Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)

Forms and Documents

Document Name	Status
RegY1_20110401_omb.pdf Supporting Statement A	2011-04-01

IC Document Collections

IC ID	Document Title	Status
196716	Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)	New

ICR Details

OMB Control No: 7100-0333	ICR Reference No: 201102-7100-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: Reg Y-1
Title: Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/01/2011
	Date Received in OIRA: 04/01/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	36 Months From Approved
Responses	7,200	0	0
Time Burden (Hours)	21,600	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: On November 26, 2010, the Federal Reserve published a notice of proposed rulemaking in the Federal Register for public comment (75 FR 72741). The Federal Reserve proposed to revise the Bank Holding Companies and Change in Bank Control Regulation Y following the passage of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), commonly referred to as the Volcker Rule. In general, the Volcker Rule amends Regulation Y by prohibiting banking entities from engaging in proprietary trading or from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund. The Volcker Rule also amends Regulation Y by requiring nonbank financial companies, supervised by the Board, that engage in such activities or have such investments to be subject to additional capital requirements, quantitative limits, or other restrictions. The information collections associated with the Volcker Rule are located in sections 225.181(c) and 225.182(c) of Regulation Y. Sections 225.181(c) and 225.182(c) permit a banking entity and nonbank financial company respectively, to request an extension of time to conform its activities to the Volcker Rule. The comment period expired on January 10, 2011. The Federal Reserve received 12 comments; two of these comments specifically addressed the proposed paperwork burden estimates. On February 14, 2011, the Federal Reserve published a notice of final rulemaking in the Federal Register which clarified certain aspects of the proposed rule in response to public comments (76 FR 8265). The final rule is effective on April 1, 2011.

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Authorizing Statute(s): US Code: 12 USC 1851(c)(6) Name of Law: Volcker Rule
   US Code: 5 USC 552(b)(4) Name of Law: Freedom of Information Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD58	Final or interim final rulemaking	76 FR 8265	02/14/2011

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 72741	11/26/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 8265	02/14/2011
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule)

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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	7,200	0	7,200	0	0	0
Annual Time Burden (Hours)	21,600	0	21,600	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

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

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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: 04/01/2011

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