82 FR 32812 - Proposed Agency Information Collection Activities; Comment Request
FEDERAL RESERVE SYSTEM Federal Register Volume 82, Issue 136 (July 18, 2017)
Federal Register Volume 82, Issue 136 (July 18, 2017)
| Page Range | 32812-32814 | |
| FR Document | 2017-15045 |
[Federal Register Volume 82, Number 136 (Tuesday, July 18, 2017)] [Notices] [Pages 32812-32814] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-15045] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice, request for comment. ----------------------------------------------------------------------- SUMMARY: The Board of Governors of the Federal Reserve System (Board or Federal Reserve) invites comment on a proposal to extend for three years, with revision, the Consolidated Financial Statements for Holding Companies (FR Y-9C) (OMB No. 7100-0128), the Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP) OMB No. 7100-0128), the Parent Company Only Financial Statements for Small Holding Companies FR Y-9SP) (OMB No. 7100-0128), the Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N) (OMB No. 7100-0125), and the Consolidated Report of Condition and Income for Edge and Agreement Corporations (FR 2886b) (OMB No. 7100-0086). On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. DATES: Comments must be submitted on or before September 18, 2017. ADDRESSES: You may submit comments, identified by FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-7N, or FR 2886b, by any of the following methods:Agency Web site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx. 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: Ann E. Misback, 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, your 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 (between 18th and 19th Streets 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, 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: 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 or may be requested from the agency clearance officer, whose name appears below. 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. SUPPLEMENTARY INFORMATION: Request for Comment on Information Collection Proposal(s) The Board invites public comment on the following information collection, which is being reviewed under [[Page 32813]] authority delegated by the OMB under the PRA. 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 startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Federal Reserve should modify the proposed revisions prior to giving final approval. Proposal To Approve Under OMB Delegated Authority the Extension for Three Years, With Revision, of the Following Reports 1. Consolidated Financial Statements for Holding Companies, Parent Company Only Financial Statements for Large Holding Companies, Parent Company Only Financial Statements for Small Holding Companies, Financial Statement for Employee Stock Ownership Plan Holding Companies, and the Supplemental to the Consolidated Financial Statements for Holding Companies. Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS. OMB control number: 7100-0128. Frequency: Quarterly and semiannually. Reporters: Bank holding companies (BHCs), savings and loan holding companies (SLHCs), securities holding companies (SHCs), and U.S. Intermediate Holding Companies (IHCs) (collectively, holding companies (HCs)). Estimated annual reporting hours: FR Y-9C (non advanced approaches holding companies): 123,636 hours; FR Y-9C (advanced approached holding companies): 3,628 hours; FR Y-9LP: 16,400 hours; FR Y-9SP: 42,811; FR Y-9ES: 42 hours; FR Y-9CS: 472 hours. Estimated average hours per response: FR Y-9C (non advanced approaches holding companies): 49.14 hours; FR Y-9C (advanced approached holding companies HCs): 50.39 hours; FR Y-9LP: 5.27 hours; FR Y-9SP: 5.40 hours FR Y-9ES: 0.50 hours; FR Y-9CS: 0.50 hours. Number of respondents: FR Y-9C (non advanced approaches holding companies): 629; FR Y-9C (advanced approached holding companies): 18; FR Y-9LP: 778; FR Y-9SP: 3,964 FR Y-9ES: 83; FR Y-9CS: 236. General description of report: Pursuant to the Bank Holding Company Act of 1956 (BHC Act), as amended, and the Home Owners' Loan Act (HOLA), the Federal Reserve requires HCs to provide standardized financial statements to fulfill the Federal Reserve's statutory obligation to supervise these organizations. HCs file the FRY-9C and FR Y-9LP quarterly, and the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined when this supplement is used. Proposed revisions: The Federal Reserve proposes to implement a number of revisions to the FR Y-9C reporting requirements most of which are consistent with changes to the Call Report (which were effective March 31, 2017).