[Federal Register Volume 79, Number 190 (Wednesday, October 1, 2014)]
[Notices]
[Pages 59264-59268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-23346]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB With Request
for Comment
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 Office of Management and Budget (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.
On July 15, 2014, the Federal Reserve published a notice in the
Federal Register (79 FR 41276) requesting public comment for 60 days to
extend, with revision, the Capital Assessments and Stress Testing
information collection. The comment period for this notice expired on
September 15, 2014. The Federal Reserve received 8 comment letters. The
substantive comments are summarized and addressed below. Comments
requesting clarification to item definitions will be addressed in the
final instructions.
DATES: Comments are to be submitted on or before October 31, 2014.
ADDRESSES: You may submit comments identified by FR Y-14A/Q/M, by any
of the following methods:
Agency Web site: http://www.federalreserve.gov. Follow the
instructions for submitting comments on the 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 the OMB
control 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,
except as necessary 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 in Room
MP-500 of the Board's Martin Building (20th and C Streets NW.), between
9 a.m. and 5 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:
Federal Reserve Board Acting Clearance Officer--John Schmidt--
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--S Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235,
[[Page 59265]]
725 17th Street NW.,Washington, DC 20503.
Final approval under OMB delegated authority of the extension for
three years, with revision of the following report:
Report Title: Capital Assessments and Stress Testing information
collection.
Agency Form Number: FR Y-14A/Q/M.
OMB Control Number: 7100-0341.
Effective Dates: September 30, 2014 and December 31, 2014.
Frequency: Annually, semi-annually, quarterly and monthly.
Reporters: Any top-tier U.S. bank holding company (BHC) that has
$50 billion or more in total consolidated assets, as determined based
on: (i) The average of the BHC's total consolidated assets in the four
most recent quarters as reported quarterly on the BHC's Consolidated
Financial Statements for Bank Holding Companies (FR Y-9C) (OMB No.
7100-0128); or (ii) the average of the BHC's total consolidated assets
in the most recent consecutive quarters as reported quarterly on the
BHC's FR Y-9Cs, if the BHC has not filed an FR Y-9C for each of the
most recent four quarters. Reporting is required as of the first day of
the quarter immediately following the quarter in which it meets this
asset threshold, unless otherwise directed by the Federal Reserve.
Estimated Annual Reporting Hours: FR Y-14A: Summary, 67,848 hours;
Macro scenario, 2,046 hours; Operational Risk, 456 hours; Regulatory
capital transitions, 759; and Regulatory capital instruments, 660
hours. FR Y-14Q: Securities risk, 1,584 hours; Retail risk, 2,112
hours; Pre-provision net revenue (PPNR), 93,852 hours; Wholesale
corporate loans, 8,556 hours; Wholesale commercial real estate (CRE)
loans, 8,280 hours; Trading risk, 69,336 hours; Regulatory capital
transitions, 3,036 hours; Regulatory capital instruments, 5,280 hours;
Operational risk, 6,600 hours; Mortgage Servicing Rights (MSR)
Valuation, 1,152 hours; Supplemental, 528 hours; and Retail Fair Value
Option/Held for Sale (Retail FVO/HFS), 1,408 hours; Counterparty credit
risk (CCR), 16,632 hours; and Balances, 2,112 hours; FR Y-14M: Retail
1st lien mortgage, 171,360 hours; Retail home equity, 165,240 hours;
and Retail credit card, 110,160 hours. FR Y-14 Implementation, 21,600
hours; and On-Going Automation for existing respondents, 14,400 hours.
Estimated Average Hours Per Response: FR Y-14A: Summary, 1,028
hours; Macro scenario, 31 hours; Operational Risk, 12 hours; Regulatory
capital transitions, 23; and Regulatory capital instruments, 20 hours.
FR Y-14Q: Securities risk, 12 hours; Retail risk, 16 hours; PPNR, 711
hours; Wholesale corporate loans, 69 hours; Wholesale CRE loans, 69
hours; Trading risk, 1,926 hours; Regulatory capital transitions, 23
hours; Regulatory capital instruments, 40 hours; Operational risk, 34
hours; MSR Valuation, 24 hours; Supplemental, 4 hours; and Retail FVO/
HFS, 16 hours; CCR, 441 hours; and Balances, 16 hours; FR Y-14M: Retail
1st lien mortgage, 510 hours; Retail home equity, 510 hours; and Retail
credit card, 510 hours. FR Y-14 Implementation, 7,200 hours; and On-
Going Automation for existing respondents, 480 hours.
