Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation Q
Revision of a currently approved collection
No
Emergency
03/09/2021
03/09/2021
Requested
Previously Approved
6 Months From Approved
03/31/2023
3,309
3,277
81,381
81,309
0
0
The Board’s Regulation Q - Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks (12 CFR Part 217) sets forth the capital adequacy requirements for state member banks (SMBs), BHCs, U.S. intermediate holding companies (IHCs), and covered savings and loan holding companies (SLHCs) (collectively, Board-regulated institutions).
The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the Paperwork Reduction Act includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a new collection of information or a change to an existing collection must be instituted quickly and that public participation in the approval process would substantially interfere with the Board’s ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board must conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment. In response to recent economic disruptions and volatility in U.S. financial markets caused by the spread of Coronavirus Disease 2019 (COVID-19), the Board and the agencies issued interim final rules (IFRs) that revised, on a temporary basis, the disclosure requirements contained in the Board’s Regulation Q and introduced a new notice opt-in provision and a requirement for prior Board approval for certain capital distributions by SMBs. The Board has proposed to extend these temporary revisions so that they would be effective for the FR Q through March 31, 2021, the date on which the relevant IFR provisions would expire.
US Code:
12 USC 1831o(c)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 3907(a)(1)
Name of Law: International Lending Supervision Act of 1983
US Code:
12 USC 324
Name of Law: Federal Reserve Act
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
The estimated total annual burden for the FR Q is 81,309 hours, and would increase to 81,381 with the revisions. The Board believes that the new reporting requirements will amount to 12 burden hours per respondent (two responses per respondent at six hours per response).
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:
(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;
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.
FRQ_20210309_omb_emergency.pdf
Risk-based Capital Surcharge for GSIBs - Recordkeeping Sections 217.402 and 217.403