\1\ Additionally, the Federal Reserve proposes to eliminate the concept of extraordinary items on various reports, add one new item to the FR Y-9SP report, and revise the instructions to clarify the reporting of certain tax benefits on various reports. These changes would be effective for reports submitted on or after October 1, 2017, beginning with the reports reflecting the September 30, 2017 report date. The proposed changes include: --------------------------------------------------------------------------- \1\ The reporting changes to the FFIEC 031 and FFIEC 041 are effective March 31, 2017. Final comment period ended 2/7/2017. See 82 FR 2444 (January 9, 2017). Certain data items deleted on the FFIEC 031 and FFIEC 041 do not correspond to any FR Y-9C data items. Also, certain data items were deleted from the FFIEC 041 report because the data is predominantly reported by banks with foreign offices (FFIEC 031), but remains on the FR Y-9C since no distinction is made for reporting of HCs with foreign offices versus those without foreign offices. --------------------------------------------------------------------------- Deleting of existing data items from Schedule HI-B, Part I Charge-Offs and Recoveries on Loans and Leases and Changes in Allowance for Loans and Lease Losses, of the FR Y-9C report that pertain to charge-offs and recoveries on loans to U.S. banks and foreign banks. Deleting of existing data items from Schedule HC-M, Memoranda, and Schedule HC-N, Past Due and Nonaccrual Loans, and Leases and Other Assets of the FR Y-9C that pertain to certain loans covered by loss-sharing agreements with the FDIC. Increasing one reporting threshold and adding one new reporting threshold on the FR Y-9C for certain data items on Schedule HI, Consolidated Income Statement. Eliminating extraordinary items on the FR Y-9LP, FR Y-7N and FR 2886b. Revising data items for the reclassification of certain tax benefits on the FR Y-9C, FR Y-9LP, FR Y-7N, and FR 2886b. Adding one new data item to Schedule SI of the FR Y-9SP to collect information pertaining to discontinued operations. Revising one control total and adding two control totals on Schedule HC-C and HC-N of the FR Y-9C report. Revising captions and instructions to replace ``Loans net of unearned income'' with ``Loans held for investment'' across all applicable regulatory reports. Legal authorization and confidentiality: The Board's Legal Division has determined that the FR Y-9 family of reports is authorized by section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)), section 10 of Home Owners' Loan Act (12 U.S.C. 1467a(b)), 12 U.S.C. 1850a(c)(1), section 165 of the Dodd-Frank Act (12 U.S.C. 5365), and section 252.153(b)(2) of Regulation YY (12 CFR 252.153(b)(2)). The obligation of covered institutions to report this information is mandatory. In general, the Board does not consider the financial data in these reports to be confidential. However, a respondent may request confidential treatment pursuant to sections (b)(4), (b)(6), and (b)(8) of the Freedom of Information Act (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)). The applicability of these exemptions would need to be reviewed on a case by case basis. 2. Report title: The Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, and the Capital and Asset Report of Foreign Banking Organizations. Agency form number: FR Y-7N, FR Y-7NS, and FR Y-7Q. OMB control number: 7100-0125. Frequency: Quarterly and annually. Reporters: Foreign bank organizations (FBOs). Estimated annual reporting hours: FR Y-7N (quarterly): 1,360; FR Y- 7N (annual): 313; FR Y-7NS: 66; FR Y-7Q (quarterly): 1,644; FR Y-7Q (annual): 48. Estimated average hours per response: FR Y-7N (quarterly): 6.8; FR Y-7N (annual): 6.8; FR Y-7NS: 1.0 FR Y-7Q (quarterly): 3.00; FR Y-7Q (annual): 1.5. [[Page 32814]] Number of respondents: FR Y-7N (annual): 50; FR Y-7N (annual): 46; FR Y-7NS: 66; FR Y-7Q (quarterly): 137; FR Y-7Q (annual): 32. General description of report: The FR Y-7N and FR Y-7NS collect financial information for non-functionally regulated U.S. nonbank subsidiaries held by FBOs other than through a BHC, IHC or U.S. bank. FBOs file the FR Y-7N quarterly or annually or the FR Y-7NS annually predominantly based on asset size thresholds. The FR Y-7Q collects consolidated regulatory capital information from all FBOs either quarterly or annually. The FR Y-7Q is filed quarterly by FBOs that have effectively elected to become or be treated as a U.S. financial holding company (FHC) and by FBOs that have total consolidated assets of $50 billion or more, regardless of FHC status. All other FBOs file the FR Y-7Q annually. Proposed revisions: The Federal Reserve proposes to revise the report form and instructions for the FR Y-7N to eliminate the concept of extraordinary items to be consistent with Accounting Standards Update (ASU) 2015-01, reclassify and clarify the reporting for certain tax benefits, and replace report form captions and instructions referencing ``Loans net of unearned income'' with ``Loans held for investment,'' effective for reports submitted on or after October 1, 2017, beginning with the reports reflecting the September 30, 2017 report date. Legal authorization and confidentiality: The Board's