[Federal Register Volume 79, Number 35 (Friday, February 21, 2014)]
[Notices]
[Pages 9900-9902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-03706]
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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 proposed
information collections 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--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 of 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 (annually): 1,380; FR Y-11S: 255.
Estimated average hours per response: FR Y-11 (quarterly): 6.8; FR
Y-11 (annually): 6.8; FR Y-11S: 1.
Number of respondents: FR Y-11 (quarterly): 409; FR Y-11
(annually): 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: On December 11, 2013, the Federal Reserve
published a notice in the Federal Register (78 FR 75346) requesting
public comment for 60 days on the proposal to renew, with revision, the
FR Y-11 and FR Y-11S. The comment period for this notice expired on
February 10, 2014. The Federal Reserve received one comment letter of
support from a banking organization. The revisions will be implemented
as proposed.
In addition, the Federal Reserve initially proposed clarifying the
FR Y-11 and FR Y-11S instructions as to when these reports must be
filed if a subsidiary is divested or liquidated. However, after further
consideration, the Federal Reserve will not include this clarification
due to potential data gaps that may affect the Federal Reserve's
ability to carry out supervisory, regulatory, and other public policy
responsibilities.
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.
[[Page 9901]]
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.
Estimated annual reporting hours: FR 2314 (quarterly): 14,546; FR
2314 (annually): 1,452; FR 2314S: 308.
Estimated average hours per response: FR 2314 (quarterly): 6.6; FR
2314 (annually): 6.6; FR 2314S: 1.
Number of respondents: FR 2314 (quarterly): 551; FR 2314
(annually): 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: On December 11, 2013, the Federal Reserve
published a notice in the Federal Register (78 FR 75346) requesting
public comment for 60 days on the proposal to renew, with revision, the
FR 2314 and FR 2314S. The comment period for this notice expired on
February 10, 2014. The Federal Reserve received one comment letter of
support from a banking organization. The revisions will be implemented
as proposed.
In addition, the Federal Reserve initially proposed clarifying the
FR 2314 and FR 2314S instructions as to when these reports must be
filed if a subsidiary is divested or liquidated. However, after further
consideration, the Federal Reserve will not include this clarification
due to potential data gaps that may affect the Federal Reserve's
ability to carry out supervisory, regulatory, and other public policy
responsibilities.
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 (annually): 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: On December 11, 2013, the Federal Reserve
published a notice in the Federal Register (78 FR 75346) requesting
public comment for 60 days on the proposal to renew, with revision, the
FR Y-7N and FR Y-7NS. The comment period for this notice expired on
February 10, 2014. The Federal Reserve did not receive any comments.
The revisions will be implemented as proposed.
In addition, the Federal Reserve initially proposed clarifying the
FR Y-7N and FR Y-7NS instructions as to when these reports must be
filed if a subsidiary is divested or liquidated. However, after further
consideration, the Federal Reserve will not include this clarification
due to potential data gaps that may affect the Federal Reserve's
ability to carry out supervisory, regulatory, and other public policy
responsibilities.
Final approval under OMB delegated authority of 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.
Current actions: On December 11, 2013, the Federal Reserve
published a notice in the Federal Register (78 FR 75346) requesting
public comment for 60 days on the proposal to renew, without revision,
the FR Y-7Q. The comment period for this notice expired on February 10,
2014. The Federal Reserve did not receive any comments.
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.
[[Page 9902]]
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 Part 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, Pub L 107-56, 115 Stat. 307 (31 U.S.C.
5318(h)); and implemented at 31 CFR Part 1010.520(b).
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.
Current actions: On December 11, 2013, the Federal Reserve
published a notice in the Federal Register (78 FR 75346) requesting
public comment for 60 days on the proposal to renew, without revision,
the FR 2886b. The comment period for this notice expired on February
10, 2014. The Federal Reserve did not receive any comments.
Board of Governors of the Federal Reserve System, February 18,
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-03706 Filed 2-20-14; 8:45 am]
BILLING CODE 6210-01-P