Final 30-day Federal Register Notice

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Federal Register / Vol. 88, No. 113 / Tuesday, June 13, 2023 / Notices
Issued in Washington, DC, on June 6, 2023.
Robert C. Hampshire,
Acting Assistant Secretary for Research and
Technology.

what are these areas, and why should
DOT consider funding them?
Climate and Resilience
Our transportation infrastructure is
increasingly susceptible to damage from
climate-related events, from drought to
floods to sea level rise. Increasing the
resilience of our infrastructure and
mitigating negative effects on our
transportation system across all modes
is an imperative for DOT. Climate and
resilience research is being conducted
across all transportation modes at DOT,
including in the newly reestablished
DOT Climate Change Center, and
includes the reduction of greenhouse
gas (GHG) emissions from
transportation, the reduction of
embodied carbon in infrastructure
materials, and increasing physical and
cyber resilience across the
transportation system.
Question 5: Are there new and
emerging areas of innovation, including
external early-stage research and
development, that ARPA–I should
contemplate funding as a part of its
Climate and Resilience area of
concentration, noting the agency’s highrisk, high-reward focus? If yes, what are
these areas, and why should DOT
consider funding them?
Other Areas in Transportation
Infrastructure
DOT currently conducts a
considerable amount of R&D work, both
internally and externally, in many areas
pertinent to transportation
infrastructure.
Question 6: Are there other new and
emerging areas of innovation associated
with transportation infrastructure,
including external early-stage research
and development, that ARPA–I should
contemplate funding, noting the
agency’s high-risk, high-reward focus? If
yes, what are these other areas, and why
should DOT consider funding them?

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Confidential Business Information
Do not submit information disclosure
of which is restricted by statute, such as
trade secrets and commercial or
financial information (hereinafter
referred to as Confidential Business
Information ‘‘CBI’’) to Regulations.gov.
Comments submitted through
Regulations.gov cannot be claimed as
CBI. Comments received through the
website will waive any CBI claims for
the information submitted.

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[FR Doc. 2023–12621 Filed 6–12–23; 8:45 am]
BILLING CODE 4910–9X–P

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request
Office of the Comptroller of the
Currency (OCC), Treasury; Board of
Governors of the Federal Reserve
System (Board); and Federal Deposit
Insurance Corporation (FDIC).
ACTION: Joint notice and request for
comment.
AGENCY:

In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (PRA), the OCC,
the Board, and the FDIC (the agencies)
may not conduct or sponsor, and a
respondent is not required to respond
to, an information collection unless it
displays a currently valid Office of
Management and Budget (OMB) control
number. On February 21, 2023, the
agencies, under the auspices of the
Federal Financial Institutions
Examination Council (FFIEC), requested
public comment for 60 days on a
proposal to revise and extend the
Consolidated Reports of Condition and
Income (Call Reports) (FFIEC 031,
FFIEC 041, and FFIEC 051), and the
Report of Assets and Liabilities of U.S.
Branches and Agencies of Foreign Banks
(FFIEC 002), all of which are currently
approved collections of information.
These proposed revisions to the Call
Reports and the FFIEC 002 result from
the 2022 statutorily mandated review of
the Call Reports, Call Report process
revisions, and reporting of certain
Federal Home Loan Mortgage
Corporation and similar securitizations.
DATES: Comments must be submitted on
or before July 13, 2023.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the agencies. All comments
will be shared among the agencies.
OCC: You may submit comments, by
any of the following methods:
• Email: [email protected].
SUMMARY:

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• Mail: Chief Counsel’s Office, Office
of the Comptroller of the Currency,
Attention: 1557–0081, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0081’’ in your comment.
In general, the OCC will publish
comments on www.reginfo.gov without
change, including any business or
personal information provided, such as
name and address information, email
addresses, or phone numbers.
Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
information collection beginning on the
date of publication of the second notice
for this collection by the following
method:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review.’’ Underneath the ‘‘Currently
under Review’’ section heading, from
the drop-down menu select
‘‘Department of the Treasury’’ and then
click ‘‘submit.’’ This information
collection can be located by searching
by OMB control number ‘‘1557–0081.’’
Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
Board: You may submit comments,
which should refer to ‘‘Call Report and
FFIEC 002 Revisions,’’ by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at:
https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include ‘‘Call Report
and FFIEC 002 Revisions’’ in the subject
line of the message.
• Fax: (202) 395–6974.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal

