[Federal Register Volume 78, Number 245 (Friday, December 20, 2013)]
[Notices]
[Pages 77128-77132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-30309]
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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, pursuant to 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--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.
Final approval under OMB delegated authority the revision, without
extension, of the following report:
Report title: Banking Organization Systemic Risk Report.
Agency form number: FR Y-15.
OMB Control number: 7100-0352.
Effective Date: December 31, 2013.
Frequency: Annually.
Reporters: U.S. Bank Holding Companies (BHCs) with total
consolidated assets of $50 billion or more, and any U.S.-based
organizations identified as global systemically important banks (GSIBs)
that do not otherwise meet the consolidated assets threshold for BHCs.
Estimated annual reporting hours: 9,735 hours.
Estimated average hours per response: 295 hours.
Number of respondents: 33.
General description of report: This information collection is
mandatory pursuant to section 5 of the BHC Act (12 U.S.C. 1844(c)).
Except as otherwise noted, the collected information will be made
available to the public for report dates beginning December 31, 2013.
The following line items will be kept confidential for the December 31,
2013, report date and made publically available beginning with the
December 31, 2014, report date: Schedule A, items 1(b)(2) through
2(a)(2) and items 2(b)(2) through 3; and, Schedule C, items 1(a)
through 1(l). The following line items will be kept confidential until
the first reporting date after the U.S. rule implementing the liquidity
coverage ratio (LCR) is finalized: Schedule D, items 7 and 8.
Though confidential treatment will not be routinely given to the
financial data in this report, respondents may request such treatment
for any information that they believe is subject to an exemption from
disclosure pursuant to sections (b)(4), (b)(6), or (b)(8) of the
Freedom of Information Act (FOIA) (5 U.S.C. 522(b)(4), (b)(6), and
(b)(8)).
Abstract: The FR Y-15, which was derived from a Basel data
collection aimed at measuring systemic importance, was implemented in
December 2012 (77 FR 76484). In addition to (i) facilitating the future
implementation of the GSIB surcharge through regulation, (ii)
identifying institutions that may be domestic systemically important
banks (DSIBs) under a future framework and (iii) analyzing the systemic
risk implications of proposed mergers and acquisitions, the Federal
Reserve uses the FR Y-15 data to monitor, on an ongoing basis, the
systemic risk profile of the institutions which are subject to enhanced
prudential standards under section 165 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (DFA).
Current Actions: On August 30, 2013, the Federal Reserve published
a notice
[[Page 77129]]
in the Federal Register (78 FR 53759) requesting public comment for 60
days on the proposal to revise, without extension, the mandatory annual
Banking Organization Systemic Risk Report. The comment period for this
notice expired on October 29, 2013.
Summary of Public Comments: The Federal Reserve received three
comment letters on the proposed revisions to the FR Y-15: a joint
comment letter from three trade associations, another comment letter
from a different trade association, and a comment letter from a banking
organization. The comments focused on the confidential treatment of
data submitted on the FR Y-15 (partially with respect to items based on
the Basel liquidity coverage ratio) and the submission deadline.
Several commenters suggested that the Federal Reserve rely on other
existing data collections in order to reduce reporting burden. Other
comments expressed concern about using Basel II credit conversion
factor (CCF) definitions for off-balance sheet items. Commenters
requested delayed implementation of the requirements, elimination of
the attestation requirement, and continued confidential treatment of
certain FR Y-15 data. The following is a detailed discussion of the
comments received and the Federal Reserve's responses to those
comments.
Detailed Discussion of Public Comments and Federal Reserve Responses
A. Reporting Panel
The proposal stated that the FR Y-15 will be used to monitor, on an
ongoing basis, the systemic risk profile of the institutions which are
subject to enhanced prudential standards under section 165 of DFA. The
proposal further stated that the data will be used to facilitate the
future implementation of the GSIB surcharge through regulation,
identify institutions that may be DSIBs under a future framework, and
analyze the systemic risk implications of proposed mergers and
acquisitions. One commenter suggested the reporting panel is not
appropriate because BHCs that are subsidiaries of foreign banking
organizations (FBOs) are not subject to the GSIB framework and the DSIB
and mergers and acquisitions frameworks are still under development.
