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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices of ABS offerings deals 15 and compiled a list of deals for which an IDI
was listed as the issuer, sponsor, originator, or servicer of the offering.
For IDIs for which deals were not found on FitchConnect, the following method was followed: The queried Call Report item labeled a above includes assets sold with recourse or other sellerprovided credit enhancements, which are outside the scope of the Credit Risk Retention rule. To identify IDIs which securitized from those that did not, a $75 million threshold of year over year growth in that item is used to identify new securitizations in 2018, 2019, and 2020, as FDIC assumes that growth of less than $75 million would be unlikely to reflect sponsorship or issuance of new term ABS offerings during that period. This method yielded a list of 20
institutions. FDIC reviewed examination records for the 20 IDIs identified as potential securitizers to determine which institutions actually securitize.
FDIC cross-referenced the list of securitizing IDIs and the list of aforementioned ABS offering naming conventions found using FitchConnect with Intexs database of prospectuses.16
From this cross-referencing, FDIC found a count of deals associated with each deal name. Finally, FDIC determined whether the sponsor or depositor for each deal was an FDIC-supervised IDI or subsidiary of an FDIC-supervised institution by reading the prospectus of each deal.
Once the set of deals, with corresponding FDIC-supervised securitizers, was constructed, FDIC
matched each deal with the sections in Part 373 that imposed one or more PRA
requirements on that deal. Most sections impose both disclosure and recordkeeping requirements.17 For those sections, FDIC separately estimated the burdens for each of the two types of PRA requirements. The following
373.4a3; 373.6; 373.7; 373.10;
373.11; 373.13; 373.15; 373.16; 373.17;
and 373.18. It is possible that an FDICsupervised IDI or subsidiary of an FDICsupervised IDI would be a respondent to burden items related to these sections in the next three years. As such, FDIC is using one respondent and one annual response per respondent for the disclosure and recordkeeping requirements related to each of these ten sections to preserve the associated burden estimate.
Of the seven unique institutions with securitizations between 2018 and 2020, none are considered small for the purposes of the RFA.21
The estimated time per response varies by burden item, and these estimates are unchanged from the previous renewal which remains in line with the burden estimated adopted by the agencies.
Two burden items included in the 2018 information collection request have been removed from this renewal request. The disclosure burden related to 373.8 Fannie Mae and Freddie Mac was removed as FDIC has determined that it is not possible for FDICsupervised IDIs or subsidiaries of FDICsupervised IDIs to be respondents to this burden item. The disclosure burden related to 373.9 Open Market Collateralized Loan Obligations CLOs was removed because the D.C.
Circuit Court invalidated section 941 of Dodd-Frank as it applies to CLOs.22
The estimated annual burden, in hours, is the product of the estimated number of respondents, number of responses per respondent, and time per response, as summarized in the table below. The total estimated annual burden for this information collection is 376 hours, a 3,075-hour reduction from the 2018 burden estimate, which reflects the aforementioned change in methodology.

details the estimated respondent counts for each of these sections:
a Two FDIC-supervised IDIs were involved in deals in which credit risk was retained through horizontal interest 373.4a2 Standard Risk Retention Horizontal Interest. These two IDIs were involved in four, three, and four such deals in 2018, 2019, and 2020, respectively. FDIC therefore estimates two annual respondents, with an average annual response rate of two responses per respondent, for the disclosure requirement associated with 373.4a2 and the corresponding reporting requirement in 373.4d.18
b Two FDIC-supervised IDIs were involved in deals in which credit risk was retained through vertical interest 373.4a1 Standard Risk Retention Vertical Interest. These two IDIs were involved in 0, 0, and 13 such deals in 2018, 2019, and 2020, respectively.
FDIC therefore estimates two annual respondents, with an average annual response rate of two responses per respondent, for the disclosure requirement associated with 373.4a1 and the corresponding reporting requirement in 373.4d.19
c Three FDIC-supervised IDIs were involved in deals in which credit risk was retained through revolving master trusts 373.5 Revolving Master Trusts.
These three IDIs were involved in eight, six, and zero such deals in 2018, 2019, and 2020, respectively. FDIC therefore estimates three annual respondents, with an average annual response rate of two responses per respondent, for the disclosure requirement associated with 373.5 and the corresponding reporting requirement in 373.5k3.20
Using the above methodology, FDIC
could not find any ABS offerings that 1
involved an FDIC-supervised IDI or subsidiary of an FDIC-supervised IDI as a securitizer and 2 were subject to the PRA requirements listed in one or more of the following ten sections:

SUMMARY OF ESTIMATED ANNUAL BURDEN
Type of burden obligation to respond
IC description
Estimated number of respondents
Frequency of response
Number of responses/
respondent
Hours per response
Total annual estimated burden
Disclosure Burdens
jbell on DSKJLSW7X2PROD with NOTICES

373.4a2 Standard Risk RetentionHorizontal Interest.

Disclosure Mandatory.

15 http app.fitchconnect.com, using ABS, CMBS, and RMBS sections under the Sectors tab, last accessed on June 11, 2021.
16 https www.intex.com/main/.
17 With the noted exception of 373.10 Qualified Tender Option Bonds, which has no recordkeeping burden associated with it.

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18 4+3+4=11 total deals. 11/3 years2
respondents=1.83 responses per respondent annually.
19 0+0+13=13 total deals. 13/3 years2
respondents=2.17 responses per respondent annually.

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20 8+6+0=14 total deals. 14/3 years3
respondents=1.56 responses per respondent annually.
21 As of December 31, 2020.
22 The Loan Syndication and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System No.
175004.

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