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Federal Register / Vol. 88, No. 113 / Tuesday, June 13, 2023 / Notices
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
In general, all public comments will
be made available on the Board’s
website at www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, and will not be modified to
remove confidential, contact or any
identifiable information.
FDIC: You may submit comments,
which should refer to ‘‘Call Report and
FFIEC 002 Revisions,’’ by any of the
following methods:
• Agency Website: https://
www.fdic.gov/resources/regulations/
federal-register-publications/. Follow
the instructions for submitting
comments on the FDIC’s website.
• Email: [email protected].
Include ‘‘Call Report (FFIEC 002)
Revisions’’ in the subject line of the
message.
• Mail: Manuel E. Cabeza, Counsel,
Attn: Comments, Room 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 550 17th Street NW
building (located on F Street NW) on
business days between 7 a.m. and 5 p.m.
• Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/resources/
regulations/federal-registerpublications/, including any personal
information provided. Paper copies of
public comments may be requested from
the FDIC Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
Additionally, commenters may send a
copy of their comments to the OMB
desk officer for the agencies by mail to
the Office of Information and Regulatory
Affairs, U.S. Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street NW,
Washington, DC 20503; by fax to (202)
395–6974; or by email to oira_
[email protected].
FOR FURTHER INFORMATION CONTACT: For
further information about the proposed
revisions to the information collections
discussed in this notice, please contact
any of the agency staff whose names
appear below. In addition, copies of the
report forms for the Call Reports can be
obtained at the FFIEC’s website (https://
www.ffiec.gov/ffiec_report_forms.htm).
OCC: Kevin Korzeniewski, Counsel,
Chief Counsel’s Office, (202) 649–5490.
If you are deaf, hard of hearing, or have
a speech disability, please dial 7–1–1 to
access telecommunications relay
services.

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Board: Nuha Elmaghrabi, Federal
Reserve Board Clearance Officer, (202)
452–3884, Office of the Chief Data
Officer, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551. For
users of telephone systems via text
telephone (TTY) or any TTY-based
Telecommunications Relay Services
(TRS), please call 711 from any
telephone, anywhere in the United
States.
FDIC: Manuel E. Cabeza, Counsel,
(202) 898–3767, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The
comment period for the February, 2023
notice ended on April 24, 2023. After
considering the comments received on
the proposal, the FFIEC and the
agencies are proceeding with the
proposed revisions related to the 2022
statutorily mandated review, with
certain modifications. These reporting
revisions would take effect for the
September 30, 2023, report date, rather
than as of the June 30, 2023, report date,
as originally proposed. The agencies are
continuing to review the reporting of
certain Federal Home Loan Mortgage
Corporation and similar securitizations.
The agencies also are proposing
clarifications to the reporting
instructions for certain items on
Schedule RC–T, Fiduciary and Related
Services.
The agencies hereby give notice of
their plan to submit to OMB a request
to approve the revision and extension of
these information collections, and again
invite comment on the renewal.
Table of Contents
I. Report Summary
A. Call Report
B. FFIEC 002 and FFIEC 002S
II. Current Actions
A. Background
B. Proposed Changes and Comments
Received
1. Statutorily Mandated Review
2. Call Report Process Changes
3. Clarification of Reporting Certain
Securitizations
4. Other Comments Received
C. Proposed Instructional Clarifications to
Schedule RC–T, Fiduciary and Related
Services
III. Timing
IV. Request for Comment

I. Report Summary
A. Call Report
The agencies propose to extend for
three years, with revision, their
information collections associated with
the FFIEC 031, FFIEC 041, and FFIEC
051 Call Reports.

