023
Responses	3,517	0	180
Time Burden (Hours)	7,008	0	348
Cost Burden (Dollars)	0	0	0

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Abstract: The Securitization Safe Harbor Rule addresses circumstances that may arise if the FDIC is appointed receiver or conservator for an insured depository institution (IDI) that has transferred financial assets in connection one or more securitization or participation transactions (“covered IDI”). If a securitization satisfies one of the sets of conditions established by the Securitization Safe Harbor Rule, the Rule provides that, depending on which set of conditions is satisfied, either (i) in the exercise of FDIC’s authority to repudiate or disclaim contracts, the FDIC shall not reclaim, recover or re-characterize as property of the institution or receivership the financial assets transferred as part of the securitization transaction, or (ii) if the FDIC repudiates the securitization agreement pursuant to which financial assets were transferred and does not pay damages within a specified period, or if the FDIC is in monetary default under a securitization for a specified period due to its failure to pay or apply collections received by it under the securitization documents, certain remedies will be available to investors on an expedited basis. By providing for these disclosures and recordkeeping requirements as conditions for eligibility for the Securitization Safe Harbor benefits, the FDIC seeks to improve the transparency of securitizations thereby reduce risks to the FDIC’s Deposit Insurance Fund. These recordkeeping and disclosure requirements meet the definition of information collections (ICs) under the Paperwork Reduction Act .

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Authorizing Statute(s): US Code: 12 USC 1821(e)(13)(C) Name of Law: FDI 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:
	88 FR 8860	02/10/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 17222	03/22/2023
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
IC 1 - Periodic disclosures of credit performance or changes to initial compensation arrangements under 12 CFR 360.6(b)(2)(i)(C) and (D)
IC 2 - Securitization structure and initial compensation arrangements, 12 CFR 360.6(b)(2)(i)(B) & (D)
IC 3 - Residential mortgages: loan-level information and sponsor's disclosure of third-party due diligence report on compliance with 12 CFR 360.6(b)(2)(ii)(A) & (B)
IC 4 - Residential mortgages: servicer or affiliate ownership interests, 12 CFR 360.6(b)(2)(ii)(C)
IC 5 - Securitization documents, 12 CFR 360.6(c)(7)

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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	3,517	180	0	0	3,337	0
Annual Time Burden (Hours)	7,008	348	0	0	6,660	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? 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: 04/25/2023

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