Another commenter similarly argued that the international GSIB
framework by its terms is not applicable to non-GSIBs and is not
practical for DSIB identification. One commenter suggested that there
is no meaningful comparison between top-tier BHCs and the BHC
subsidiaries of FBOs, because the former is the top-tier company of the
entire consolidated organization while the latter is a subsidiary that
includes only part of the entire consolidated organization's
operations.
The Federal Reserve's data collections may be implemented
independent of a related final regulatory framework. As a host of
metrics have been identified for examining the systemic risk of banking
organizations, it is incumbent upon national supervisors to collect and
monitor such data so as to better understand the overall domestic
systemic risk landscape and pinpoint the riskiest institutions therein.
Indeed, monitoring the systemic risk profile of institutions subject to
section 165 of DFA is one of the main purposes of collecting the FR Y-
15. Therefore, the Federal Reserve believes it is appropriate to apply
the FR Y-15 requirements at this time to institutions that are not
GSIBs but may be identified as DSIBs, even though a regulatory
framework for DSIBs has not been proposed or implemented. The Federal
Reserve further notes that the use of data for analyzing mergers and
acquisitions will frequently be incorporated into an already-
established applications process.
With respect to application of the requirements to the U.S.
subsidiaries of FBOs, the Federal Reserve observes that the FR Y-15
evaluates the systemic risk footprint of these BHCs in a domestic
context. Since the global systemic footprint of the entire FBO extends
beyond that of its U.S. BHC subsidiary, the FR Y-15 does not capture
the full systemic risk implications of the global entity. Instead, the
FR Y-15 appropriately focuses on the domestic systemic footprint of
large U.S. BHCs owned by FBOs. These U.S. BHC subsidiaries are
similarly situated in size and complexity to other U.S. BHCs that are
subject to the reporting panel. As such, these subsidiaries may have
systemic factors of sufficient magnitude to pose a systemic risk to the
U.S. financial system. Therefore, the Federal Reserve will continue to
include on the FR Y-15 reporting panel those U.S. BHC subsidiaries of
FBOs that meet the threshold for scope of application.
B. Alternative Sources of Systemic Risk Data
Several commenters suggested that information obtained from other
data collections such as the Capital Assessments and Stress Testing
report (FR Y-14; OMB No. 7100-0341) or the proposed Liquidity
Monitoring Reports (FR 2052a and b) could be used in lieu of collecting
certain data on the FR Y-15. The commenters argued that using such data
would reduce reporting burden.
The Federal Reserve notes that the information collected on the FR
Y 15 provides a baseline set of metrics that are used to assess and
compare the systemic risk profiles of reporting firms. In order to make
reliable comparisons, the data must be produced using a common set of
definitions. Therefore, substituting data with information subject to
different underlying definitions would weaken the ability to make
reliable comparisons and could lead to false conclusions about relative
systemic risk. Other than those items specifically noted in the
instructions (see General Instructions, Section H), the FR Y-15 data
are unique and thus cannot be replaced with data from another
regulatory report. Therefore, the Federal Reserve will not use other
data collections in lieu of collecting data on the FR Y-15. However, as
relevant data does become available on other public regulatory reports,
the Federal Reserve will revise the FR Y-15 at that time to
automatically import these data.
C. Confidentiality
In the final 2012 Federal Register notice, the Federal Reserve
indicated that the FR Y-15 data would be made public via the FFIEC Web
site because the data provides valuable information about the domestic
systemic risk landscape and the market can use the measures of systemic
risk found in the FR Y-15 to evaluate the systemic importance of an
individual institution on a national level.\1\ The Federal Reserve
further stated that the public disclosure of the data would promote the
policy goal of transparency for future systemic risk assessments,
including through international efforts such as GSIB designation by the
Financial Stability Board (FSB).\2\
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\1\ See 77 FR 76484, 76486 (December 28, 2012).