Legal Division has determined that the FR Y-7N, FR Y-7NS, and FR Y-7Q are authorized by section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)) and sections 8(c) and 13 of the International Banking Act (12 U.S.C. 3106(c) and 3108). Section 165 of the Dodd-Frank Act (12 U.S.C. 5365) directs the Board to establish enhanced prudential standards for certain companies, including certain FBOs. The obligation of covered institutions to report this information is mandatory. In general, the Board does not consider the financial data in these reports to be confidential. However, a respondent may request confidential treatment pursuant to sections (b)(4), (b)(6), and (b)(8) of the Freedom of Information Act (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)). The applicability of these exemptions would need to be reviewed on a case by case basis. 3. Report title: Consolidated Report of Condition and Income for Edge and Agreement Corporations. Agency form number: FR 2886b. OMB control number: 7100-0086. Frequency: Quarterly. Reporters: Edge and agreement corporations and investment (nonbanking) Edge and agreement corporations. Estimated annual reporting hours: Banking: Edge and agreement corporations (quarterly): 424; Banking: Edge and agreement corporations (annually): 15; Investment: Edge and agreement corporations (quarterly): 922; Investment: Edge and agreement corporations (annually): 86. Estimated average hours per response: Banking: Edge and agreement corporations (quarterly): 15.15; Banking: Edge and agreement corporations (annually): 15.15; Investment: Edge and agreement corporations (quarterly): 9.6; Investment: Edge and agreement corporations (annually): 9.6. Number of respondents: Banking: Edge and agreement corporations (quarterly): 7; Banking: Edge and agreement corporations (annually): 1; Investment: Edge and agreement corporations (quarterly): 24; Investment: Edge and agreement corporations (annually): 9. General description of report: The FR 2886b reporting form is filed quarterly and annually by banking Edge and agreement corporations and investment (nonbanking) Edge and agreement corporations (collectively, ``Edges or Edge corporations''). The mandatory FR 2886b comprises an income statement with two schedules reconciling changes in capital and reserve accounts and a balance sheet with 11 supporting schedules. Other than examination reports, it provides the only financial data available for these corporations. The Federal Reserve is solely responsible for authorizing, supervising, and assigning ratings to Edges. The Federal Reserve uses the data collected on the FR 2886b to identify present and potential problems and monitor and develop a better understanding of activities within the industry. Proposed revisions: The Federal Reserve proposes to revise the report form and instructions to eliminate the concept of extraordinary items to be consistent with Accounting Standards Update (ASU) 2015-01, reclassify and clarify the reporting for certain tax benefits in the reporting instructions, and replace report form captions and instructions referencing ``Loans net of unearned income'' with ``Loans held for investment,'' effective for reports submitted on or after October 1, 2017, beginning with the reports reflecting the September 30, 2017 report date. Legal authorization and confidentiality: The Board's Legal Division has determined that Sections 25 and 25A of the Federal Reserve Act authorize the Federal Reserve to collect the FR 2886b (12 U.S.C. 602, 625). The obligation of covered institutions to report this information is mandatory. The information collected on this report is generally not considered confidential. However, information provided on Schedule RC-M (with the exception for item 3) and on Schedule RC-V, both of which pertain to claims on and liabilities to related organizations, may be exempt from disclosure pursuant to exemption (b)(4) of the Freedom of Information Act, (5 U.S.C. 552(b)(4)). The information provided in the Patriot Act Contact Information section of the reporting form may be exempt from disclosure pursuant to exemption (b)(7)(C) of the Freedom of Information Act (5 U.S.C. 552(b)(7)(C)). Board of Governors of the Federal Reserve System, July 13, 2017. Ann E. Misback, Secretary of the Board. [FR Doc. 2017-15045 Filed 7-17-17; 8:45 am] BILLING CODE 6210-01-P
![32812 Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices
PERSON TO CONTACT FOR INFORMATION: Avenue, Minneapolis, Minnesota instructions for submitting comments at
Judith Ingram, Press Officer; Telephone: 55480–0291: http://www.federalreserve.gov/apps/
(202) 694–1220. 1. Mackinac National Bancorp, Inc., foia/proposedregs.aspx.
Saint Ignace, Michigan; to become a • Federal eRulemaking Portal: http://
Dayna C. Brown, bank holding company by acquiring 100 www.regulations.gov. Follow the
Secretary and Clerk of the Commission. percent of the outstanding voting shares instructions for submitting comments.
