View Information Collection Request (ICR) Package
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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:
7100-0360
ICR Reference No:
202012-7100-003
Status:
Historical Active
Previous ICR Reference No:
202002-7100-013
Agency/Subagency:
FRS
Agency Tracking No:
FR VV
Title:
Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV
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:
12/14/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/14/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2023
03/31/2023
03/31/2023
Responses
23,842
0
24,614
Time Burden (Hours)
28,232
0
31,044
Cost Burden (Dollars)
0
0
0
Abstract:
The Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Commodity Futures Trading Commission (CFTC), and Securities and Exchange Commission (SEC) (collectively, the agencies) adopted a final rule that implemented section 13 of the Bank Holding Company Act of 1956 (BHC Act), which was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 13 contains certain prohibitions and restrictions on the ability of a banking entity supervised by the agencies to engage in proprietary trading or to have certain interests in, or relationships with, a hedge fund or private equity fund. Section 248.20 and Appendix A of Regulation VV - Proprietary Trading and Certain Interests in and Relationships with Covered Funds (12 CFR Part 248) require certain of the largest banking entities engaged in significant trading activities to collect, evaluate, and furnish data regarding covered trading activities as an indicator of areas meriting additional attention by the banking entity and the Board. The Board takes burden for all institutions under a holding company including OCC- supervised institutions, FDIC-supervised institutions, banking entities for which the CFTC is the primary financial regulatory agency, and banking entities for which the SEC is the primary financial regulatory agency. The OCC and FDIC submit similar requests for OMB review for institutions not under a holding company.
Authorizing Statute(s):
US Code:
12 USC 1851(b)(2)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1851(e)(1)
Name of Law: Bank Holding Company Act of 1956
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AF06
Final or interim final rulemaking
84 FR 61974
11/14/2019
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
83 FR 33432
07/17/2018
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 61974
11/14/2019
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
32
IC Title
Form No.
Form Name
Disclosure Section 248.11(a)(8)(i)
Disclosure Section 248.11(a)(8)(i) (Initial Setup)
Recordkeeping Section 248.11(a)(2)
Recordkeeping Section 248.11(a)(2) (Initial Setup)
Recordkeeping Section 248.20(b)
Recordkeeping Section 248.20(b) (Initial Setup)
Recordkeeping Section 248.20(c)
Recordkeeping Section 248.20(c) (Initial Setup)
Recordkeeping Section 248.20(d) ($20 billion or more)
Recordkeeping Section 248.20(d) ($20 billion or more) (Initial Setup)
Recordkeeping Section 248.20(e)
Recordkeeping Section 248.20(e) (Initial Setup)
Recordkeeping Section 248.20(f)(1)
Recordkeeping Section 248.20(f)(1) (Initial Setup)
Recordkeeping Section 248.20(f)(2)
Recordkeeping Section 248.20(f)(2) (Initial Setup)
Recordkeeping Section 248.3(d)(3)
Recordkeeping Section 248.3(d)(3) (Initial Setup)
Recordkeeping Section 248.4(b)(3)(i)(A)
Recordkeeping Section 248.4(b)(3)(i)(A) (Initial Setup)
Recordkeeping Section 248.4(c)(3)(i)
Recordkeeping Section 248.4(c)(3)(i) (Initial Setup)
Recordkeeping Section 248.5(c)
Recordkeeping Section 248.5(c) (Initial Setup)
Reporting 248.12(e) (Initial Setup)
Reporting Section 248.12(e)
Reporting Section 248.20(d) ($20 billion or more)
FR VV-1
Regulation VV Quantitative Measurements
Reporting Section 248.20(d) ($20 billion or more) (Initial Setup)
FR VV-1
Regulation VV Quantitative Measurements
Reporting Section 248.20(i)
Reporting Section 248.20(i) (Initial Setup)
Reporting Section 248.4(c)(3)(i)
Reporting Section 248.4(c)(3)(i) (Initial Setup)
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
23,842
24,614
0
0
-772
0
Annual Time Burden (Hours)
28,232
31,044
0
0
-2,812
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 decrease in total annual burden hours reflects an update to the respondent counts.
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.
No
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
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:
12/14/2020
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