[Federal Register Volume 77, Number 179 (Friday, September 14, 2012)]
[Notices]
[Pages 56842-56844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-22591]
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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: Notice is hereby given of the final approval of a proposed
information collection by the Board of Governors of the Federal Reserve
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB
Regulations on Controlling Paperwork Burdens on the Public). 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 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.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division of
Research and Statistics, 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.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following reports:
Report title: Report of Changes in Organizational Structure, Annual
Report of Bank Holding Companies, and Annual Report of Foreign Banking
Organizations.
Agency form number: FR Y-10, FR Y-10 verification, FR Y-6, and FR
Y-7.
OMB Control number: 7100-0297.
Effective Date: The proposed changes to the FR Y-6 and FR Y-7
reporting forms and instructions will be effective December 31, 2012.
The proposed changes to the FR Y-10 reporting form and instructions for
foreign banking organizations (FBOs), top-tier bank holding companies
(BHCs), state member banks that are not controlled by a BHC, Edge and
agreement corporations that are not controlled by a member bank, a BHC,
or a FBO; nationally chartered banks that are not controlled by a BHC
(with regard to their foreign investments only), securities holding
companies (SHCs), nonbank financial companies, and designated financial
market utilities (DFMUs) will be effective December 1, 2012. The
proposed changes to the FR Y-10 form and instructions for savings and
loan holding companies (SLHCs) will be effective December 1, 2012,
except for data on nonbank subsidiaries. SLHCs will file the FR Y-10
data by June 30, 2013, for their nonbank subsidiaries that meet the
quarterly
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financial reporting criteria. SLHCs will file the FR Y-10 data by
September 30, 2013, for their nonbank subsidiaries that file financial
reports annually. SLHCS will file the FR Y-10 data by December 31,
2013, for their nonbank subsidiaries that do not file financial
reports.
Frequency: FR Y-10: Event-generated; FR Y-10 verification: One-
time; FR Y-6 and FR Y-7: Annual.
Reporters: FR Y-10: FBOs, top-tier BHCs, state member banks that
are not controlled by a BHC, Edge and agreement corporations that are
not controlled by a member bank, a BHC, or a FBO; nationally chartered
banks that are not controlled by a BHC (with regard to their foreign
investments only), SLHCs, SHCs, nonbank financial companies, and DFMUs;
FR Y-6: top-tier BHCs and nonqualifying FBOs, SLHCs, SHCs, nonbank
financial companies, and DFMUs; FR Y-7: all qualifying FBOs that engage
in banking in the United States, either directly or indirectly.
Estimated annual reporting hours: FR Y-10: 25,313 hours; FR Y-10
verification: 956; FR Y-6: 29,253 hours; FR Y-7: 615 hours.
Estimated average hours per response: FR Y-10: 2.25 hours; FR Y-10
verification: 1.25 hours; FR Y-6: 5.25 hours; FR Y-7: 3.75 hours.
Number of respondents: FR Y-10: 3,750; FR Y-10 verification: 765;
FR Y-6: 5,572; FR Y-7: 164.
General description of report: These information collections are
mandatory under the Federal Reserve Act, the Bank Holding Company Act
(BHC Act), and the International Banking Act (12 U.S.C. 248(a)(1), 321,
601, 602, 611a, 615, 625, 1843(k), 1844(c)(1)(A), 3106(a), and
3108(a)), and Regulations K and Y (12 CFR 211.13(c), 225.5(b) and
225.87), and Sections 161, 312, 618, and 809 of the Dodd-Frank Act (12
U.S.C. 5361, 5412, 1850a(c)(1), and 5468(b)(1)). Individual respondent
data are not considered confidential. However, respondents may request
confidential treatment for any information that they believe is subject
to an exemption from disclosure under the Freedom of Information Act
(FOIA), (5 U.S.C. 522(b)(4) and (b)(6)).
Abstract: The FR Y-10 is an event generated information collection
submitted by FBOs; top-tier BHCs; state member banks unaffiliated with
a BHC; Edge and agreement corporations that are not controlled by a
state member bank, a BHC, or an FBO; and nationally chartered banks
that are not controlled by a BHC (with regard to their foreign
investments only) to capture changes in their regulated investments and
activities. The Federal Reserve uses the data to monitor structure
information on subsidiaries and regulated investments of these entities
engaged in banking and nonbanking activities. The FR Y-6 is an annual
information collection submitted by top-tier BHCs and nonqualifying
FBOs. It collects financial data, an organization chart, verification
of domestic branch data, and information about shareholders. The
Federal Reserve uses the data to monitor holding company operations and
determine holding company compliance with the provisions of the BHC
Act, Regulation Y (12 CFR 225), and the Home Owners Loan Act. The FR Y-
7 is an annual information collection submitted by qualifying FBOs to
update their financial and organizational information with the Federal
Reserve. The Federal Reserve uses information to assess an FBO's
ability to be a continuing source of strength to its U.S. operations
and to determine compliance with U.S. laws and regulations.
Current Actions: On June 11, 2012, the Federal Reserve published a
notice in the Federal Register (77 FR 34384) requesting public comment
for 60 days on the revision, with extension, of the FR Y-10, FR Y-7,
and FR Y-6. The comment period for this notice expired on August 10,
2012. The Federal Reserve received three comment letters addressing
proposed changes to the FR Y-10 and FR Y-6.
Summary of Comments
FR Y-6 and FR Y-10
The Federal Reserve received three comment letters on the proposed
revisions to the FR Y-10 and the FR Y-6: two from bankers'
organizations and one from a BHC.
