80 FR 50623 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 80, Issue 161 (August 20, 2015)

On July 9, 2015, the Federal Reserve published a notice in the Federal Register (80 FR 39433) requesting public comment to revise and extend the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352). The July 9 proposal would, among other revisions, collect information on short-term wholesale funding. On July 20, 2015, the Board adopted a final rule establishing a capital surcharge for the largest, most interconnected banks. In that final rule, the Board amended the July 9 proposal to conform the definition of short-term wholesale funding with the definition in the final rule. To allow interested persons to comment on the entire notice, the Board is extending the comment period of the July 9 proposal, to include the July 20 amendments to the proposed short-term wholesale funding collection, until October 19, 2015.

[Federal Register Volume 80, Number 161 (Thursday, August 20, 2015)]
[Notices]
[Pages 50623-50625]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-20632]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System (Board).

SUMMARY: On July 9, 2015, the Federal Reserve published a notice in the 
Federal Register (80 FR 39433) requesting public comment to revise and 
extend the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 
7100-0352). The July 9 proposal would, among other revisions, collect 
information on short-term wholesale funding.
    On July 20, 2015, the Board adopted a final rule establishing a 
capital surcharge for the largest, most interconnected banks. In that 
final rule, the Board amended the July 9 proposal to conform the 
definition of short-term wholesale funding with the definition in the 
final rule. To allow interested persons to comment on the entire 
notice, the Board is extending the comment period of the July 9 
proposal, to include the July 20 amendments to the proposed short-term 
wholesale funding collection, until October 19, 2015.

DATES: Comments must be submitted on or before October 19, 2015. The 
comment period for the proposed revisions and extension of the FR Y-15 
published July 9, 2015 (80 FR 39433) is extended from September 8, 2015 
to October 19, 2015.

ADDRESSES: You may submit comments, identified by FR Y-15, by any of 
the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, comments will not 
be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street NW., (between 18th and 19th Street NW.), 
Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer, Shagufta Ahmed, Office of Information and Regulatory 
Affairs,

[[Page 50624]]

Office of Management and Budget, New Executive Office Building, Room 
10235, 725 17th Street NW., Washington, DC 20503 or by fax to (202) 
395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer, Nuha Elmaghrabi, Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    A copy of the PRA OMB submission, including the proposed reporting 
form and instructions, supporting statement, and other documentation 
will be placed into OMB's public docket files, once approved. These 
documents will also be made available on the Federal Reserve Board's 
public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx.

SUPPLEMENTARY INFORMATION: 

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Report

    Report title: The Banking Organization Systemic Risk Report.
    Agency form number: FR Y-15
    OMB control number: 7100-0352.
    Frequency: Quarterly.
    Reporters: U.S. bank holding companies (BHCs) and savings and loan 
holding companies (SLHCs) with $50 billion or more of total 
consolidated assets and any U.S.-based organizations designated as 
global systemically important banks (G-SIBs) that do not otherwise meet 
the consolidated assets threshold for BHCs.
    Estimated annual reporting hours: One-time implementation: Savings 
and loan holding companies--1,000 hours; ongoing--54,536 hours.
    Estimated average hours per response: One-time implementation: 
Savings and loan holding companies--1,000 hours; ongoing--401 hours.
    Number of respondents: 34
    General description of report: This information collection is 
mandatory and is authorized by the Dodd-Frank Act (sections 163, 165, 
and 604), the International Banking Act, the Bank Holding Company Act, 
and the Home Owners' Loan Act (19 U.S.C. 1462, 1467, and 3106).
    Abstract: The FR Y-15 report collects systemic risk data from U.S. 
BHCs and SLHCs with total consolidated assets of $50 billion or more, 
and any U.S.-based organization identified as a global systemically 
important bank (G-SIB) \1\ based on data from the previous calendar 
year that does not otherwise meet the consolidated assets threshold for 
BHCs. The Federal Reserve uses the FR Y-15 data primarily to monitor, 
on an ongoing basis, the systemic risk profile of the institutions 
which are subject to enhanced prudential standards under section 165 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA).\2\
---------------------------------------------------------------------------