\2\ Id.
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Following publication of the final 2012 Federal Register notice,
the Federal Reserve received additional requests from an industry group
and several individual institutions to keep parts of the FR Y-15
confidential. The Federal Reserve decided to publicly release data on
the FR Y-15 that is published in aggregate form or retrieved from
public portions of the Consolidated Financial Statements for Bank
Holding Companies (FR Y-9C; OMB No. 7100-0128). This decision was based
on various considerations, including that the report was being
implemented for the first time and that the reporting panel for year-
end 2012
[[Page 77130]]
was limited to a small subset of the total reporting panel.
In the notice of proposed revisions, the Federal Reserve stated
that the data items on the FR Y-15 that are retrieved from the public
portions of the FR Y-9C or that are published only in aggregate form
are not confidential, and that the confidentiality of the remaining
items would depend on a determination that considers the competitive
harm resulting from the disclosure and the public purpose served by the
disclosure.\3\
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\3\ See 78 FR 53760 (August 30, 2013).
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Several commenters requested that the Federal Reserve continue to
release publicly only the items that were released for the 2012
submissions. In particular, a commenter asked that the Federal Reserve
continue this treatment until rules on which the reporting items are
based are finalized and fully implemented in the United States. The
commenter also requested that the Federal Reserve clarify its
intentions as to what reported information it intends to release as
public information going forward. Additionally, one commenter
referenced the Basel Committee on Banking Supervision's (BCBS's)
practice of keeping data submitted in connection with the Basel III
monitoring exercise confidential. The commenter asserted that
publishing the data would put reporting institutions at a competitive
disadvantage since institutions outside of the U.S. are not subject to
the same requirements. The commenter also argued that new data elements
may confuse investors. Another commenter stated that FR Y-9C
confidentiality automatically passes through to the FR Y-15 but that
Country Exposure Report (FFIEC 009; OMB No. 7100-0035) confidentiality
does not.
In evaluating the concerns raised by commenters, the Federal
Reserve considered the potential public harm from releasing data
reported on the FR Y-15 that was not released for the 2012 submissions,
along with the public purposes that would be served by additional
disclosure. The Federal Reserve believes that the FR Y-15 data provides
consistent and comparable measures of systemic risk which can be used
by market participants to evaluate the systemic importance of an
institution. Moreover, the Federal Reserve believes that access to the
underlying data is integral to understanding the drivers of the
aggregated systemic risk metrics. For example, the total intra-
financial system assets metric (Schedule B, item 6) is comprised of
eleven subcomponents. Without the more granular data, it may be
difficult to fully assess whether the planned actions of a firm would
lead to a material reduction of the metric in future periods. In
addition, the Federal Reserve believes that the data is key to the
public understanding how the systemic nature of BHCs subject to section
165 of DFA is evaluated, including how enhanced prudential standards
are applied to these BHCs in accordance with their relative systemic
importance. Furthermore, the Federal Reserve believes that providing
the underlying data increases transparency and, in turn, market
discipline regarding systemic risk. Release of the data should
encourage a market discipline that reduces the negative externalities
associated with raising a firm's systemic footprint. This market
discipline should be particularly acute once the regulatory policies
regarding systemic risk are finalized.
However, the Federal Reserve believes it is reasonable to delay the
public release of certain data items about which commenters have
specifically expressed concern. As noted above, commenters asked that
the Federal Reserve not release information beyond what was released
for the 2012 submissions until such time as the rules on which the
reporting is based are finalized and fully implemented in the United
States.