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Report Title: Consolidated Reports of
Condition and Income (Call Report).
Form Number: FFIEC 031
(Consolidated Reports of Condition and
Income for a Bank with Domestic and
Foreign Offices), FFIEC 041
(Consolidated Reports of Condition and
Income for a Bank with Domestic
Offices Only), and FFIEC 051
(Consolidated Reports of Condition and
Income for a Bank with Domestic
Offices Only and Total Assets Less Than
$5 Billion).
Frequency of Response: Quarterly.
Affected Public: Business or other forprofit.
Type of Review: Revision and
extension of currently approved
collections.
OCC
OMB Control No.: 1557–0081.
Estimated Number of Respondents:
1,015 national banks and federal savings
associations.
Estimated Average Burden per
Response: 40.68 burden hours per
quarter to file.
Estimated Total Annual Burden:
165,161 burden hours to file.
Board
OMB Control No.: 7100–0036.
Estimated Number of Respondents:
699 state member banks.
Estimated Average Burden per
Response: 44.13 burden hours per
quarter to file.
Estimated Total Annual Burden:
123,387 burden hours to file.
FDIC
OMB Control No.: 3064–0052.
Estimated Number of Respondents:
2,990 insured state nonmember banks
and state savings associations.
Estimated Average Burden per
Response: 38.87 burden hours per
quarter to file.
Estimated Total Annual Burden:
464,885 burden hours to file.
The estimated average burden hours
collectively reflect the estimates for the
FFIEC 031, the FFIEC 041, and the
FFIEC 051 reports for each agency.
When the estimates are calculated by
type of report across the agencies, the
estimated average burden hours per
quarter are 84.53 (FFIEC 031), 54.60
(FFIEC 041), and 34.41 (FFIEC 051).
These estimates represent a reduction of
1.96 hours (FFIEC 031), 0.93 (FFIEC
041) and 0.97 hours (FFIEC 051) per
quarter compared with the prior
estimates approved by OMB. The
changes are due to the revisions
proposed in this notice, change in the
number of institutions filing each type
of report, and change to the amount of

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data items reported in each report. The
estimated burden per response for the
quarterly filings of the Call Report is an
average that varies by agency because of
differences in the composition of the
institutions under each agency’s
supervision (e.g., size distribution of
institutions, types of activities in which
they are engaged, and existence of
foreign offices).
Type of Review: Extension and
revision of currently approved
collections. In addition to the proposed
revisions discussed below, Call Reports
are periodically updated to clarify
instructional guidance and correct
grammatical and typographical errors on
the forms and instructions, which are
published on the FFIEC website.1 These
non-substantive updates may also be
commented upon.
Legal Basis and Need for Collections
The Call Report information
collections are mandatory: 12 U.S.C. 161
(national banks), 12 U.S.C. 324 (state
member banks), 12 U.S.C. 1817 (insured
state nonmember commercial and
savings banks), and 12 U.S.C. 1464
(federal and state savings associations).
At present, except for selected data
items and text, these information
collections are not given confidential
treatment.
Banks and savings associations
submit Call Report data to the agencies
each quarter for the agencies’ use in
monitoring the condition, performance,
and risk profile of individual
institutions and the industry as a whole.
Call Report data serve a regulatory or
public policy purpose by assisting the
agencies in fulfilling their shared
missions of ensuring the safety and
soundness of financial institutions and
the financial system and protecting
consumer financial rights, as well as
agency-specific missions affecting
federal and state-chartered institutions,
such as conducting monetary policy,
ensuring financial stability, and
administering federal deposit insurance.
Call Reports are the source of the most
current statistical data available for
identifying areas of focus for on-site and
off-site examinations. Among other
purposes, the agencies use Call Report
data in evaluating institutions’ corporate
applications, including interstate merger
and acquisition applications for which
the agencies are required by law to
determine whether the resulting
institution would control more than 10
percent of the total amount of deposits
of insured depository institutions in the
United States. Call Report data also are
1 www.ffiec.gov/forms031.htm; www.ffiec.gov/
forms041.htm; www.ffiec.gov/forms051.htm.

