The information collection consist of
reporting, recordkeeping, and disclosure requirements under subpart
C (Nonpublic Information Made Available to Supervised Financial
Institutions, Governmental Agencies, and Others in Certain
Circumstances) of Rules Regarding Availability of Information (12
CFR Part 261). Subpart C contains reporting requirements that
enable third parties to request the Board’s authorization to
access, use, or further disclose confidential supervisory
information or other nonpublic information of the Board, and that
ensure that the Board is notified when any subpoena or other
legally enforceable demand requires production of confidential
supervisory information or other nonpublic information of the Board
in the form of documents or testimony. Subpart C also contains one
recordkeeping requirement related to a provision that allows
supervised financial institutions to disclose confidential
supervisory information to service providers if the disclosure is
deemed necessary to the service provider’s provision of services,
and two disclosure requirements that apply when individuals are
served with a subpoena, order, or other judicial or administrative
process requiring the production of confidential supervisory
information or other nonpublic information of the Board in the form
of documents or testimony.
The delegation of
authority to the Board from OMB that permits the Board to approve
collections of information under the PRA 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 defeat the purpose of
the collection or 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. The Board has temporarily approved the collections
of information contained within subpart C of 12 CFR Part 261 under
the title FR 4035. The Board has determined that this collection of
information must be instituted quickly and that public
participation in the approval process would defeat the purpose of
the collection of information and substantially interfere with the
Board’s ability to perform its statutory obligations. In
particular, the Board has determined that because the reporting and
disclosure requirements are existing requirements that facilitate
the Board’s processing of requests to access and use the Board’s
confidential supervisory information, the Board’s ability to
perform its statutory responsibilities relating to the disclosure,
production, or withholding of the Board’s information would be
diminished if the Board were unable to enforce the collections of
information contained within subpart C due to possible
noncompliance with the PRA.
US Code:
12
USC 326 Name of Law: Federal Reserve Act
This is a new collection. The
estimated total annual burden for the FR 4035 is 134 hours. The
estimated total annual burden is based on the average number of
requests the Board received in connection with the types of
requests covered by sections 261.22(c), 261.23(b), and 261.23(c) in
2017, 2018, 2019, and the average number of notices the Board
received pursuant to the notice requirement covered by section
261.24(a)(1) in 2017, 2018, and 2019. Although these provisions
were recently modified by the Board, the Board does not believe
that the number of requests and notices made pursuant to those
sections will materially change due to those modifications.
Furthermore, the estimated annual burden hours with respect to the
new recordkeeping requirement under section 261.21(b)(4) is based
on the average number of requests the Board received in 2017, 2018,
2019 from supervised financial institutions to disclose
confidential supervisory information to their service
providers.
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.
FR4035_20201029_omb_emergency.pdf
Disclosure Section 261.24(a)(3)