Number of Respondents: 33.
General Description of Report: The FRY-14 series of reports are
authorized by section 165 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 (Dodd-Frank Act), which requires the
Federal Reserve to ensure that certain bank holding companies (BHCs)
and nonbank financial companies supervised by the Federal Reserve are
subject to enhanced risk-based and leverage standards in order to
mitigate risks to the financial stability of the United States (12
U.S.C. 5365). Additionally, Section 5 of the BHC Act authorizes the
Board to issue regulations and conduct information collections with
regard to the supervision of BHCs (12 U.S.C. 1844).
As these data are collected as part of the supervisory process,
they are subject to confidential treatment under exemption 8 of the
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition,
commercial and financial information contained in these information
collections may be exempt from disclosure under exemption 4 of FOIA (5
U.S.C. 552(b)(4)). Such exemptions would be made on a case-by-case
basis.
Abstract: The data collected through the FR Y-14A/Q/M schedules
provide the Federal Reserve with the additional information and
perspective needed to help ensure that large BHCs have strong,
firm[hyphen]wide risk measurement and management processes supporting
their internal assessments of capital adequacy and that their capital
resources are sufficient given their business focus, activities, and
resulting risk exposures. The annual Comprehensive Capital Analysis and
Review (CCAR) exercise is also complemented by other Federal Reserve
supervisory efforts aimed at enhancing the continued viability of large
BHCs, including continuous monitoring of BHCs' planning and management
of liquidity and funding resources and regular assessments of credit,
market and operational risks, and associated risk management practices.
Information gathered in this data collection is also used in the
supervision and regulation of these financial institutions. In order to
fully evaluate the data submissions, the Federal Reserve may conduct
follow up discussions with or request responses to follow up questions
from respondents, as needed.
The semi-annual FR Y-14A collects large BHCs' quantitative
projections of balance sheet, income, losses, and capital across a
range of macroeconomic scenarios and qualitative information on
methodologies used to develop internal projections of capital across
scenarios.\1\ The quarterly FR Y-14Q collects granular data on BHCs'
various asset classes and PPNR for the reporting period. The monthly FR
Y-14M comprises three loan- and portfolio-level collections, and one
detailed address matching collection to supplement two of the portfolio
and loan-level collections. Both the FR Y-14Q and the FR Y-14M are used
to support supervisory stress test models and for continuous monitoring
efforts.
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\1\ BHCs that must re-submit their capital plan generally also
must provide a revised FR Y-14A in connection with their
resubmission.
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Current Actions: On July 15, 2014 the Federal Reserve published a
notice in the Federal Register (79 FR 41276) requesting public comment
for 60 days on the extension, with revision, of the FR Y-14. The
Federal Reserve proposed to revise several schedules of the FR Y-14A/Q/
M reports effective September 30, 2014 and December 31, 2014, and to
expand the reporting panel to include BHCs that currently rely on
Supervision and Regulation Letter SR 01-01. The comment period for this
notice expired on September 15, 2014. All substantive comments are
summarized and addressed below.
Summary of Comments
The Federal Reserve received eight comment letters addressing the
proposed changes to this information collection, including one from a
BHC, one from an individual, and six from trade associations. Many of
the comments received requested clarification of the instructions for
the information to be reported, or were technical in nature. These
comments will be addressed in the final FR Y-14A/Q/M reporting forms
and instructions. Other comments requested clarification, but did not
include sufficient information. The Federal Reserve will discuss these
with the
[[Page 59266]]
appropriate commenters to determine the clarifications that should be
made.
The Federal Reserve also received several comments not directly
related to the proposed revisions to the FR Y-14 information collection
regarding (1) communications between respondents and the Federal
Reserve, (2) the Frequently Asked Questions process, (3) technical
instructions and data submission processes, and (4) edit checks. The
Federal Reserve appreciates the suggestions provided through these
comment letters as well as feedback provided in meetings with both
individual respondents and industry groups and uses these suggestions
in its effort to continually improve its internal processes and
practices. The following is a detailed discussion of aspects of the
proposed FR Y-14 collection for which the Federal Reserve received
substantive comments and an evaluation of, and responses to the
comments received.