[FR Doc. 2017–15103 Filed 7–14–17; 11:15 am] of First National Bank of Saint Ignace, • Email: regs.comments@
BILLING CODE 6715–01–P Saint Ignace, Michigan. federalreserve.gov. Include OMB
Board of Governors of the Federal Reserve number in the subject line of the
System, July 13, 2017. message.
FEDERAL RESERVE SYSTEM Yao-Chin Chao, • Fax: (202) 452–3819 or (202) 452–
Assistant Secretary of the Board. 3102.
Formations of, Acquisitions by, and • Mail: Ann E. Misback, Secretary,
[FR Doc. 2017–15041 Filed 7–17–17; 8:45 am]
Mergers of Bank Holding Companies Board of Governors of the Federal
BILLING CODE 6210–01–P
The companies listed in this notice Reserve System, 20th Street and
have applied to the Board for approval, Constitution Avenue NW., Washington,
pursuant to the Bank Holding Company FEDERAL RESERVE SYSTEM DC 20551.
Act of 1956 (12 U.S.C. 1841 et seq.) All public comments are available
(BHC Act), Regulation Y (12 CFR part Proposed Agency Information from the Board’s Web site at http://
225), and all other applicable statutes Collection Activities; Comment www.federalreserve.gov/apps/foia/
and regulations to become a bank Request proposedregs.aspx as submitted, unless
holding company and/or to acquire the modified for technical reasons.
AGENCY: Board of Governors of the
assets or the ownership of, control of, or Accordingly, your comments will not be
Federal Reserve System.
the power to vote shares of a bank or edited to remove any identifying or
ACTION: Notice, request for comment.
bank holding company and all of the contact information. Public comments
banks and nonbanking companies SUMMARY: The Board of Governors of the may also be viewed electronically or in
owned by the bank holding company, Federal Reserve System (Board or paper form in Room 3515, 1801 K Street
including the companies listed below. Federal Reserve) invites comment on a (between 18th and 19th Streets NW.)
The applications listed below, as well proposal to extend for three years, with Washington, DC 20006 between 9:00
as other related filings required by the revision, the Consolidated Financial a.m. and 5:00 p.m. on weekdays.
Board, are available for immediate Statements for Holding Companies (FR Additionally, commenters may send a
inspection at the Federal Reserve Bank Y–9C) (OMB No. 7100–0128), the Parent copy of their comments to the OMB
indicated. The applications will also be Company Only Financial Statements for Desk Officer—Shagufta Ahmed—Office
available for inspection at the offices of Large Holding Companies (FR Y–9LP) of Information and Regulatory Affairs,
the Board of Governors. Interested OMB No. 7100–0128), the Parent Office of Management and Budget, New
persons may express their views in Company Only Financial Statements for Executive Office Building, Room 10235,
writing on the standards enumerated in Small Holding Companies FR Y–9SP) 725 17th Street NW., Washington, DC
the BHC Act (12 U.S.C. 1842(c)). If the (OMB No. 7100–0128), the Financial 20503 or by fax to (202) 395–6974.
proposal also involves the acquisition of Statements of U.S. Nonbank FOR FURTHER INFORMATION CONTACT: A
a nonbanking company, the review also Subsidiaries Held by Foreign Banking copy of the PRA OMB submission,
includes whether the acquisition of the Organizations (FR Y–7N) (OMB No. including the proposed reporting form
nonbanking company complies with the 7100–0125), and the Consolidated and instructions, supporting statement,
standards in section 4 of the BHC Act Report of Condition and Income for and other documentation will be placed
(12 U.S.C. 1843). Unless otherwise Edge and Agreement Corporations (FR into OMB’s public docket files, once
noted, nonbanking activities will be 2886b) (OMB No. 7100–0086). approved. These documents will also be
conducted throughout the United States. On June 15, 1984, the Office of made available on the Federal Reserve
Unless otherwise noted, comments Management and Budget (OMB) Board’s public Web site at: http://
regarding each of these applications delegated to the Board authority under www.federalreserve.gov/apps/
must be received at the Reserve Bank the Paperwork Reduction Act (PRA) to reportforms/review.aspx or may be
indicated or the offices of the Board of approve of and assign OMB control requested from the agency clearance
Governors not later than August 10, numbers to collection of information officer, whose name appears below.
