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OMB Control No: 7100-0364	ICR Reference No: 202308-7100-001
Status: Historical Active	Previous ICR Reference No: 202008-7100-006
Agency/Subagency: FRS	Agency Tracking No: FR KK
Title: Reporting and Recordkeeping Requirements Associated with Regulation KK
Type of Information Collection: No material or nonsubstantive change to 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	08/31/2023	08/31/2023	08/31/2023
Responses	211	0	41,453
Time Burden (Hours)	5,452	0	61,104
Cost Burden (Dollars)	0	0	0

Abstract: 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) adopted a joint final rule that implemented sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the agencies to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared. This final rule created reporting and recordkeeping requirements. The Board accounts for any 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 that is registered as a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant. The Board adopted a final rule that implemented section 716 of the Dodd-Frank Act. Regulation KK - Swaps Margin and Swaps Push-Out (12 CFR Part 237) 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. This final rule created reporting requirements.

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: 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

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF62	Final or interim final rulemaking	85 FR 39754	07/01/2020

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 9940	03/19/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 59970	11/07/2019
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	211	41,453	-41,242
Annual Time Burden (Hours)	5,452	61,104	-55,652
Annual Cost Burden (Dollars)	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 decrease in total annual burden hours reflects an update to the respondent counts. Also, the Board has determined that section 237.1(h), previously cleared as part of the FR KK, no longer includes a disclosure collection of information, because the conditions triggering the disclosure will not occur. In addition, the Board has determined to omit from the FR KK the following provisions of Regulation KK that were formerly referenced in the clearance, because it has determined that they do not constitute collections of information under the PRA: sections 237.1(d); 237.5(c)(2)(i); 237.8(c)(2); 237.8(d)(5), (12), and (13); 238.8(e); and 237.8(f)(2), (3), and (4).

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

Agency Contact: Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.gov

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