General Comments
In general, commenters expressed concerns about the timing of
implementing new items, the overall expansion of the information
collection, alignment with the Consolidated Financial Statements for
Bank Holding Companies (FR Y-9C) (OMB No. 7100-0128), the expansion of
the reporting panel, and the details of proposed items on the
Operational Risk and Counterparty Schedules of the FR Y-14Q.
Specifically, several commenters stated that given the scale and
granularity of certain proposed changes, the associated effective date
of September 30, 2014, does not provide a sufficient amount of time to
build or update data infrastructure or, most importantly, to ensure
compliance with internal process controls and governance. One of these
commenters suggested that all changes associated with this proposal be
effective December 31, 2014, while the other commenters suggested that
the Federal Reserve adopt a policy of providing a six month minimum
between the proposal's finalization and the effective date for the FR
Y-14A/Q/M reporting forms. The Federal Reserve recognizes the
challenges associated with implementing changes in a timely manner,
especially when the changes are finalized close to the effective date,
and is considering longer-term options to improve such timing in the
future. For the current proposal, the Federal Reserve weighed the
benefits for each of the proposed changes with a September 30, 2014,
effective date against the estimated burden to the industry. As a
result, the Federal Reserve is delaying the effective date for certain
changes until December 31, 2014, as detailed in the schedule-specific
sections below.
Commenters provided views on proposed changes relating to the
collection of regulatory capital components under the revised capital
framework. As discussed in the FR Y-14A/Q/M proposal, these changes
were intended to better align the regulatory capital components that
appear on the FR Y-9C proposal.\2\ Following the IFR, the Federal
Reserve sought comment on changes to the FR Y-9C, which included two
additional line items that were not included in the proposed FR Y-14
collection. One commenter suggested that the Federal Reserve align the
FR Y-14A/Q schedule with schedule HC-R, while another requested that
the aligning changes not be made to the FR Y-14A/Q until the FR Y-9C
proposal is finalized and that in the future changes should be proposed
to both report forms concurrently. The Federal Reserve is adjusting the
FR Y-14A/Q/M schedules according to the current FR Y-9C proposal. These
adjustments are necessary to align the subcomponents of standardized
risk-weighted assets with total standardized risk-weighted assets, and
will likely alleviate confusion about where regulatory capital
components should be reported. The Federal Reserve agrees that
concurrent timing of proposals for the two reporting forms would be
ideal and will explore options to improve the timing for future
proposals. The Federal Reserve notes, however, that the timing of
changes to the FR Y-9C often are tied to the changes to the
Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041)
(OMB No. 7100-0036).
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\2\ The proposal indicated that ``the Federal Reserve may modify
the proposed revisions to the FR Y-14 report prior to finalization
of this proposal as appropriate and consistent to align with any
additional changes being considered to the FR Y-9C report.''
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In regard to the expansion of the reporting panel to include BHCs
relying on Supervision and Regulation Letter SR 01-01 (``SR 01-01
BHCs''),\3\ commenters stated that an effective date of September 30,
2014, does not provide SR 01-01 BHCs sufficient time to build and
implement the significant data reporting infrastructure necessary for
the FR Y-14A/Q/M report forms, especially given that initial
notification was given in the July 15, 2014, Federal Register
publication. They also recommended that the addition of SR 01-01 BHCs
to the FR Y-14A/Q/M reporting panel be delayed until these BHCs are
subject to the capital plan and stress test rules,\4\ because the
report forms would effectively require early compliance with certain
provisions of the capital plan and stress test rules. In response to
commenters' concerns, the Federal Reserve will delay the inclusion of
SR 01-01 BHCs in the FR Y-14A/Q/M reporting panel until December 31,
2014. As a result of this change, SR 01-01 BHCs have an additional
three months to develop the data reporting infrastructure. In addition,
SR 01-01 BHCs are not required to submit the FR Y-14A, including the
Summary and Scenario schedules, for the September 30, 2014, as of date,
which should address concerns that the report forms would effectively
require early compliance with the capital plan and stress test rules.
