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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0364
ICR Reference No:
201702-7100-006
Status:
Historical Active
Previous ICR Reference No:
201402-7100-003
Agency/Subagency:
FRS
Agency Tracking No:
FR KK
Title:
Reporting and Recordkeeping Requirements Associated with Margin and Capital Requirements for Covered Swaps Entities (Regulation KK)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/13/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/13/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2020
36 Months From Approved
12/31/2017
Responses
13,002
0
14
Time Burden (Hours)
36,964
0
98
Cost Burden (Dollars)
0
0
0
Abstract:
The Board adopted a final rule that implemented section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Regulation KK 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. The reporting requirements are found in sections 237.22(a)(1) and 237.22(e) of the final rule for state member banks and uninsured U.S. branches or agencies of foreign banks.
Authorizing Statute(s):
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
US Code:
7 USC 6s
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD74
Final or interim final rulemaking
80 FR 74840
11/30/2015
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
76 FR 27564
05/11/2011
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 57348
09/24/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
10
IC Title
Form No.
Form Name
Recordkeeping - Subpart A, section 237.11(b)(1)
Recordkeeping - Subpart A, section 237.5(c)(2)(i)
Recordkeeping - Subpart A, section 237.7(c)
Recordkeeping - Subpart A, section 237.8(h)
Recordkeeping - Subpart A, sections 237.2 (definition of "eligble master netting agreement," item 4), 237.8(g), and 237.10
Recordkeeping - Subpart A, sections 237.8(e) and 237.8(f)
Reporting - Subpart A, section 237.8(f)(3)
Reporting - Subpart A, section 237.9(e)
Reporting - Subpart A, sections 237.8(c) and 237.8(d)
Reporting - Subpart B, sections 237.22(a)(1) and 237.22(e)
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
13,002
14
12,988
0
0
0
Annual Time Burden (Hours)
36,964
98
36,866
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:
The current annual burden is estimated to be 98 hours. The Board estimates the proposed annual burden to be 36,964 hours, an increase of 36,866 hours, due to the new reporting and recordkeeping requirements.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.gov
Common Form ICR:
No
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:
02/13/2017
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