The bankers' organizations expressed concerns on the proposed
timeline to submit (as a supplement to the FR Y-10) a one-time
verification of each SLHC's organizational structure. After considering
these comments, the Federal Reserve will scale back the information
collected in the one-time FR Y-10 verification to require only the
information needed to submit nonbank financial data for 2013.\1\ The
Federal Reserve will also extend the timeline for the SLHCs to respond
to the one-time verification from thirty days to sixty days. The
information required in the one-time verification will be communicated
in a transmittal letter.
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\1\ The changes to require SLHCs to submit financial data for
their nonbank subsidiaries were covered in a separate proposal and
the final notice was published December 29, 2011 (76 FR 81933).
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The commenters also requested a phased approach for submitting the
FR Y-6 and FR Y-10 data based on the schedule for submitting nonbank
financial data that are due commencing in 2013. Last year the Federal
Reserve issued a proposal with the requirement that SLHCs begin filing
the annual FR Y-6 report with fiscal year ends beginning December 31,
2012.\2\ Thus, the Federal Reserve believes SLHCs have had a reasonable
transition period to prepare for the submission of the FR Y-6 report.
However, the Federal Reserve recognizes the challenges to meet the
proposed submission of the event-generated FR Y-10 data and agree that
a phased-in approach for reporting nonbank subsidiaries on the FR Y-10
is appropriate. SLHCs will file the FR Y-10 data by June 30, 2013, for
their nonbank subsidiaries that meet the quarterly financial reporting
criteria. SLHCs will file the FR Y-10 data by September 30, 2013, for
their nonbank subsidiaries that file financial reports annually. SLHCS
will file the FR Y-10 data by December 31, 2013, for their nonbank
subsidiaries that do not file financial reports.
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\2\ (76 FR 53129) August 25, 2011 and (76 FR 81933) December 29,
2011.
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In addition, the bankers' organizations asked for clarification on
the requirement for intermediate holding companies (IHC) to report the
FR Y-6 and FR Y-10. The current regulatory reporting requirement that
top-tier holding companies submit the FR Y-6 and FR Y-10 will continue
until a separate proposed rule is issued on IHCs. At that time, the
Federal Reserve will address the reporting requirements of the IHC.
The bankers' organizations also expressed concern about reporting
on the activities of certain SLHCs, namely ``grandfathered SLHCs'' and
requested that the instructions be clarified. While the activities of
grandfathered SLHCs are exempt from the limitations in 12 CFR
238.51(b), there is no statutory or regulatory exemption from reporting
on such activities. The reporting and examination requirements in the
Home Owners' Loan Act and the Federal Reserve's Regulation LL apply to
all SLHCs, with no exceptions for grandfathered SLHCs or their
activities. Therefore, no changes will be made to the reporting
requirements for grandfathered activities by certain SLHCs. However,
the Federal Reserve will clarify the instructions of the reporting
requirements for grandfathered SLHCs.
FR Y-10
The BHC suggested using the term ``nonfinancial company'' instead
of ``nonbanking company'' on the 4(k) Schedule of the FR Y-10 whenever
the
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reference is to nonfinancial investments held by a qualified financial
holding company and reported in the lower section of the 4(k) Schedule.
The Federal Reserve agrees and will replace the reference to nonbanking
company with nonfinancial company on the 4(k) Schedule and instructions
of the FR Y-10.
Final approval under OMB delegated authority the extension for
three years, without revision, of the following report:
Report title: Supplement to the Report of Changes in Organizational
Structure.
Agency form number: FR Y-10E.
OMB control number: 7100-0297.
Frequency: Event-generated.
Reporters: FBOs, top-tier bank holding companies (BHCs), state
member banks that are not controlled by a BHC, Edge and agreement
corporations that are not controlled by a member bank, a BHC, or a FBO;
and nationally chartered banks that are not controlled by a BHC (with
regard to their foreign investments only).
Estimated annual reporting hours: 1,875 hours.
Estimated average hours per response: 0.50 hours.
Number of respondents: 3,750.
General description of report: This information collection is
mandatory under the Federal Reserve Act, the Bank Holding Company Act
(BHC Act), and the International Banking Act (12 U.S.C. 248(a)(1), 321,
601, 602, 611a, 615, and 625, 1843(k), 1844(c)(1)(A), 3106(a)) and
Regulation K and Y (12 CFR 211.13(c), 225.5(b) and 225.87) and Sections
161, 312, 618, and 809 of the Dodd-Frank Act (12 U.S.C. 5361, 5412,
1850a(c)(1), and 5468(b)(1)). Individual respondent data are not
considered confidential. However, respondents may request confidential
treatment for any information that they believe is subject to an
exemption from disclosure under the Freedom of Information Act (FOIA),
(5 U.S.C. 522(b)(4) and (b)(6)).
Abstract: The FR Y-10E is a free-form supplement that may be used
to collect additional structural information deemed to be critical and
needed in an expedited manner.
Current Actions: On June 11, 2012, the Federal Reserve published a
notice in the Federal Register (77 FR 34384) requesting public comment
for 60 days on the extension, without revision, of the Supplement to
the Report of Changes in Organizational Structure (FR Y-10E). The
comment period for this notice expired on August 10, 2012. The Federal
Reserve did not receive any comments on the FR Y-10E.
Board of Governors of the Federal Reserve System, September 10,
2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-22591 Filed 9-13-12; 8:45 am]
BILLING CODE 6210-01-P