The Federal Reserve understands and appreciates the effort required to
establish the systems and processes for effective reporting as well as
the associated issues and complexities, having worked through these
issues with and managed data submissions of numerous BHCs over the last
few years. Including SR 01-01 BHCs in the reporting panel will help
ensure a high standard of timeliness and accuracy of data that are used
for the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank
Act Stress Test (DFAST) exercises when SR 01-01 BHCs become subject to
the capital plan and stress test rules.
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\3\ Application of the Board's Capital Adequacy Guidelines to
Bank Holding Companies Owned by Foreign Banking Organizations.
\4\ See 12 CFR 225.8(c)(2)(i), 12 CFR 252.43(b)(2), and 12 CFR
122.53(b)(2).
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Numerous commenters objected to the proposed data items on the FR
Y-14Q Operational Risk schedule regarding legal reserves for closed/
settled litigation with settlements above $250 thousand. Commenters
expressed the view that this information could violate attorney-client
privilege and that such information may be inadvertently shared with
competitors or intentionally shared with other government organizations
with whom the reporting firm may be involved in litigation, giving the
other party insight into their reserving practices. The Federal Reserve
takes the confidentiality of respondent data very seriously and is
cognizant of respondents' views of confidentiality regarding their
legal reserving practices. In order to provide sufficient time to
facilitate feedback and carefully consider methods that would enable
the Federal Reserve to collect legal reserves data in a fashion that
would protect the confidentiality of the information, the Federal
Reserve will remove the proposed collection of legal reserve
information and seek notice and comment on a proposal on this subject
in the future.
[[Page 59267]]
Finally, commenters expressed concern over the level of detail in
the proposed changes to the Counterparty schedule, particularly the
portions that subset by both agreement and asset category. The Federal
Reserve views collecting more detailed counterparty data critical to
assessing the reasonableness of the BHC's model-based estimates used as
key inputs to supervisory stress test as well as ensuring the
comparability of results across BHCs. However, the Federal Reserve also
recognizes the potential operational difficulty in providing granular
counterparty information by asset category for each netting agreement.
Therefore, the Federal Reserve will provide an additional 30-day public
comment period in the final Federal Register notice for the agreement-
level/asset category counterparty information. This extended comment
period will facilitate feedback on ways to collect counterparty data to
meet the needs of the Federal Reserve while incurring the least amount
of burden to the industry. See the Supplementary Information section
below for additional information.
FR Y-14A
The majority of comments received regarding the FR Y-14A requested
clarification of item definitions and will be addressed in the final
instructions. However, as noted in the initial Federal Register notice,
the Federal Reserve stated that many of the items related to capital
and risk-weighted assets would be modified to align with schedule HC-R
of the FR Y-9C. Accordingly, several of these items will be modified,
added and removed to be consistent with the most recent FR Y-9C
proposal.
Schedule A--Summary
A.1.c.2--Standardized RWA. In order to align with the proposed
schedule HC-R of the FR Y-9C, the Federal Reserve will add the
following two line items: All other on-balance sheet securitization
exposures; and Off-balance sheet securitization exposures.
Schedule D--Regulatory Capital Transitions
In order to align with the proposed schedule HC-R of the FR Y-9C,
the Federal Reserve will add the following two line items: All other
on-balance sheet securitization exposures; and Off-balance sheet
securitization exposures. Additionally, commenters requested that the
Federal Reserve revise the proposed instructions regarding the
calculation of the supplementary leverage ratio (SLR). The proposed
instructions were based on the proposal issued by Board, Federal
Deposit Insurance Corporation, and Office of the Comptroller of the
Currency on the SLR. The agencies finalized these revisions in
September, 2014.\5\ As compared to the proposal, the final rule
requires that off-balance sheet items be calculated on a monthly,
rather than a daily, basis. The Federal Reserve will make these
changes, as they will reduce burden on institutions and will align the
reporting of the SLR with the final SLR rule.