    \1\ See 2014 update of list of global systemically important 
banks (G-SIBs), available at www.financialstabilityboard.org/wp-content/uploads/r_141106b.pdf.
    \2\ 19 U.S.C. 5365.
---------------------------------------------------------------------------

    Current Actions: On July 9, 2015, the Federal Reserve published a 
notice in the Federal Register (80 FR 39433) requesting public comment 
for 60 days to revise and extend the FR Y-15 (July 9 proposal). The 
July 9 proposal would, among other revisions, collect information on 
short-term wholesale funding on proposed Schedule G. The proposed 
definition of ``short-term wholesale funding'' and weightings in the FR 
Y-15 proposal were based on the definition and weighting of ``short-
term wholesale funding'' included in the Board's proposal to establish 
a capital surcharge for U.S. global systemically important bank holding 
companies (GSIBs), which was published in the Federal Register on 
December 18, 2014 (December proposal).\3\ On July 20, 2015, the Board 
adopted a final rule to establish a capital surcharge for GSIBs. Like 
the December proposal, the GSIB final rule incorporates a measure of 
short-term wholesale funding, but modifies that measure in response to 
comments.
---------------------------------------------------------------------------

    \3\ See 79 FR 75473 (December 18, 2014).
---------------------------------------------------------------------------

    In connection with the GSIB final rule, the Board is amending the 
July proposal to align the definition of proposed short-term wholesale 
funding with the definition in the final GSIB surcharge rule. The 
amendments to proposed Schedule G include (1) moving three line items 
to different tiers, (2) adding an item to capture firm short positions, 
(3) adding two automatically-calculated items, (4) adding one item 
derived from the FR Y-9C, (5) deleting two items, and (6) collecting 
customer short positions as part of the secured funding totals. The 
Board also extended the comment period on the proposed revisions to the 
FR Y-15 until October 19, 2015 to allow interested persons to comment 
on the entire notice, including the July 20, 2015, amendments to the 
proposed short-term wholesale funding collection.
    The Board estimates that these minimal differences will not affect 
the burden estimates provided in the July 9 proposal. The comment 
period for the proposed changes to the FR Y-15 proposal would also be 
extended to October 19, 2015, to allow commenters the opportunity to 
comment on the full proposal, including changes to the short-term 
wholesale funding measure adopted in this final rule. The Federal 
Reserve proposes the following revisions to the FR Y-15, which would be 
effective December 31, 2015:

Schedule G--Short-Term Wholesale Funding Indicator

    Consistent with the calculation of short-term wholesale funding in 
the final rule, the Federal Reserve proposes to move unsecured 
wholesale funding obtained outside of the financial sector (item 2(b)) 
and retail brokered deposits and sweeps (item 2(c)) so that they are 
subcomponents of item 1, and to move unsecured wholesale funding 
obtained within the financial sector (item 4(a)) so that it is 
subcomponent of item 3.
    The final rule excludes firm short positions involving Level 1 and 
Level 2A securities from the short-term wholesale funding definition, 
and assigns a maximum weight of 25 percent to firm short positions 
involving Level 2B securities or securities that do not

[[Page 50625]]

qualify as high quality liquid assets. To be consistent with this 
treatment, the Federal Reserve proposes adding firm short positions 
involving Level 2B liquid assets or non-high quality liquid assets (new 
item 1(d)). To simplify the reporting requirement, the Federal Reserve 
further proposes deleting short positions involving a Level 1 or Level 
2A liquid asset (item 2(e)), removing shorts from other covered asset 
exchanges and short positions (item 3(b)), and collecting customer 
short positions as part of the secured funding totals.
    As a consequence of the aforementioned changes, the Federal Reserve 
also proposes adding total first tier short-term wholesale funding (new 
item 1(e)) to capture the total of items 1(a) through 1(d), and 
deleting total other short-term wholesale funding (item 4(c)) which is 
no longer needed.
    The final rule measures short-term wholesale funding as a percent 
of risk weighted assets. To capture this value, the Federal Reserve 
proposes adding average risk-weighted assets (new item 7) and short-
term wholesale funding metric (new item 8) to the schedule.

    Board of Governors of the Federal Reserve System, August 17, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-20632 Filed 8-18-15; 4:15 pm]
BILLING CODE P