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used to calculate the risk-based
assessments for insured depository
institutions.
B. FFIEC 002 and 002S
The Board proposes to extend for
three years, with revision, the FFIEC
002 and FFIEC 002S reports.
Report Titles: Report of Assets and
Liabilities of U.S. Branches and
Agencies of Foreign Banks; Report of
Assets and Liabilities of a Non-U.S.
Branch that is Managed or Controlled by
a U.S. Branch or Agency of a Foreign
(Non-U.S.) Bank.
Form Numbers: FFIEC 002; FFIEC
002S.
OMB Control Number: 7100–0032.
Frequency of Response: Quarterly.
Affected Public: Business or other forprofit.
Respondents: All state-chartered or
federally-licensed U.S. branches and
agencies of foreign banking
organizations, and all non-U.S. branches
managed or controlled by a U.S. branch
or agency of a foreign banking
organization.
Estimated Number of Respondents:
FFIEC 002—183; FFIEC 002S—18.
Estimated Average Burden per
Response: FFIEC 002—24.67 hours;
FFIEC 002S—6.0 hours.
Estimated Total Annual Burden:
FFIEC 002—18,058 hours; FFIEC 002S—
432 hours.
Type of Review: Extension and
revision of currently approved
collections.
The proposed revisions to the FFIEC
002 instructions in this notice would
not have a material impact on the
existing burden estimates.
Legal Basis and Need for Collection
On a quarterly basis, all U.S. branches
and agencies of foreign banks are
required to file the FFIEC 002, which is
a detailed report of condition with a
variety of supporting schedules. This
information is used to fulfill the
supervisory and regulatory requirements
of the International Banking Act of
1978. The data also are used to augment
the bank credit, loan, and deposit
information needed for monetary policy
and other public policy purposes. In
addition, FFIEC 002 data are used to
calculate the risk-based assessments for
FDIC-insured U.S. branches of foreign
banks. The FFIEC 002S is a supplement
to the FFIEC 002 that collects
information on assets and liabilities of
any non-U.S. branch that is managed or
controlled by a U.S. branch or agency of
the foreign bank. A non-U.S. branch is
managed or controlled by a U.S. branch
or agency if a majority of the
responsibility for business decisions,

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including but not limited to decisions
with regard to lending or asset
management or funding or liability
management, or the responsibility for
recordkeeping in respect of assets or
liabilities for that foreign branch resides
at the U.S. branch or agency. A separate
FFIEC 002S must be completed for each
managed or controlled non-U.S. branch.
The FFIEC 002S must be filed quarterly
along with the U.S. branch or agency’s
FFIEC 002.
These information collections are
mandatory (12 U.S.C. 3105(c)(2),
1817(a)(1) and (3), and 3102(b)). Except
for select sensitive items, the FFIEC 002
is not given confidential treatment; the
FFIEC 002S is given confidential
treatment pursuant to 5 U.S.C. 552(b)(4)
and (8). The data from both reports are
used for (1) monitoring deposit and
credit transactions of U.S. residents; (2)
monitoring the impact of policy
changes; (3) analyzing structural issues
concerning foreign bank activity in U.S.
markets; (4) understanding flows of
banking funds and indebtedness of
developing countries in connection with
data collected by the International
Monetary Fund and the Bank for
International Settlements that are used
in economic analysis; and (5) assisting
in the supervision of U.S. offices of
foreign banks. The Federal Reserve
System collects and processes these
reports on behalf of all three agencies.
II. Current Actions
A. Background
On February 21, 2023, the agencies
proposed revisions to all three versions
of the Call Report (FFIEC 031, FFIEC
041 and the FFIEC 051) and the FFIEC
002 resulting from the 2022 statutorily
mandated full review, along with
proposed Call Report process
improvements and reporting of certain
securitizations (February notice).2 The
comment period for the February notice
ended on April 24, 2023. The agencies
received three comments on the
February notice.
Additionally, in response to questions
received from preparers of the Call
Report and other stakeholders, as well
as to promote consistent reporting
across all institutions, the agencies are
clarifying the instructions on the
reporting of certain items on Schedule
RC–T, Fiduciary and Related Services,
as detailed in Section II.C of this
SUPPLEMENTARY INFORMATION.
2 88