The Federal Reserve believes that it is appropriate to delay, until
the 2014 reporting period, the public release of non-aggregate Schedule
A (size indicator) items that are not derived from public portions of
the FR Y-9C. This information is correspondent or related to the
information that U.S. BHCs subject to the Federal Reserve's advanced
approaches framework (advanced approaches BHCs) will report beginning
in 2015 on the revised FR Y-9C and the revised Risk-Based Capital
Reporting for Institutions Subject to the Advanced Capital Adequacy
Framework (FFIEC 101; OMB No. 7100-0319). This reported information is
related to the international (supplementary) leverage ratio requirement
and other requirements in the Federal Reserve's revised capital rule
(12 CFR part 217), adopted in 2013 (capital rule).\4\ Since advanced
approaches BHCs will be reporting this information quarterly on the FR
Y-9C and FFIEC 101 in 2015, delaying the release of the associated
information on the FR Y-15 until the 2014 reporting period will better
align the public disclosure of the information across the multiple
reports. In addition, this will provide additional time for respondents
to ensure that consistent and comparable data is provided across
reports. The Federal Reserve believes that it is appropriate for the
delayed disclosure to also apply to BHCs that are not advanced
approaches BHCs. As with the advanced approaches BHCs, the delay will
allow these institutions to fully develop their systems and refine the
accuracy of the data associated with the FR Y-15 and the 2015 capital-
related reporting requirements. Thus, the aggregated total exposures
figure and those items derived from public portions of the FR Y-9C will
be the only Schedule A items released for the 2013 reporting period.
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\4\ 78 FR 62018 (October 11, 2013).
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As discussed further below, most of the Schedule D line items
related to the BCBS LCR will no longer be collected on the FR Y-15. The
two items that remain identify a subset of trading and available-for-
sale (AFS) assets as level 1 or level 2 assets under the BCBS standard.
These items are necessary to calculate consistently across
jurisdictions the systemic importance of a reporting institution's
trading and AFS portfolio. The Federal Reserve observes that these
items could be estimated from publicly-available FR Y-9C data and that
these items are not equivalent to an institution's liquidity buffer as
calculated under the BCBS LCR, or under the U.S. proposed
implementation of the LCR which was released as a notice of proposed
rulemaking earlier in 2013.\5\ However, considering commenter concerns
that there could be market confusion with respect to these line items
while the rulemaking to implement the LCR is ongoing, the Federal
Reserve will delay disclosure of those two line items until the U.S.
rulemaking is finalized. In addition, after the U.S. rule implementing
the LCR is finalized, the Federal Reserve will consider aligning the
definitions of level 1 and level 2 assets used in the two items of the
FR Y-15 with the definitions in the U.S. rule.
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\5\ See 78 FR 71818 (November 29, 2013).
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The Federal Reserve will also delay the disclosure of items on
Schedule C that specify payments activity in individual currencies
until the 2014 reporting period. Some institutions have expressed
concern about publicly releasing these new reporting items. The Federal
Reserve has observed that these items have been among the most
difficult for institutions to collect and believes it is reasonable to
keep this information confidential for an additional year while
reporting institutions continue to develop and enhance their reporting
capabilities for these items. By adopting this delay, the
[[Page 77131]]
two aggregated payments figures will be the only payments data released
for the 2013 reporting period.
Thus, except for the items on Schedules A, C, and D that are
subject to delayed release as outlined above, all FR Y-15 data will be
made available to the public beginning with the 2013 reporting period.
To address concerns about potential misinterpretation of these data,
the Federal Reserve will give respondents the opportunity to provide an
optional narrative as part of their FR Y-15 submission. This will allow
respondents to include brief explanatory comments about any data
disclosure within the report which they feel may be subject to
misinterpretation or otherwise cause confusion among investors. These
statements will be made available to the public.