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\5\ ``Regulatory Capital Rules: Regulatory Capital, Revisions to
the Supplementary Leverage Ratio'' (September 3, 2014), available
at: http://www.federalreserve.gov/newsevents/press/bcreg/20140903b.htm. 12 CFR 217. 10(c)(4).
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FR Y-14Q
The majority of comments received regarding the FR Y-14Q requested
clarification of item definitions, and the Federal Reserve will address
these comments in the final instructions. Some comments, however,
resulted in modification to data items and are addressed below.
Schedule A--Retail (A.1 to A.10)
One commenter requested that the Federal Reserve clarify whether or
not historical data must be submitted for items related to charge-offs
and recoveries whose definitions were proposed to be redefined to be
consistent with the FR Y-9C. The Federal Reserve notes that historical
data are not required to be submitted for such items at this time.
Schedule A.2--U.S. Auto
One commenter expressed concern about being able to provide the
loan-to-value (LTV) segmentation variable based on the wholesale
instead of retail value of the vehicle for the September 30, 2014, as
of period, because they stated this proposed modification would require
a major change to current industry practices. The Federal Reserve notes
that a formal survey of respondents was conducted in 2013 regarding
this issue and determined that almost all respondents at that time were
internally computing LTV based on the wholesale value of the vehicle.
Therefore, the Federal Reserve will finalize the modification as
proposed, however, respondents are encouraged to discuss any data
issues with their Federal Reserve Bank Statistics contacts.
Schedule B--Securities
One commenter identified a possible duplicative request for
information between items 3 and 14 on the proposed schedule B.3 related
to the effective portion of hedges included in amortized cost basis.
The Federal Reserve agrees that the request could be seen as
duplicative and will modify item 14 accordingly. Another commenter
stated that proposed items 14 and 15 of the same schedule are
irrelevant and difficult to provide given that they request information
regarding gains and losses of hedging instruments since inception of
the hedging positions. The Federal Reserve will modify both items to
include information regarding gains and losses during the reporting
quarter. Finally, a commenter recommended that the Federal Reserve add
a field that collects estimates of bond ratings for instruments with no
CUSIP number based on issuer-specific information, similar to what was
collected from certain firms during CCAR 2014. The Federal Reserve will
consider adding such information to a future proposal.
Schedule D--Regulatory Capital Transitions
Similar to the FR Y-14A Regulatory Capital Transitions schedule,
two line items will be added in order to align with the proposed
schedule HC-R of the FR Y-9C: All other on-balance sheet securitization
exposures; and Off-balance sheet securitization exposures.
Additionally, line item definitions will be revised in accordance with
the Supplementary Leverage Ratio final rule, as described above.
Schedule F--Trading
The Federal Reserve will revise the instruction that provides that
BHCs may report these data as-of the most recent date that corresponds
to their weekly internal risk reporting cycle as long as it falls
before the as-of-date. Specifically, to provide additional flexibility,
these instructions will be modified to state that the Federal Reserve
may provide for a different weekly period over which data may be
reported. For instance, the Federal Reserve may exercise this authority
where the weekly period would include a quarter-end, a holiday, or a
financial emergency that could distort the reported results.
Schedule H--Wholesale
A commenter noted that providing only ``Yes'' and ``No'' options
for the Prepayment Penalty Flag item might not be sufficient, because
the terms of prepayment penalties can vary significantly between firms
and may include provisions that substitute for prepayment penalties.
Another commenter requested clarification on whether this item should
include loans which at any point included a prepayment penalty. The
Federal
[[Page 59268]]
Reserve agrees that other forms of prepayment penalties should be
captured and will expand the options to the Prepayment Penalty Flag
item to include an option to identify loans that at some point had some
form of prepayment penalty. The same commenter also recommended adding
an option to the Guarantor Flag item to capture instances of partial
government guarantee. The Federal Reserve notes that option two of that
item captures instances of partial government guarantee. Additionally,
in response to comments about the timing of the changes, the Federal
Reserve will move the effective date from September 30, 2014, to
December 31, 2014, for the following changes: Schedule H.1--Corporate
Loan (1) adding an item that captures the credit facility currency, and
(2) adding an item to collect the industry code for the entity that is
the primary source of the repayment for the credit facility; Schedule
H.2--Commercial Real Estate (1) modifying item 20 (Amortization) to
capture non-standard amortization schedule by allowing banks to report
`-1', (2) adding an option to current item 21 (Recourse) that indicates
partial recourse and modifying option 1 to indicate full recourse, (3)
modifying current item 25 (Loan Purpose) to include an option for Mini-
perm, (4) modify current item 39 (Property Size) to only capture credit
facilities secured by one property of one type, (5) adding an item to
collect the date on which current occupancy was determined, (6) adding
an item that collects the current value basis, and (7) adding an item
that captures the credit facility currency.
