83 FR 28428 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 118 (June 19, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Holding Company Report of Insured Depository Institutions' Section 23A Transactions with Affiliates (FR Y-8; OMB No. 7100-0126). The revisions are effective as of the June 30, 2018 report date.

[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Pages 28428-28429]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13107]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Holding Company Report of Insured Depository Institutions' Section 23A 
Transactions with Affiliates (FR Y-8; OMB No. 7100-0126). The revisions 
are effective as of the June 30, 2018 report date.

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.
    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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Board may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    Report title: Holding Company Report of Insured Depository 
Institutions' Section 23A Transactions with Affiliates.
    Agency form number: FR Y-8.
    OMB control number: 7100-0126.
    Frequency: Quarterly.
    Respondents: Certain bank holding companies (BHCs) and savings and 
loan holding companies (SLHCs), including certain foreign banking 
organizations (FBOs).
    Estimated number of respondents: 933.
    Estimated average hours per response: 7.8 hours.
    Estimated annual burden hours: 29,110.
    General description of report: The FR Y-8 collects information on 
covered transactions between an insured depository institution and its 
affiliates that are subject to the quantitative limits and requirements 
of section 23A of the Federal Reserve Act and the Board's Regulation W 
(12 CFR Pt. 223). The FR Y-8 is filed quarterly by all U.S. top-tier 
BHCs and SLHCs, and by FBOs that directly own or control a U.S. 
subsidiary insured depository institution. If an FBO indirectly 
controls a U.S. insured depository institution through a U.S. holding 
company, only the U.S. holding company must file the FR Y-8. A 
respondent must file a separate report for each U.S. insured depository 
institution it controls. The primary purpose of the data is to enhance 
the Board's ability to monitor the credit exposure of insured 
depository institutions to their affiliates and to ensure that insured 
depository institutions are in compliance with section 23A of the 
Federal Reserve Act and Regulation W. Section 23A of the Federal 
Reserve Act limits an insured depository institution's exposure to 
affiliated entities and helps to protect against the expansion of the 
federal safety net to uninsured entities.
    Revisions: In order to reduce reporting burden, the Board has 
eliminated the FR Y-8 declaration page. Previously, respondents that 
own or control insured depository institutions could have, instead of 
completing the entire form, submitted a declaration page each quarter 
attesting to the fact that the institutions do not have any covered 
transactions with their affiliates. The Board also has revised the 
instructions to eliminate references to the declaration page and to 
clarify that respondents that own or control insured depository 
institutions that do not have any covered transactions with their 
affiliates would not have to file the FR Y-8.
    Legal authorization and confidentiality: The FR Y-8 is mandatory 
for respondents that control an insured depository institution that has 
engaged in covered transactions with an affiliate during the reporting 
period, as defined by section 23A of the Federal Reserve Act. See 12 
U.S.C. 371c. Section 5(c) of the Bank Holding Company Act authorizes 
the Board to require BHCs to file the FR Y-8

[[Page 28429]]

reporting form with the Board. 12 U.S.C. 1844(c). Section 10(b)(2) of 
the Home Owners' Loan Act authorizes the Board to require SLHCs to file 
the FR Y-8 reporting form with the Board. 12 U.S.C. 1467a(b)(2). The 
data collected on this form includes financial information that is not 
normally disclosed by respondents, the release of which would likely 
cause substantial harm to the competitive position of the respondent if 
made publicly available. The data collected on this form, therefore, 
would be kept confidential under exemption 4 of the Freedom of 
Information Act, which protects from disclosure trade secrets and 
commercial or financial information. 5 U.S.C. 552(b)(4).
    Current actions: On March 15, 2018, the Board published a notice in 
the Federal Register (83 FR 11519) requesting public comment for 60 
days on the extension, with revision, of the FR Y-8. The comment period 
for this notice expired on May 14, 2018, and no comments were received. 
The revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, June 14, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-13107 Filed 6-18-18; 8:45 am]
 BILLING CODE 6210-01-P