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B. Proposed Changes and Comments
Received
1. Statutorily Mandated Review
As a result of the statutorily mandated
review required by Section 604 of the of
the Financial Services Regulatory Relief
Act of 2006,3 the agencies identified
multiple items for removal or
consolidation. These items related to
FDIC loss-sharing agreements, negative
amortization loans, reverse mortgages,
and the money market mutual fund
liquidity facility (MMLF). Additional
detail about the specific line items
impacted is included in the February
notice.
One commenter generally supported
the removal of items no longer
necessary in connection with the
statutorily mandated review. This
commenter also requested removal of
Schedule RC–C, Memorandum items
17.a and 17.b, which collect information
regarding the number and amount of
loans modified pursuant to Section 4013
of the CARES Act.4 The commenter
noted that similar items previously were
removed from bank holding company
reports. These items relate to loan
modifications or restructurings, which
the agencies are planning to address in
a more comprehensive proposal.
Therefore, the agencies will retain these
items for now but will consider the
commenter’s input when developing
that proposal, which will follow the
standard notice and comment process
pursuant to the Paperwork Reduction
Act.
After further deliberation and recent
loss-share transactions established by
the FDIC, the agencies decided to retain
and redesignate certain items related to
FDIC loss-sharing agreements that had
been proposed for removal. These items
are necessary solely for FDIC deposit
insurance assessment purposes. On the
FFIEC 031 and FFIEC 041 Call Report
forms, the retained items are:
• Schedule RC–M, item 13.b.(7),
‘‘Portion of covered other real estate
owned included in items 13.b.(1)
through (6) above that is protected by
FDIC loss-sharing agreements.’’ This
item would be redesignated as item 13
and reflect the total of other real estate
owned that is protected by FDIC losssharing arrangements. The agencies still
would discontinue all other subitems of
item 13, including subitems 13.b.(1)
through 13.b.(6), 13.c and 13.d, as this
information is not necessary for deposit
insurance assessment or other purposes.
• Schedule RC–N, item 12.f, ‘‘Portion
of covered loans and leases included in
3 12

U.S.C. 1817(a)(11).
Law 116–136, 4013 (2020).

4 Public

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items 12.a through 12.e above that is
protected by FDIC loss-sharing
agreements’’ (Columns A, B, and C).
This item would be redesignated as item
12 and reflect the total of loans and
leases protected by FDIC loss-sharing
arrangements. The agencies still would
discontinue subitems 12.a through 12.e,
as this information is not necessary for
deposit insurance assessment or other
purposes.
On the FFIEC 051, the agencies will
also retain the following subitems of
Schedule SU, item 9.c, ‘‘Portion of past
due and nonaccrual covered loans and
leases that is protected by FDIC losssharing agreements:’’
• Schedule SU, item 9.c.(2), ‘‘Past due
90 days or more and still accruing.’’
• Schedule SU, item 9.c.(3),
‘‘Nonaccrual.’’
These items would be moved to
Schedule RC–N, Past Due and
Nonaccrual Loans, Leases, and Other
Assets, and redesignated as item 12,
‘‘Portion of loans and leases covered by
FDIC loss-sharing agreements,’’ with
reporting in column B, ‘‘Past due 90
days or more and still accruing’’ and
column C, ‘‘Nonaccrual,’’ which would
be consistent with the FFIEC 031 and
FFIEC 041 forms. The agencies still
would discontinue the other subitems
under Schedule SU, item 9, FDIC LossSharing Agreements, as this information
is not necessary for deposit insurance
assessment or other purposes.
The agencies are proceeding with the
removal or consolidation of the other
items described in the February notice.
While the agencies had proposed
removing these items as of June 30,
2023, due to the time needed to update
systems for the Call Reports, the
agencies instead propose to remove or
consolidate the items related to negative
amortization loans, reverse mortgages,
MMLF and FDIC loss-sharing
agreements, as described above,
effective as of the September 30, 2023,
report date.
Furthermore, to maintain consistency
of reporting between the Call Report and
the FFIEC 002, the Board proposed in
the February notice to remove from
Schedule O, Other Data for Deposit
Insurance Assessments, Memorandum
item 7, ‘‘Quarterly average amount of
holdings of assets purchased from
money market funds under the Money
Market Mutual Fund Liquidity Facility’’
and intend to remove this item, also
effective for the September 30, 2023,
report date.
2. Call Report Process Changes
In the February notice, the agencies
had proposed changes to improve
efficiency and usability of the Call

