Reporting and Recordkeeping Requirements Associated with Regulation KK

Forms and Documents

Document	Type	Status	Availability
FRKK_20230822_omb.pdf	Supporting Statement A	Uploaded 2023-08-22	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
225758	Recordkeeping Section 237.10		Unchanged
225700	Recordkeeping Section 237.8(h)		Unchanged
225699	Recordkeeping Section 237.8(g)		Unchanged
225698	Recordkeeping Section 237.7(c)		Unchanged
225696	Recordkeeping Section 237.2 (definition of "eligble master netting agreement," item 4)		Unchanged
225695	Reporting Sections 237.22(a)(1) and 237.22(e) (Board only)		Unchanged
225694	Reporting Section 237.9(e)		Unchanged
225693	Reporting Section 237.8(f)(3)		Unchanged
211489	Reporting Sections 237.8(c) and 237.8(d)		Unchanged

ICR Details

OMB Control No: 7100-0364	ICR Reference No: 202308-7100-002
Status: Active	Previous ICR Reference No: 202308-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR KK
Title: Reporting and Recordkeeping Requirements Associated with Regulation KK
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/22/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 08/22/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2026	36 Months From Approved	08/31/2023
Responses	211	0	211
Time Burden (Hours)	5,452	0	5,452
Cost Burden (Dollars)	0	0	0

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Abstract: Pursuant to sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), 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) have adopted regulations, including the Board’s Regulation KK - Swaps Margin and Swaps Push-out (12 CFR Part 237), establishing capital requirements and initial and variation margin requirements for certain entities on certain non-cleared swaps and non-cleared security-based swaps. These regulations include reporting and recordkeeping requirements. Regulation KK applies to a swap entity that is a 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, as well as any other entity determined to be a covered swap entity by the Board (collectively, covered swap entities).

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Authorizing Statute(s): 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: 15 USC 8305(f) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection 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 12936	03/01/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 46163	07/19/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
Recordkeeping Section 237.10
Recordkeeping Section 237.2 (definition of "eligble master netting agreement," item 4)
Recordkeeping Section 237.7(c)
Recordkeeping Section 237.8(g)
Recordkeeping Section 237.8(h)
Reporting Section 237.8(f)(3)
Reporting Section 237.9(e)
Reporting Sections 237.22(a)(1) and 237.22(e) (Board only)
Reporting Sections 237.8(c) and 237.8(d)

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ICR Summary 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	211	211	0	0	0	0
Annual Time Burden (Hours)	5,452	5,452	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: $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.     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: 08/22/2023

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