2023 60-Day FRN 3038-0096 (UPI Revision)

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Federal Register / Vol. 88, No. 128 / Thursday, July 6, 2023 / Notices

are to respond, including through the
use of appropriate automated electronic,
mechanical, or other technological
collection techniques or other forms of
information technology; e.g., permitting
electronic submission of responses.
You should submit only information
that you wish to make available
publicly. If you wish the Commission to
consider information that you believe is
exempt from disclosure under the
Freedom of Information Act (‘‘FOIA’’), a
petition for confidential treatment of the
exempt information may be submitted
according to the procedures established
in § 145.9 of the Commission’s
regulations.11
The Commission reserves the right,
but shall have no obligation, to review,
pre-screen, filter, redact, refuse or
remove any or all of your submission
from https://www.cftc.gov that it may
deem to be inappropriate for
publication, such as obscene language.
All submissions that have been redacted
or removed that contain comments on
the merits of the Information Collection
Request will be retained in the public
comment file and will be considered as
required under the Administrative
Procedure Act and other applicable
laws, and may be accessible under
FOIA.
Burden Statement: The Commission
is revising its estimate of the burden for
this collection based on a decrease in
the current number of Commissionregistered SDs.12 The respondent
burden for this collection is estimated to
be as follows:
Estimated Number of Respondents:
106.
Estimated Average Burden Hours per
Respondent: 2,352.9 hours.
Estimated Total Annual Burden
Hours: 249,412 hours.
Frequency of Collection: Ongoing.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 30, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023–14248 Filed 7–5–23; 8:45 am]

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BILLING CODE 6351–01–P
11 17

CFR 145.9.
the change for the renewal is
based solely on the decreased number of entities
provisionally-registered with the Commission as
SDs (109 at the last renewal in 2020 and 106,
currently, as of June 7, 2023), as the annual total
burden hours has remained the same—at 2,352.9
hours per respondent. And just as before, there are
no entities currently registered as MSPs.
12 Specifically,

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COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Notice of Intent To Revise
Collection 3038–0096, Swap Data
Recordkeeping and Reporting
Requirements
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:

The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
proposed revision of an information
collection by the agency. Under the
Paperwork Reduction Act (‘‘PRA’’),
Federal agencies are required to publish
notice in the Federal Register
concerning each proposed collection of
information, including proposed
extension of an existing collection of
information, and to allow 60 days for
public comment. This notice solicits
comments on the information
collections pertaining to the
Commission’s swap data recordkeeping
and reporting requirements. These rules
impose recordkeeping and reporting
requirements on the following entities:
Swap Dealers (‘‘SDs’’), Major Swap
Participants (‘‘MSPs’’), Swap Execution
Facilities (‘‘SEFs’’), designated contract
markets (‘‘DCMs’’), swap data
repositories (‘‘SDRs’’), derivatives
clearing organizations (‘‘DCOs’’), and
swap counterparties that are neither
swap dealers nor major swap
participants (‘‘non-SD/MSP
counterparties’’).
DATES: Comments must be submitted on
or before September 5, 2023.
ADDRESSES: You may submit comments,
identified by ‘‘Revision of Information
Collection Pertaining to Swap Data
Recordkeeping and Reporting
Requirements, OMB Control No. 3038–
0096,’’ by any of the following methods:
• The Agency’s website, at https://
comments.cftc.gov/. Follow the
instructions for submitting comments
through the website.
• Mail: Christopher Kirkpatrick,
Secretary of the Commission,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581.
• Hand Delivery/Courier: Same as
Mail above.
Please submit your comments using
only one method. All comments must be
submitted in English, or if not,
accompanied by an English translation.
Comments will be posted as received to
https://www.cftc.gov.
SUMMARY:

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FOR FURTHER INFORMATION CONTACT:

