[Federal Register Volume 78, Number 238 (Wednesday, December 11, 2013)]
[Notices]
[Pages 75346-75349]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29507]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers
to collection of information requests and requirements conducted or
sponsored by the Board
[[Page 75347]]
under conditions set forth in 5 CFR part 1320 Appendix A.1. 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 instruments 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.
DATES: Comments must be submitted on or before February 10, 2014.
ADDRESSES: You may submit comments, identified by FR Y-11/11S, FR 2314/
2314S, FR Y-7N/7NS, FR Y-7Q, 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: 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, 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 MP-
500 of the Board's Martin Building (20th and C Streets, NW.) 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--Cynthia Ayouch--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
The following information collections, which are being handled
under this delegated authority, have received initial Board approval
and are hereby published for comment. At the end of the comment period,
the proposed information collections, 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 reports:
1. Report title: Financial Statements of U.S. Nonbank Subsidiaries
of U.S. Holding Companies and the Abbreviated Financial Statements of
U.S. Nonbank Subsidiaries of U.S. Holding Companies.
Agency form number: FR Y-11 and FR Y-11S.
OMB control number: 7100-0244.
Frequency: Quarterly and annually.
Reporters: Holding companies.
Estimated annual reporting hours: FR Y-11 (quarterly): 11,125; FR
Y-11 (annual): 1,380; FR Y-11S: 255.
Estimated average hours per response: FR Y-11 (quarterly): 6.8; FR
Y-11 (annual): 6.8; FR Y-11S: 1.
Number of respondents: FR Y-11 (quarterly): 409; FR Y-11 (annual):
203; FR Y-11S: 255.
General description of report: This information collection is
mandatory (12 U.S.C. 1844(c)). Overall, the Federal Reserve does not
consider these data 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),
(b)(8)). The applicability of these exemptions would need to be
determined on a case-by-case basis.
Abstract: The FR Y-11 reporting forms collect financial information
for individual non-functionally regulated U.S. nonbank subsidiaries of
domestic holding companies (i.e., bank holding companies, savings and
loan holding companies, and securities holding companies). Holding
companies file the FR Y-11 on a quarterly or annual basis or the FR Y-
11S annually predominantly based on asset size thresholds, and for the
FR Y-11S, based on an additional threshold related to the percentage of
consolidated assets of the top-tier organization. The FR Y-11 data are
used with other holding company data to assess the condition of holding
companies that are heavily engaged in nonbanking activities and to
monitor the volume, nature, and condition of their nonbanking
operations.
Current actions: In order to reduce reporting burden, the Federal
Reserve proposes to increase the asset size thresholds for filing the
annual FR Y-11 and FR Y-11S and to eliminate the threshold based on the
percentage of consolidated assets of the top-tier organization for the
FR Y-11S. The Federal Reserve also proposes to clarify when FR Y-11
(quarterly/annually) and FR Y-11S reports must be filed if a subsidiary
is divested or liquidated.
2. Report title: Financial Statements of Foreign Subsidiaries of
U.S. Banking Organizations and the Abbreviated Financial Statements of
Foreign Subsidiaries of U.S. Banking Organizations.
Agency form number: FR 2314 and FR 2314S.
OMB control number: 7100-0073.
Frequency: Quarterly and annually.
Reporters: U.S. state member banks, holding companies, and Edge or
agreement corporations.
[[Page 75348]]
Estimated annual reporting hours: FR 2314 (quarterly): 14,546; FR
2314 (annual): 1,452; FR 2314S: 308.
Estimated average hours per response: FR 2314 (quarterly): 6.6; FR
2314 (annual): 6.6; FR 2314S: 1.
Number of respondents: FR 2314 (quarterly): 551; FR 2314 (annual):
220; FR 2314S: 308.
General description of report: This information collection is
mandatory (12 U.S.C. 324, 602, 625, 1844(c)). Overall, the Federal
Reserve does not consider these data 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), (b)(8)). The applicability of these exemptions would
need to be determined on a case-by-case basis.
Abstract: The FR 2314 reporting forms collect financial information
for non-functionally regulated direct or indirect foreign subsidiaries
of U.S. state member banks (SMBs), Edge and agreement corporations, and
holding companies (i.e., bank holding companies, savings and loan
holding companies, and securities holding companies). Parent
organizations (SMBs, Edge and agreement corporations, or holding
companies) file the FR 2314 on a quarterly or annual basis or the FR
2314S annually based predominantly on asset size thresholds, and for
the FR 2314S, based on an additional threshold related to the
percentage of consolidated assets of the top-tier organization. The FR
2314 data are used to identify current and potential problems at the
foreign subsidiaries of U.S. parent companies, to monitor the
activities of U.S. banking organizations in specific countries, and to
develop a better understanding of activities within the industry, in
general, and of individual institutions, in particular.
Current actions: In order to reduce reporting burden, the Federal
Reserve proposes to increase the asset size thresholds for filing the
annual FR 2314 and FR 2314S and to eliminate the threshold based on the
percentage of consolidated assets of the top-tier organization for the
FR 2314S. The Federal Reserve also proposes to clarify when the FR 2314
(quarterly/annually) and FR 2314S reports must be filed if a subsidiary
is divested or liquidated.
3. Report title: Financial Statements of U.S. Nonbank Subsidiaries
Held by Foreign Banking Organizations and the Abbreviated Financial
Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking
Organizations.
Agency form number: FR Y-7N, FR Y-7NS.