With respect to confidential treatment passing through to the FR Y-
15, this is limited to the cases where specific line item
confidentiality has been granted for a related item on the FR Y-9C (see
General Instructions, Section H). This automated pass-through does not
apply to items pulled from confidential reports. The Federal Reserve
specifically decided to make the highly aggregated item pulled from the
FFIEC 009 publicly available on the FR Y-15 (Schedule E, item 1)
because it is a high-level, aggregate number that, if nonzero, does not
reveal any of the actual underlying values included in the FFIEC 009
report.\6\
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\6\ See 77 FR 76486 (December 28, 2012).
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D. Submission Deadline
The Federal Reserve approved an initial submission window of 90
days for those institutions submitting the FR Y-15 for the December 31,
2012, as-of-date.\7\ This was done to allow extra time for the eight
initial respondents to develop and test the systems required to collect
the FR Y-15 data. Several commenters suggested keeping the submission
date at 90 calendar days after the December 31 as-of-date. One
commenter argued that more time is needed since the same staff work on
the FR Y-9C and the FR Y-14. This commenter supported the switch to a
June 30 determination date.
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\7\ Id.
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An ongoing window of 60 days after the as-of-date for FR Y-15
submissions, beginning with the December 31, 2013, as-of-date, was
approved by the Federal Reserve last year.\8\ This is 15 days beyond
the deadline associated with the FR Y-9C and 10 days beyond the
deadline associated with the FFIEC 009, which are both source documents
for the FR Y-15. This staggered submission schedule made it easier for
banks to ensure that the forms properly reconciled. The 60 day window
was chosen, in part, based on the recommendations of several commenters
on the first FR Y-15 proposal in 2012.
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\8\ Id.
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Considering the fact that several regulatory reports are due 60
days after the December 31 as-of-date,\9\ the Federal Reserve will
extend the submission window to 65 days. This should ease potential
resource constraints while simultaneously ensuring the timely
availability of the systemic risk data.
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\9\ Examples of reports due 60 days after December 31 include
the FFIEC 101 and Form 10-K (10-K; OMB No. 3235-0063).
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E. Implementation Issues for New Respondents
Two commenters noted that several off-balance sheet items use CCF
categories defined under the standardized approach of the Basel II
agreement \10\ as modified by the Basel III agreement and published by
the BCBS. They argued that this creates an undue burden on reporters
and seems unnecessary considering the recently finalized capital rule
(final capital rule) \11\ that includes a standardized approach based
on the BCBS standards. One commenter recommended not requiring the
reporting of these items for advanced approaches institutions. Another
commenter recommended making all new reporters exempt from reporting
any data items connected to the BCBS Basel III implementation
monitoring exercise.
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\10\ See paragraphs 83 through 85 of International Convergence
of Capital Measurement and Capital Standards, June 2006, available
at http://www.bis.org/publ/bcbs128.pdf.
\11\ 78 FR 62018 (October 11, 2013).
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With respect to CCFs, there are minor differences between Basel II
standardized and the final capital rule. In general, these differences
are only material for a few large institutions and in each case the
calculation is relatively simple and straightforward. Moreover, the
global systemic score under the GSIB framework is calculated using the
standardized approach of the Basel II agreement. For these reasons, the
FR Y-15 will continue to use the Basel II CCF definitions.
For the reasons discussed further in the Specific Data Items
section below, the Federal Reserve will remove the three items on the
FR Y-15 with explicit links to the Basel III implementation monitoring
exercise.
F. Attestation Requirement and Estimated Data
The FR Y-15 attestation page states ``I, the undersigned CFO (or
equivalent) of the named banking organization, attest that the Banking
Organization Systemic Risk Report (including the supporting schedules)
for this report date has been prepared in conformance with the
instructions issued by the Federal Reserve System and is true and
correct to the best of my knowledge and belief.'' One commenter
recommended allowing first-time reporters in 2013 to use reasonable
estimates. They recommended that the allowance be made explicit in the
instructions and on the attestation page. Another commenter asserted
that the Chief Financial Officer (or equivalent) should not have to
attest to data that will tie to a future rulemaking until the rule is
actually finalized. The commenter further argued that respondents need
ample notice and experience with the data before attesting and that the
data should be collected on a best efforts basis until firms have
gained more experience with the report.