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Report. Specifically, the agencies
proposed providing the Call Report
instructions and the instructional
updates using the Portable Document
Format instead of the binder format and
would discontinue preparing the
optional tax worksheet. No comments
were received on these process changes,
and the agencies will discontinue the
optional tax worksheet starting with the
June 30, 2023, report date. The agencies
are continuing to review alternatives to
providing the Call Report instructions
and the instructional updates in a
format other than the existing binder
format.
3. Clarification of Reporting Certain
Securitizations
In the February notice, the agencies
had proposed a change to clarify
reporting of certain Federal Home Loan
Mortgage Corporation and similar
securitization structures that have
government guarantees in the Call
Report. The agencies had proposed
clarifying that these securitizations
should be reported in Schedule RC–B,
Securities, item 5.b., ‘‘Structured
financial products.’’
Two comments were received on this
clarification. One comment opposed
reporting of these securities in Schedule
RC–B, Securities, item 5.b, noting that
this item includes a broad range of
structured financial products, and there
would be a lack of clarity on the amount
of securities reported in this item that is
guaranteed by a government or agency.
The other comment supported reporting
these securities in item 5.b. However,
the commenter also noted the lack of
transparency in this item regarding the
proportion of securities with
government guarantees. The commenter
requested that a subcategory be added to
item 5.b to report the amount that was
guaranteed by the U.S. government or
an agency. The agencies are continuing
to review the original clarification and
the new item proposed by the
commenter.
4. Other Comments Received
The agencies also received requests
from two commenters on the Call Report
that were not specifically related to any
of the proposed changes.
One commenter requested the
agencies to provide clarification on how
long an institution would continue to
report a loan subsequent to its
modification that met the criteria in
Accounting Standards Update 2022–02,
‘‘Financial Instruments—Credit Losses
(Topic 326): Troubled Debt
Restructurings and Vintage Disclosures’’
(ASU 2022–02) in the Call Report. The
agencies plan to propose revisions to the

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Federal Register / Vol. 88, No. 113 / Tuesday, June 13, 2023 / Notices

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Call Report in response to ASU 2022–
02 and will consider these comments at
that time. This proposal would follow
the standard notice and comment
process pursuant to the PRA.
The other commenter requested that
the agencies expand the level of detail
on interest and fee income collected in
the Call Report on Schedule RI, Income
Statement, to align with each loan
category reported on Schedule RC–C,
Part I, Loans and Leases. The agencies
are declining to make any changes to the
level of detail on loan income at this
time. The current level of detail strikes
the appropriate balance between the
information necessary for monitoring
the condition and performance of
individual institutions and the industry
with the effort required by those
organizations to separately collect and
report interest and fee income
information by loan category.
C. Proposed Instructional Clarifications
to Schedule RC–T, Fiduciary and
Related Services
In response to questions received on
the reporting of managed and nonmanaged assets and number of managed
and non-managed accounts on Schedule
RC–T, Fiduciary and Related Services,
and to promote consistent reporting
across all institutions, the agencies are
proposing to clarify the instructions for
these items as of the September 30,
2023, report date. Specifically:
• Reporting of life insurance trusts.
The agencies have observed inconsistent
reporting of life insurance trusts and are
clarifying that life insurance trusts,
other than term life insurance policies
that have nominal value, should be
reported in Schedule RC–T, item 4,
‘‘Personal trust and agency accounts.’’
Relatedly, the agencies are proposing to
clarify in the ‘‘Fiduciary and Related
Assets’’ section of the Schedule RC–T
instructions that the cash surrender
value of a life insurance policy generally
may be used when calculating the value
of the account.
• Classification of investment
advisory employee benefit accounts.
The agencies have observed inconsistent
reporting of employee benefit accounts
for which the institution provides
investment services or investment
advice for a fee and whether those
accounts are classified as managed or
non-managed in item 5, ‘‘Employee
benefit and retirement-related trust and
agency accounts.’’ The agencies are
proposing to clarify in Schedule RC–T,
items 5.a through 5.c, that accounts for
which the institution serves as either
trustee or agent and provides
investment management services, or
provides investment advice for a fee,