OMB control number: 7100-0125.
Frequency: Quarterly and annually.
Reporters: Foreign bank organizations (FBOs).
Estimated annual reporting hours: FR Y-7N (quarterly): 4,978; FR Y-
7N (annual): 660; FR Y-7NS: 93.
Estimated average hours per response: FR Y-7N (quarterly): 6.8; FR
Y-7N (annually): 6.8; FR Y-7NS: 1.
Number of respondents: FR Y-7N (quarterly): 183; FR Y-7N
(annually): 97; FR Y-7NS: 93.
General description of report: This information collection is
mandatory (12 U.S.C. 1844(c), 3106(c) and 3108)). Overall, the Federal
Reserve does not consider these data to be confidential. However,
individual respondents may request confidential treatment for any of
these reports pursuant to sections (b)(4) and (b)(6) of the Freedom of
Information Act (5 U.S.C. 522(b)(4) and (b)(6)). The applicability of
these exemptions would need to be determined on a case-by-case basis.
Abstract: 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 U.S. bank holding company (BHC), U.S. financial
holding company (FHC), 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.
Current actions: In order to reduce reporting burden, the Federal
Reserve proposes to increase the asset thresholds for filing the annual
FR-7N and FRY-7NS. The Federal Reserve also proposes to clarify when FR
Y-7N (quarterly/annually) and FR Y-7NS reports must be filed if a
subsidiary is divested or liquidated.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, of the following reports:
1. Report title: Capital and Asset Report for Foreign Banking
Organizations.
Agency form number: FR Y-7Q.
OMB control number: 7100-0125.
Frequency: Quarterly and annually.
Reporters: FBOs.
Estimated annual reporting hours: FR Y-7Q (quarterly): 545; FR Y-7Q
(annually): 43.
Estimated average hours per response: FR Y-7Q (quarterly): 1.25; FR
Y-7Q (annually): 1.
Number of respondents: FR Y-7Q (quarterly): 109; FR Y-7Q
(annually): 43.
General description of report: This information collection is
mandatory (12 U.S.C. 1844(c), 3106(c) and 3108)). Overall, the Federal
Reserve does not consider these data to be confidential. However,
individual respondents may request confidential treatment for any of
these reports pursuant to sections (b)(4) and (b)(6) of the Freedom of
Information Act (5 U.S.C. 522(b)(4) and (b)(6)). The applicability of
these exemptions would need to be determined on a case-by-case basis.
Abstract: The FR Y-7Q collects consolidated regulatory capital
information from all FBOs either quarterly or annually. FBOs that have
effectively elected to become FHCs file the FR Y-7Q quarterly, and
effective March 31, 2014, FBOs with total consolidated worldwide assets
of $50 billion or more will file the FR Y-7Q quarterly. All other FBOs
file the FR Y-7Q annually.
2. 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): 1,114; Investment: Edge and agreement corporations
(annually): 115.
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): 29;
Investment: Edge and agreement corporations (annually): 12.
General description of report: This information is mandatory (12
U.S.C. 602, 625). In addition, with respect to the contact information
collected in the Patriot Act Contact Information section, the Board's
regulation's (12 CFR 211.5(m)) instruct Edge and agreement corporations
to comply with the information sharing regulations that the Department
of the Treasury issued pursuant to Section 314(a) of the USA Patriot
Act of 2001, Public Law 107-56, 115 Stat. 307 (31 U.S.C. 5318(h)); and
implemented at 31 CFR 1010.520(b).
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For Edge corporations engaged in banking, current Schedules RC-M
(with the exception of item 3) and RC-V are held confidential pursuant
to Section (b)(4) of the Freedom of Information Act (5 U.S.C.
552(b)(4)). For investment Edge corporations, only information
collected on Schedule RC-M (with the exception of item 3) are given
confidential treatment pursuant to Section (b)(4) of the FOIA (5 U.S.C.
552(b)(4)).
In addition, the information provided in the Patriot Act Contact
Information section may be withheld as confidential under FOIA to
prevent unauthorized individuals from falsely posing as an
institution's point-of-contact in order to gain access to the highly
sensitive and confidential communications sent by email between the
Financial Crimes Enforcement Network or federal law enforcement
officials and the Patriot Act point-of-contact. The identity and
contact information of private individuals, which is collected and
maintained for law enforcement purposes under the Patriot Act, may be
exempt from disclosure pursuant to exemption 7(C) of FOIA (5 U.S.C.
552(b)(7)(C)). Lastly, the language indicating that the Emergency
Contact information will not be released to the public will be removed.
Abstract: The FR 2886b comprises a balance sheet, income statement,
two schedules reconciling changes in capital and reserve accounts, and
11 supporting schedules. The reporting form parallels the Consolidated
Reports of Condition and Income (Call Report) (FFIEC 031 and FFIEC 041;
OMB No. 7100-0036) that commercial banks file and the Consolidated
Financial Statements for Holding Companies (FR Y-9C; OMB No. 7100-0128)
filed by large holding companies. Except for 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 Edge and agreement corporations.
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. Most Edge corporations
are wholly owned by U.S. banks or holding companies and are
consolidated into the financial statements of their parent
organizations. However, eight banking Edge corporations are owned by
foreign banks or nonbanking organizations.
Board of Governors of the Federal Reserve System, December 3,
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-29507 Filed 12-10-13; 8:45 am]
BILLING CODE 6210-01-P