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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices
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transactions.6 Of the 270 sponsors, the agencies assigned 8 percent of these sponsors to the Board, 12 percent to FDIC, 13 percent to the OCC, and 67
percent to the Commission.7
Next, FDIC estimated how many respondents keep records and make required disclosures by estimating the proportionate amount of offerings per year for each agency. The estimate was based on the average number of ABS
offerings from 2007 through 2017. The agencies estimated the total number of annual offerings per year to be 1,400 8
which resulted in the following:
a 13 offerings per year will be subject to disclosure and recordkeeping requirements under 373.11, which are divided equally among the four agencies i.e., 3.25 offerings per year per agency;
b 110 offerings per year were estimated to be subject to disclosure and recordkeeping requirements under 373.13 and 373.19g, which were divided proportionately among the agencies based on the entity percentages described above:
i Nine 9 offerings per year for the Board 8%;
ii 13 offerings per year for the FDIC
12%;
iii 14 offerings per year for the OCC
13%;
iv 74 offerings per year for the Commission 67%.
c 132 offerings per year were estimated to be subject to the disclosure requirements under 373.15, which were divided proportionately among the agencies based on the entity percentages described above:
i 11 offerings per year for the Board 8%;
ii 16 offerings per year for the FDIC
12%;
iii 17 offerings per year for the OCC
13%;
iv 88 offerings per year for the Commission 67%.
d Of these 132 offerings per year, 44
offerings per year were estimated to be 6 Data was provided by the Securities and Exchange Commission. See SEC supporting statement for its information collection for the Credit Risk Retention rule 32350712 available at https www.reginfo.gov/public/do/
PRAViewDocument?ref_nbr=201803-3235-014.
7 The allocation percentages among the agencies were based on the agencies latest assessment of data as of August 13, 2018, including the securitization activity reported by FDIC-insured depository institutions in the June 30, 2017
Consolidated Reports of Condition.
8 Based on ABS issuance data from Asset-Backed Alert on the initial terms of offerings, supplemented with information from Commercial Mortgage Alert.
This estimate included registered offerings, offerings made under Securities Act Rule 144A, and traditional private placements. This estimate was for offerings not exempted under _.19af and _.20 of the Rule.

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subject to disclosure and recordkeeping requirements under 373.16, 373.17, and 373.18, respectively, which were divided proportionately among the agencies based on the entity percentages described above:
i 4 offerings per year for each section for the Board 8%;
ii 6 offerings per year for each section for the FDIC 12%;
iii 6 offerings per year for each section for the OCC 13%;
iv 29 offerings per year for each section for the Commission 67%.
To obtain the estimated number of responses equal to the number of offerings for each option in subpart B
of the rule, FDIC multiplied the number of offerings estimated to be subject to the base risk retention requirements i.e., 1,158 9 by the sponsor percentages described above. The result was the number of base risk retention offerings per year per agency. For the FDIC, this was calculated by multiplying 1,158
offerings per year by 12 percent, which equals 139 offerings per year. This number was then divided by the number of base risk retention options under subpart B of the rule i.e., nine 10
to arrive at the estimate of the number of offerings per year per agency per base risk retention option. For the FDIC, this was calculated by dividing 139 offerings per year by nine options, resulting in 15
offerings per year per base risk retention option.
The agencies assumed that 90% of institutions use the vertical interest form of risk retention while the remaining 10% use the combined vertical and horizontal form of risk retention. The burden tables above use this allocation and of the 45 responses attributed to 373.4, we allocated 40
90% to the vertical form of risk retention and 5 10% to the other two options 1 response to the horizontal form of risk retention and 4 responses to the combined vertical and horizontal form of risk retention.
FDIC believes that the burden estimation methodology previously used overestimates the number of ABS
offerings by FDIC-supervised institutions. Furthermore, the OCC has confirmed that the estimates it used for its 2021 renewal of OCCs Credit Risk 9 Estimate of 1,400 offerings per year, minus the estimate of the number of offerings qualifying for an exemption under 373.13, 373.15, and 19g as described in b and c above i.e. 1,400 minus b 110 minus c 132 equals 1,158.
10 For purposes of this calculation, the horizontal, vertical, and combined horizontal and vertical risk retention methods under the standard risk retention option 373.4 are each counted as a separate option under subpart B of the rule. The other six are: 373.5; 373.6; 373.7; 373.8; 373.9; and 373.10.

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Retention information collection are based on the expertise of the OCCs subject matter experts rather than the 2015 interagency methodology.11 As a result of these two factors, the FDIC has decided to diverge from the interagency methodology used in 2015 and 2018 and instead use the new methodology described below to estimate burden for this information collection.
2 New Methodology Potential respondents to this information collection IC are FDICsupervised insured depository institutions IDIs including state nonmember banks, state savings institutions, insured state branches of foreign banks, and any subsidiary of the aforementioned entities. As of December 31, 2020, the FDIC supervised 3,227
state nonmember banks, state savings institutions, and insured state branches of foreign banks. Of these 3,227 IDIs, 2,382 are small for the purposes of the Regulatory Flexibility Act RFA.12
Respondents to this information collection are FDIC-supervised IDIs that are securitizers of ABS. To generate a universe of potential securitizers, FDIC
obtained data from Call Reports for the quarter ending on December 31 for the years 2018, 2019, and 2020, for all FDICsupervised IDIs that reported a non-zero amount in either: a Outstanding principal balance of assets sold and securitized with servicing retained or with recourse or other seller-provided credit enhancements; 13 or b amount of loans and leases held for investment, net of allowance, and held for sale held by consolidated variable interest entities VIEs.14 This search resulted in a list of 79 IDIs that were potential securitizers.
Using this list, FDIC searched for each IDIs name in FitchConnects repository 11 The supporting statement for the OCCs 2021
renewal is titled 15570249 Credit Risk Retention Supporting Statement 51821 1244.docxand can be found at https www.reginfo.gov/public/do/
PRAViewDocument?ref_nbr=202101-1557-003.
12 The SBA defines a small banking organization as having $600 million or less in assets, where an organizations assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year. See 13 CFR
121.201 as amended by 84 FR 34261, effective August 19, 2019. In its determination, the SBA
counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates. See 13 CFR
121.103. Following these regulations, the FDIC uses a respondents affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the respondent is small for the purposes of RFA.
13 Schedule RCS, item 1 on forms 031 and 041;
Supplemental Info, item 4a on form 051.
14 Schedule RCV, item 1c on forms 031 and 041.

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