2017. requests and requirements conducted or Federal Reserve Board Clearance
A. Federal Reserve Bank of Richmond sponsored by the Board. In exercising Officer—Nuha Elmaghrabi—Office of
(Adam M. Drimer, Assistant Vice this delegated authority, the Board is the Chief Data Officer, Board of
President) 701 East Byrd Street, directed to take every reasonable step to Governors of the Federal Reserve
Richmond, Virginia 23261–4528. solicit comment. In determining System, Washington, DC 20551 (202)
Comments can also be sent whether to approve a collection of 452–3829. Telecommunications Device
electronically to or information, the Board will consider all for the Deaf (TDD) users may contact
Comments.applications@rich.frb.org: comments received from the public and (202) 263–4869, Board of Governors of
1. South State Corporation, Columbia, other agencies. the Federal Reserve System,
South Carolina; to acquire 100 percent DATES: Comments must be submitted on Washington, DC 20551.
sradovich on DSK3GMQ082PROD with NOTICES
of the voting shares of Park Sterling or before September 18, 2017. SUPPLEMENTARY INFORMATION:
Corporation, and thereby indirectly ADDRESSES: You may submit comments,
acquire Park Sterling Bank, both of Request for Comment on Information
identified by FR Y–9C, FR Y–9LP, FR Y–
Charlotte, North Carolina. Collection Proposal(s)
9SP, FR Y–7N, or FR 2886b, by any of
B. Federal Reserve Bank of the following methods: The Board invites public comment on
Minneapolis (Brendan S. Murrin, • Agency Web site: http:// the following information collection,
Assistant Vice President) 90 Hennepin www.federalreserve.gov. Follow the which is being reviewed under
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![32814 Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices
Number of respondents: FR Y–7N Reporters: Edge and agreement authorize the Federal Reserve to collect
(annual): 50; FR Y–7N (annual): 46; FR corporations and investment the FR 2886b (12 U.S.C. 602, 625). The
Y–7NS: 66; FR Y–7Q (quarterly): 137; (nonbanking) Edge and agreement obligation of covered institutions to
FR Y–7Q (annual): 32. corporations. report this information is mandatory.
General description of report: The FR Estimated annual reporting hours: The information collected on this report
Y–7N and FR Y–7NS collect financial Banking: Edge and agreement is generally not considered confidential.
information for non-functionally corporations (quarterly): 424; Banking: However, information provided on
regulated U.S. nonbank subsidiaries Edge and agreement corporations Schedule RC–M (with the exception for
held by FBOs other than through a BHC, (annually): 15; Investment: Edge and item 3) and on Schedule RC–V, both of
IHC or U.S. bank. FBOs file the FR Y– agreement corporations (quarterly): 922; which pertain to claims on and
7N quarterly or annually or the FR Y– Investment: Edge and agreement liabilities to related organizations, may
7NS annually predominantly based on corporations (annually): 86. be exempt from disclosure pursuant to
asset size thresholds. The FR Y–7Q Estimated average hours per response: exemption (b)(4) of the Freedom of
collects consolidated regulatory capital Banking: Edge and agreement Information Act, (5 U.S.C. 552(b)(4)).
information from all FBOs either corporations (quarterly): 15.15; Banking: The information provided in the Patriot
quarterly or annually. The FR Y–7Q is Edge and agreement corporations Act Contact Information section of the
filed quarterly by FBOs that have (annually): 15.15; Investment: Edge and reporting form may be exempt from
effectively elected to become or be agreement corporations (quarterly): 9.6; disclosure pursuant to exemption
treated as a U.S. financial holding Investment: Edge and agreement (b)(7)(C) of the Freedom of Information
company (FHC) and by FBOs that have corporations (annually): 9.6. Act (5 U.S.C. 552(b)(7)(C)).
total consolidated assets of $50 billion Number of respondents: Banking:
Edge and agreement corporations Board of Governors of the Federal Reserve
or more, regardless of FHC status. All System, July 13, 2017.
other FBOs file the FR Y–7Q annually. (quarterly): 7; Banking: Edge and
agreement corporations (annually): 1; Ann E. Misback,
Proposed revisions: The Federal
Reserve proposes to revise the report Investment: Edge and agreement Secretary of the Board.
form and instructions for the FR Y–7N corporations (quarterly): 24; Investment: [FR Doc. 2017–15045 Filed 7–17–17; 8:45 am]
to eliminate the concept of Edge and agreement corporations BILLING CODE 6210–01–P
extraordinary items to be consistent (annually): 9.