Chase Lindsey, Assistant Chief Counsel,
Division of Market Oversight,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581 (202) 740–4833; email: clindsey@
cftc.gov.
SUPPLEMENTARY INFORMATION: Under the
PRA, 44 U.S.C. 3501 et seq., Federal
agencies must obtain approval from the
Office of Management and Budget
(‘‘OMB’’) for each collection of
information they conduct or sponsor.
‘‘Collection of Information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR 1320.3
and includes agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of the PRA, 44 U.S.C.
3506(c)(2)(A), requires Federal agencies
to provide a 60-day notice in the
Federal Register concerning each
proposed information collection
including each proposed extension of an
existing information collection, before
submitting the collection to OMB for
approval. To comply with this
requirement, the CFTC is publishing
notice of a proposed revision of the
currently approved information
collection listed below. An agency may
not conduct or sponsor, and a person is
not required to respond to, an
information collection unless it displays
a currently valid OMB control number.
Title: Swap Data Recordkeeping and
Reporting Requirements (OMB Control
No. 3038–0096). This is a request for
revision of a currently approved
information collection.
Abstract: The collection of
information is needed to ensure that the
CFTC and other regulators have access
to swap data as required by the
Commodity Exchange Act, as amended
by the Dodd-Frank Wall Street Reform
and Consumer Protection Act (‘‘DoddFrank Act’’). The Dodd-Frank Act
directed the CFTC to adopt rules
providing for the reporting of data
relating to swaps. In 2012, the CFTC
adopted Regulation 45, which imposes
recordkeeping and reporting
requirements relating to swaps. The
Commission is revising its burden hours
and hourly labor cost estimates
following the Commission’s designation
of a Unique Product Identifier (‘‘UPI’’)
and product classification system for
certain swap asset classes. The
Commission is revising its burden
estimates associated with the reporting
obligations under part 45 of the
Commission rules to account for new
burden associated with the
requirements of part 45.7.

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Federal Register / Vol. 88, No. 128 / Thursday, July 6, 2023 / Notices
With respect to the collection of
information, the CFTC invites
comments on:
• Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
CFTC, including whether the
information will have a practical use;
• The accuracy of the CFTC’s
estimate of the burden of the proposed
collection of information, including the
validity of the methodology and
assumptions used;
• Ways to enhance the quality,
usefulness, and clarity of the
information to be collected; and
• Ways to minimize the burden of
collection of information on those who
are to respond, including through the
use of appropriate automated electronic,
mechanical, or other technological
collection techniques or other forms of
information technology; e.g., permitting
electronic submission of responses.
You should submit only information
that you wish to make available
publicly. If you wish the CFTC to
consider information that you believe is
exempt from disclosure under the
Freedom of Information Act (‘‘FOIA’’), a
petition for confidential treatment of the
exempt information may be submitted
according to the procedures established
in § 145.9 of the CFTC’s regulations.1
The CFTC reserves the right, but shall
have no obligation, to review, prescreen, filter, redact, refuse or remove
any or all of your submission from
https://www.cftc.gov that it may deem to
be inappropriate for publication, such as
obscene language. All submissions that
have been redacted or removed that
contain comments on the merits of the
Information Collection Request will be
retained in the public comment file and
will be considered as required under the
Administrative Procedure Act and other
applicable laws, and may be accessible
under FOIA.
Burden Statement: CFTC Regulation
45.7 results in information collection
requirements within the meaning of the
PRA. With respect to the ongoing
reporting and recordkeeping burdens
associated with swaps, the CFTC
believes that SDs, MSPs, SEFs, DCMs,
DCOs, SDRs, and non-SD/MSP
counterparties incur an annual timeburden of 1,093 hours. This time-burden
represents a proportion of the burden
respondents incur to operate and
maintain their swap data recordkeeping
and reporting systems.
In addition, the Commission estimates
that regulation 45.7 will create costs for
entities required to retrieve and transmit
UPIs to update their systems to retrieve
1