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should be reported in one of the
subcategories of item 5. The agencies are
further proposing to clarify that
accounts for which the institution
serves as a directed trustee or provides
investment advice for a fee should be
reported under non-managed accounts.
In addition, the agencies are proposing
to clarify that employee benefit accounts
for which the institution provides
investment management or investment
advisory services should not be reported
in Schedule RC–T, item 7, ‘‘Investment
management and investment advisory
agency accounts.’’
• Primary relationship test. The
agencies have observed inconsistent
reporting of trust accounts for which the
institution has both a fiduciary and
custodial relationship. The current
instructions for Schedule RC–T, item
11, ‘‘Custody and safekeeping accounts’’
indicate that the institution should
report the account under the primary
relationship. The agencies are proposing
to clarify in the instructions for this
item that when an institution has both
a fiduciary and custodial relationship,
the fiduciary relationship is the primary
relationship. In this case, the account
should be reported as a fiduciary
account in Schedule RC–T, items 4
through 9, and it should not be reported
as a custodial account in item 11.
• Back-office services. The agencies
have received questions about whether
accounts for which the institution
provides back-office or operational
services for a third party, but does not
hold the account, should be reported
along with custody and safekeeping
accounts. The agencies are proposing to
revise the ‘‘Fiduciary and Related
Assets’’ section of the Schedule RC–T
instructions to clarify that accounts for
which the institution only provides
back-office or operational services and
the accounts or assets are not held by
the institution should not be reported in
Schedule RC–T.
The agencies are proposing to
incorporate these clarifications starting
with the September 30, 2023, report
date. The agencies would expect
institutions that are not currently
reporting consistent with these
clarifications to incorporate the
clarifications on a best-efforts basis over
the four subsequent quarterly reports.
III. Timing
The revisions to the Call Report and
the FFIEC 002 resulting from the
statutorily mandated full review related
to certain loss-sharing agreements with
the FDIC, negative amortization loans,
reverse mortgages, and MMLF items,
and the proposed clarifications to the
instructions for Schedule RC–T, will be

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effective as of the September 30, 2023,
report date, subject to OMB approval.
The agencies plan to discontinue the
optional tax worksheet as part of the
implementation of the Call Report
process changes starting with the June
30, 2023, report date.
IV. Request for Comment
Public comment is requested on all
aspects of this joint notice. Comment is
specifically invited on:
(a) Whether the proposed revisions to
the collections of information that are
the subject of this notice are necessary
for the proper performance of the
agencies’ functions, including whether
the information has practical utility;
(b) The accuracy of the agencies’
estimates of the burden of the
information collections as they are
proposed to be revised, including the
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Comments submitted in response to
this joint notice will be shared among
the agencies.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
Board of Governors of the Federal Reserve
System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on June 6, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023–12553 Filed 6–12–23; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P

DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Notice of OFAC Sanctions Actions
Office of Foreign Assets
Control, Treasury.
ACTION: Notice.
AGENCY:

The U.S. Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
of one or more persons that have been

SUMMARY:

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