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:
7100-0372
ICR Reference No:
202303-7100-006
Status:
Active
Previous ICR Reference No:
202209-7100-002
Agency/Subagency:
FRS
Agency Tracking No:
FR RR
Title:
Recordkeeping and Disclosure Requirements Associated with Regulation RR
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:
03/29/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/29/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2026
36 Months From Approved
03/31/2023
Responses
27
0
27
Time Burden (Hours)
340
0
340
Cost Burden (Dollars)
0
0
0
Abstract:
In 2014, the Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) (collectively, the federal banking agencies), U.S. Securities and Exchange Commission (SEC), Federal Housing Finance Agency (FHFA), and Department of Housing and Urban Development (HUD) (collectively, the agencies) adopted a joint final rule (credit risk retention rule) that implemented the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (Exchange Act), which was added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Board’s credit risk retention rule, which applies to any securitizer of asset-backed securities (securitizer) that is a state member bank or a subsidiary of a state member bank, is codified in the Board’s Regulation RR - Credit Risk Retention (12 CFR Part 244). Regulation RR includes a number of mandatory recordkeeping and disclosure requirements.
Authorizing Statute(s):
US Code:
15 USC 78o-11
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 71637
11/23/2022
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 18546
03/29/2023
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
27
IC Title
Form No.
Form Name
Disclosure Section 244.10
Disclosure Section 244.11
Disclosure Section 244.15
Disclosure Section 244.16
Disclosure Section 244.17
Disclosure Section 244.18
Disclosure Section 244.4 Standard Risk Retention Combined Horizontal and Vertical Interest
Disclosure Section 244.4 Standard Risk Retention Horizontal Interest
Disclosure Section 244.4 Standard Risk Retention Vertical Interest
Disclosure Section 244.5
Disclosure Section 244.6
Disclosure Section 244.7
Disclosure Section 244.8
Disclosure Section 244.9
Disclosure Sections 244.13 and 244.19(g)
Recordkeeping Section 244.11
Recordkeeping Section 244.15
Recordkeeping Section 244.16
Recordkeeping Section 244.17
Recordkeeping Section 244.18
Recordkeeping Section 244.4 Standard Risk Retention Combined Horizontal and Vertical Interest
Recordkeeping Section 244.4 Standard Risk Retention Horizontal Interest
Recordkeeping Section 244.4 Standard Risk Retention Vertical Interest
Recordkeeping Section 244.5
Recordkeeping Section 244.6
Recordkeeping Section 244.7
Recordkeeping Sections 244.13 and 244.19(g)
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
27
27
0
0
0
0
Annual Time Burden (Hours)
340
340
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:
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:
Kareemat Ayodeji 757 921-4888 kareemat.ayodeji@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:
03/29/2023
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