Reasonable estimates are already allowed when the institution is
filing the report for the first time. This fact is explicitly captured
in the instructions (see General Instructions, Section F). The
attestation page on the reporting form states that the report has been
``prepared in conformance with the instructions issued by the Federal
Reserve System.'' As the reasonable estimates clause for first-time
reporters is clearly specified in the instructions, it is not necessary
to repeat the clause in the attestation itself. Thus, the Federal
Reserve will retain the current attestation language.
The Federal Reserve does not believe that the ability to attest
data must be linked to the publication of a related final regulatory
requirement. Detailed instructions are provided to respondents and
Federal Reserve Bank staff are available to answer questions pertaining
to the collection. The Federal Reserve believes that these resources,
which mirror those that are available for other collections including
the FR Y-9C, are sufficient to allow for the attestation of the FR Y-
15. The Federal Reserve agrees that respondents need advanced notice of
a reporting requirement in order to build adequate collection and
validation systems. The Federal Reserve, recognizing that smaller BHCs
would require additional time to collect and audit the FR Y-15 data,
limited the initial reporting panel to the eight U.S. GSIBs.\12\ This
provided an additional
[[Page 77132]]
year for the other respondents to prepare for the new reporting
requirement. Given the advanced notice and the resources available, the
Federal Reserve will retain the current attestation requirement.
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\12\ See 77 FR 76484 (December 28, 2012).
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G. Specific Data Items
One commenter argued that disclosure of the items associated with
the LCR could expose respondents to risks under U.S. securities laws
because they are not based on a final regulatory standard. The
commenter also argued that the market will inappropriately use the LCR-
related data to assess the liquidity positions of respondents. Another
commenter noted that liquidity rules would not be in effect until 2015
and suggested that the items related to liquidity not be collected
until the final rules take effect.
The BCBS recently adopted a revised systemic risk calculation that
no longer uses the LCR items collected in the previous version of the
report. Taking into consideration this revision along with the comments
received, the Federal Reserve will remove the following six items from
Schedule D: Level 1 assets, subject to operational requirements;
Securities in item 7 that are trading or AFS securities; Level 2
assets, with haircuts and subject to operational requirements;
Securities in item 8 that are trading or AFS securities; Adjustment to
high quality liquid assets (HQLA) due to caps on Level 2B and total
Level 2 assets; and Amount of item 9 attributable to trading and AFS
securities. The two LCR-related items that remain reflect the liquidity
of the bank's trading and AFS securities. These items are not subject
to the same confidentiality concerns since they can be reasonably
estimated based on public FR Y-9C data.\13\ The Federal Reserve
believes this more limited disclosure mitigates the risk of market
participants trying to use systemic risk measures on the FR Y-15 to
assess a firm's liquidity position. To avoid any potential
misinterpretation, the Federal Reserve will remove the reference to
HQLA in one of the remaining items (Total trading and AFS securities
less HQLA).
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\13\ FR Y-9C schedules HC-B and HC-D provide category breakdowns
of AFS and trading securities.
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One commenter asked that a de minimis exemption be considered for
line items unique to the FR Y-15. Due to the rounding rules specified
in the instructions (see General Instructions, Section C), amounts less
than $500,000 are not reported when respondents choose to report their
figures in millions. Therefore, a de minimis exemption already exists
within the report. This exemption will be left unchanged.
Commenters asked for a number of technical clarifications regarding
specific data items on the FR Y-15 form. The Federal Reserve has
addressed these questions in the finalized version of the FR Y-15
instructions.
Board of Governors of the Federal Reserve System, December 17,
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-30309 Filed 12-19-13; 8:45 am]
BILLING CODE 6210-01-P