with Accounting Standards Update General description of report: The FR
(ASU) 2015–01, reclassify and clarify 2886b reporting form is filed quarterly FEDERAL RESERVE SYSTEM
the reporting for certain tax benefits, and annually by banking Edge and
agreement corporations and investment Proposed Agency Information
and replace report form captions and Collection Activities; Comment
instructions referencing ‘‘Loans net of (nonbanking) Edge and agreement
corporations (collectively, ‘‘Edges or Request
unearned income’’ with ‘‘Loans held for
investment,’’ effective for reports Edge corporations’’). The mandatory FR AGENCY: Board of Governors of the
submitted on or after October 1, 2017, 2886b comprises an income statement Federal Reserve System.
beginning with the reports reflecting the with two schedules reconciling changes ACTION: Notice, request for comment.
September 30, 2017 report date. in capital and reserve accounts and a
Legal authorization and balance sheet with 11 supporting SUMMARY: The Board of Governors of the
confidentiality: The Board’s Legal schedules. Other than examination Federal Reserve System (Board or
Division has determined that the FR Y– reports, it provides the only financial Federal Reserve) invites comment on a
7N, FR Y–7NS, and FR Y–7Q are data available for these corporations. proposal to extend for three years, with
authorized by section 5(c) of the Bank The Federal Reserve is solely revision, the Financial Statements of
Holding Company Act (12 U.S.C. responsible for authorizing, supervising, U.S. Nonbank Subsidiaries of U.S.
1844(c)) and sections 8(c) and 13 of the and assigning ratings to Edges. The Holding Companies (FR Y–11; OMB No.
International Banking Act (12 U.S.C. Federal Reserve uses the data collected 7100–0244), the Abbreviated Financial
3106(c) and 3108). Section 165 of the on the FR 2886b to identify present and Statements of U.S. Nonbank
Dodd-Frank Act (12 U.S.C. 5365) directs potential problems and monitor and Subsidiaries of U.S. Holding Companies
the Board to establish enhanced develop a better understanding of (FR Y–11S; OMB No. 7100–0244), the
prudential standards for certain activities within the industry. Financial Statements of Foreign
companies, including certain FBOs. The Proposed revisions: The Federal Subsidiaries of U.S. Banking
obligation of covered institutions to Reserve proposes to revise the report Organizations (FR 2314; OMB No. 7100–
report this information is mandatory. In form and instructions to eliminate the 0073), and the Abbreviated Financial
general, the Board does not consider the concept of extraordinary items to be Statements of Foreign Subsidiaries of
financial data in these reports to be consistent with Accounting Standards U.S. Banking Organizations (FR 2314S;
confidential. However, a respondent Update (ASU) 2015–01, reclassify and OMB No. 7100–0073).
may request confidential treatment clarify the reporting for certain tax On June 15, 1984, the Office of
pursuant to sections (b)(4), (b)(6), and benefits in the reporting instructions, Management and Budget (OMB)
(b)(8) of the Freedom of Information Act and replace report form captions and delegated to the Board authority under
(5 U.S.C. 552(b)(4), (b)(6), and (b)(8)). instructions referencing ‘‘Loans net of the Paperwork Reduction Act (PRA) to
The applicability of these exemptions unearned income’’ with ‘‘Loans held for approve of and assign OMB control
numbers to collection of information
sradovich on DSK3GMQ082PROD with NOTICES
would need to be reviewed on a case by investment,’’ effective for reports
case basis. submitted on or after October 1, 2017, requests and requirements conducted or
3. Report title: Consolidated Report of beginning with the reports reflecting the sponsored by the Board. In exercising
Condition and Income for Edge and September 30, 2017 report date. this delegated authority, the Board is
Agreement Corporations. Legal authorization and directed to take every reasonable step to
Agency form number: FR 2886b. confidentiality: The Board’s Legal solicit comment. In determining
OMB control number: 7100–0086. Division has determined that Sections whether to approve a collection of
Frequency: Quarterly. 25 and 25A of the Federal Reserve Act information, the Board will consider all
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Document Created: 2018-10-24 11:25:18
Document Modified: 2018-10-24 11:25:18
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice, request for comment. | |
| Dates | Comments must be submitted on or before September 18, 2017. | |
| Contact | 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 or may be requested from the agency clearance officer, whose name appears below. | |
| FR Citation | 82 FR 32812 |
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