17 CFR 145.9.

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and transmit UPIs. The Commission
estimates that SDRs, SEFs, DCMs, and
reporting counterparties required to
retrieve and transmit UPIs will incur a
one-time initial burden of one hour per
entity to modify their systems to adopt
the required changes, for a total
estimated hours burden of 1,732 hours.
The associated labor cost per entity is
estimated to be $93.31 for a total cost
across entities of $161,620.
Respondents/Affected Entities: Swap
Dealers, Major Swap Participants, SEFs,
DCMs, DCOs, and other counterparties
to a swap transaction (i.e., end-user,
non-SD/non-MSP counterparties).
Estimated number of respondents:
1,732.
Estimated average burden hours per
respondent: 1.6 hours.
Estimated total annual burden hours
on ÷respondents: 2,825 hours.
Frequency of collection: Ongoing.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 30, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023–14250 Filed 7–5–23; 8:45 am]
BILLING CODE 6351–01–P

BUREAU OF CONSUMER FINANCIAL
PROTECTION
Fair Lending Report of the Consumer
Financial Protection Bureau, June 2023
Consumer Financial Protection
Bureau.
ACTION: Fair Lending Report of the
Consumer Financial Protection Bureau.
AGENCY:

The Consumer Financial
Protection Bureau (CFPB) is issuing its
eleventh Fair Lending Report of the
Consumer Financial Protection Bureau
(Fair Lending Report) to Congress. The
CFPB is committed to ensuring fair,
equitable, and nondiscriminatory access
to credit for both individuals and
communities. This report describes our
fair lending activities in supervision and
enforcement; guidance and rulemaking;
interagency coordination; and outreach
and education for calendar year 2022.
DATES: The CFPB released the 2022 Fair
Lending Report on its website on June
28, 2023.
FOR FURTHER INFORMATION CONTACT:
Bobby Conner, Senior Policy Counsel,
Fair Lending, at 1–855–411–2372. If you
require this document in an alternative
electronic format, please contact CFPB_
[email protected].
SUPPLEMENTARY INFORMATION:
SUMMARY:

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1. Fair Lending Enforcement and
Supervision
1.1. Risk-Based Prioritization
Because Congress charged the CFPB
with the responsibility of overseeing
many lenders and products, the CFPB
has long used a risk-based approach to
prioritizing supervisory examinations
and enforcement activity. This approach
helps ensure that the CFPB focuses on
areas that present substantial risk of
credit discrimination for consumers and
small businesses.1
As part of the prioritization process,
the CFPB identifies emerging
developments and trends by monitoring
key consumer financial markets. If this
field and market intelligence identifies
fair lending risks in a particular market,
that information is used to determine
the type and extent of assets applied to
address those risks.
The prioritization process
incorporates a number of additional
factors, including tips and leads from
industry whistleblowers, advocacy
groups, and government agencies;
supervisory and enforcement history;
consumer complaints; and results from
analysis of Home Mortgage Disclosure
Act (HMDA) and other data.
As a result of its annual risk-based
prioritization process, in 2022 the CFPB
focused much of its fair lending
supervision efforts on mortgage
origination and pricing, small business
lending (including agricultural lending),
policies and procedures regarding
geographic and other exclusions in
underwriting, and on the use of
automated systems and models,
sometimes marketed as artificial
intelligence and machine learning
models.
As in previous years, the CFPB’s 2022
mortgage origination work continued to
focus on redlining (intentional
discrimination against applicants and
prospective applicants living or seeking
credit in minority neighborhoods,
including by discouragement); assessing
potential discrimination in
underwriting and pricing processes;
assessing whether lenders are illegally
steering applicants on a prohibited
basis; and HMDA data integrity and
validation reviews (both as standalone
exams and in preparation for
subsequent Equal Credit Opportunity
Act (ECOA) exams).
1 For additional information regarding the CFPB’s
risk-based approach in prioritizing supervisory
examinations, see section 2.2.3, Risk-Based
Approach to Examinations, Supervisory Highlights
Summer 2013, available at https://files.consumer
finance.gov/f/201308_cfpb_supervisory-highlights_
august.pdf.

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