83 FR 2985 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 14 (January 22, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting 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), and to extend, without revision, the Financial Statements for Employee Stock Ownership Plan Holding Companies (FR Y-9ES) (OMB No. 7100-0128) the Supplement to the Consolidated Financial Statements for Holding Companies (FR Y-9CS) (OMB No. 7100-0086), the Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7NS) (OMB No. 7100-0125); and the Capital and Asset Report for Foreign Banking Organizations (FR Y-7Q) (OMB No. 7100-0125).

[Federal Register Volume 83, Number 14 (Monday, January 22, 2018)]
[Notices]
[Pages 2985-2987]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01056]


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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 
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), and to extend, 
without revision, the Financial Statements for Employee Stock Ownership 
Plan Holding Companies (FR Y-9ES) (OMB No. 7100-0128) the Supplement to 
the Consolidated Financial Statements for Holding Companies (FR Y-9CS) 
(OMB No. 7100-0086), the Abbreviated Financial Statements of U.S. 
Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7NS) 
(OMB No. 7100-0125); and the Capital and Asset Report for Foreign 
Banking Organizations (FR Y-7Q) (OMB No. 7100-0125).

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 PRA submission, supporting 
statements, and approved collection of information instrument(s) are 
placed into OMB's

[[Page 2986]]

public docket files. The Federal Reserve 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 Reports

    1. Report title: 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, savings and loan holding 
companies, securities holding companies, and U.S. Intermediate Holding 
Companies (collectively, holding companies (HCs)).
    Estimated annual reporting hours: FR Y-9C (non advanced approaches 
HCs): 123,636 hours; FR Y-9C (advanced approached HCs): 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 HCs): 49.14 hours; FR Y-9C (advanced approached 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, 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 is implementing a number of 
revisions to the FR Y-9C reporting requirements, most of which are 
consistent with recent changes to the Federal Financial Institutions 
Examination Council (FFIEC) Consolidated Reports of Condition and 
Income (Call Reports) (FFIEC 031 & 041; OMB No. 7100-0036).\1\ 
Additionally, the Federal Reserve will 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 reflecting the March 31, 2018, report date. The 
changes include:
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    \1\ The reporting changes to the FFIEC 031 and FFIEC 041 became 
effective March 31, 2017. See 82 Fed. Reg. 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 that 
were deleted from the FFIEC 041 report because the data is 
predominantly reported by banks with foreign offices (FFIEC 031) 
remain on the FR Y-9C because no distinction is made for reporting 
of HCs with foreign offices versus those without foreign offices.
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     Deleting 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 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.
     Revising data items for the reclassification of certain 
tax benefits on the FR Y-9C and FR Y-9LP.
     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'' for the FR Y-
9C, FR Y-9LP, FR Y-9SP, FR Y-7N and the FR 2886b.
    Legal authorization and confidentiality: The FR Y-9 family of 
reports is authorized by section 5(c) of the BHC Act (12 U.S.C. 
1844(c)), section 10 of HOLA (12 U.S.C. 1467a(b)), sections 165 and 618 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 1850a(c)(1) and 5365), and section 252.153(b)(2) of Regulation 
YY (12 CFR 252.153(b)(2)). These reports are 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 be reviewed on a case-by-case 
basis.
    Effective Date: March 31, 2018.
    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.
    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.
    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 foreign banking organizations (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 U.S. 
FHCs 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

[[Page 2987]]

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 Date: March 31, 2018.
    Legal authorization and confidentiality: 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. 
Information disclosed in these reports is collected as part of the 
Board's supervisory process and may be accorded confidential treatment 
under exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C. 
552(b)(8)), but information that is required to be disclosed publicly 
is generally not considered confidential. However, individual 
respondents may request that certain data be protected pursuant to 
Exemptions 4 and 6 (5 U.S.C. 552(b)(4) and (6)) of FOIA, where such 
data relates to trade secrets and financial information, or to personal 
information, respectively. The applicability of these exemptions would 
have to be determined 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: Banking 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.'' These changes would be effective for reports 
reflecting the March 31, 2018, report date.
    Effective Date: March 31, 2018.
    Legal authorization and confidentiality: 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 to report this information 
is mandatory. The information collected on the FR 2886b is generally 
not considered confidential, but certain data may be exempt from 
disclosure pursuant to exemption (b)(4) and (b)(7)(C) of the Freedom of 
Information Act, (5 U.S.C. 552(b)(4) and (b)(7)(C)). The information 
exempt from disclosure pursuant to (b)(4) consists of 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. The information exempt from disclosure pursuant 
to exemption (b)(7)(C) is information provided in the Patriot Act 
Contact Information section of the reporting form.
    Current actions: On July 18, 2017, the Board published a notice in 
the Federal Register (82 FR 32812) requesting public comment for 60 
days on the proposal to extend with revision the FR Y-9C, FR Y-9LP, FR 
Y-7N, and FR 2886b; and to extend without revision the FR Y-9ES, FR Y-
9CS, FR Y-7NS, and FR Y-7Q. The comment period expired on September 18, 
2017. The Board received one comment from a banking association that, 
while expressing support for the FR Y-9C proposed changes, urged the 
Board to have the FR Y-9C revisions incorporated into the March 31, 
2018, report date (rather than the September 30, 2017, report date) to 
harmonize the proposed changes with the proposed changes to the Call 
Reports. The Board has approved, pursuant to authority delegated by the 
OMB, the collections of information as proposed and amended (as 
discussed below).
    Detailed Discussion of Public Comments: In response to the 
commenter's suggestion, the Board amended the proposal on September 11, 
2017 (82 FR 43367), to make the proposed changes to the FR Y-9C family 
of reports, the FR Y-7N family of reports, and the FR 2886b report 
effective with the reports reflecting the March 31, 2018, report date. 
This effective date should give institutions ample time to prepare for 
the revisions and would minimize burden by allowing institutions to 
prepare their systems once for these changes and any future burden-
reducing changes targeted for that report date. The comment period for 
the proposal expired on September 18, 2017. The Board did not receive 
any additional comments. The revisions will be implemented as proposed 
and amended on September 11, 2017.

    Board of Governors of the Federal Reserve System, January 17, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-01056 Filed 1-19-18; 8:45 am]
 BILLING CODE 6210-01-P