Schedule K--Supplemental
A commenter noted that the information currently collected in
columns F (Auto Leases) and G (Non-Auto Leases) is included in the
proposed FR Y-14Q Balances Schedule and recommended removing those
columns and moving the remaining information from Schedule K to the
proposed FR Y-14Q Balances Schedule. The Federal Reserve agrees that
the information in columns F and G of Schedule K is contained in the FR
Y-14Q Balances Schedule and will remove those columns. However, the
Federal Reserve believes moving the remaining information from Schedule
K to the FR Y-14Q Balances Schedule would unnecessarily change the
format of the information collection and not give institutions ample
time to program their systems for these changes. Therefore, the Federal
Reserve will keep the remaining information on Schedule K.
Schedule L--Counterparty
Several commenters expressed concern about the level of
granularity, increase in frequency, and timing of the proposed addition
of the Derivative Profile by Counterparty and Aggregate sub-schedule
and expansion of the Securities Financing Transactions (SFT) Profile by
Counterparty and Aggregate sub-schedule. More detailed counterparty
data would allow the Federal Reserve to assess the reasonableness of
the BHC's model-based estimates used as key input to supervisory stress
tests, and ensure the comparability of results across BHCs. However, in
order to reduce reporting burden while the comment period is extended,
the Federal Reserve will change the legal-entity, netting-agreement
level of reporting on tables L.5.2 and L.6.2 to a consolidated
counterparty level. Additionally, the Federal Reserve will remove the
sub-asset categories on table L.5.2 at this time. The Federal Reserve
will consider any additional comments received during the extended
public comment period and incorporate changes, as appropriate, before
finalizing these data items.
FR Y-14M
The majority of comments received regarding the FR Y-14M requested
clarification of item definitions, and the Federal Reserve will address
these comments in the final instructions. One comment, however, results
in a modification to the proposed items and is addressed below.
Schedule A--Domestic First Lien Closed-end 1-4 Family Residential Loan
One commenter noted that reporting information regarding first lien
home equity loans would require significant time and effort because
such a category of loans does not exist on the FR Y-9C, and that no
industry standard exists for first lien home equity loans. In response
the Federal Reserve will remove the item Home Equity Loan Flag.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposal
Abstract: As mentioned above, the Federal Reserve will provide an
additional 30-day public comment period for the collection of
counterparty agreement-level/asset-category data, to request further
information on the data items listed below. If the Federal Reserve
receives no relevant comments, the revisions will be finalized,
effective December 31, 2014, as originally proposed. If institutions
are concerned about providing this information in a public comment
letter, the Federal Reserve recommends they submit this information
anonymously.
Counterparty
1. Is there difficulty in providing information in Tables L.5.1 and
L.6.1 and if so what is/are the difficult(ies)?
2. Is there difficulty in providing counterparty transaction
information at a netting set level, as in Tables L.5.2 and L.6.2? If
so, what are the difficulties with regard to internal systems or the
netting agreements themselves?
3. Is there difficulty in providing counterparty transaction
information segmented by asset categories in general? If so, what are
the difficulties with regard to internal systems or the asset
categories/sub-categories proposed?
4. Do respondents have counterparty transactions, either
derivatives or securities financing transactions (SFTs), which are not
part of a master agreement? If so please provide details about the
internal management of these transactions, especially with regard to
collateral.
All comments will become a matter of public record. Written
comments should address the accuracy of the burden estimates and ways
to minimize burden including the use of automated collection techniques
or the use of other forms of information technology as well as other
relevant aspects of the information collection request.
Board of Governors of the Federal Reserve System, September 26,
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-23346 Filed 9-30-14; 8:45 am]
BILLING CODE 6210-01-P