[Federal Register Volume 80, Number 130 (Wednesday, July 8, 2015)]
[Notices]
[Pages 39117-39118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16631]
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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),
to approve of and assign OMB numbers to collection of information
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA 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 number.
DATES: Comments must be submitted on or before September 8, 2015.
ADDRESSES: You may submit comments, identified by FR Y-16, 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
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC
20006 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--Nuha Elmaghrabi--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 collection, which is being handled under
this delegated authority, has received initial Board approval and is
hereby published for comment. At the end of the comment period, the
proposed information collection, 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;
[[Page 39118]]
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 report:
Report title: Annual Company-Run Stress Test Report for $10-50
Billion Companies.
Agency form number: FR Y-16.
OMB control number: 7100-0356.
Frequency: Annual.
Reporters: Bank holding companies (BHCs) and savings and loan
holding companies (SLHCs) with average total consolidated assets of
greater than $10 billion but less than $50 billion, and any affiliated
or unaffiliated state member bank (SMB) with average total consolidated
assets of more than $10 billion but less than $50 billion excluding SMB
subsidiaries of covered companies.
Estimated annual reporting hours: BHCs: 24,388 hours; SLHCs: 3,283
hours; SMBs: 4,690 hours; One-time implementation: 7,200 hours.
Estimated average hours per response: BHCs: 469 hours; SLHCs: 469
hours; SMBs: 469 hours; One-time implementation: 3,600 hours.
Number of respondents: BHCs: 52; SLHCs: 7; SMBs: 10; One-time
implementation: 2.
General description of report: This information collection is
authorized pursuant section 165(i)(2) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act), which specifically
authorizes the Board to issue regulations implementing the annual
stress testing requirements for its supervised institutions (12 U.S.C.
5365(i)(2)(C)). More generally, with respect to BHCs, section 5(c) of
the Bank Holding Company Act (12 U.S.C. 1844(c)), authorizes the Board
to require a BHC and any subsidiary ``to keep the Board informed as
to--(i) its financial condition, [and] systems for monitoring and
controlling financial and operating risks . . . .'' Section 9(6) of the
Federal Reserve Act (12 U.S.C. 324), requires SMBs to make reports of
condition to their supervising Reserve Bank in such form and containing
such information as the Board may require. Finally, with respect to
SLHCs, under section 312 of the Dodd-Frank Act (12 U.S.C. 5412), the
Board succeeded to all powers and authorities of the Office of Thrift
Supervision, U.S. Department of the Treasury, and its Director,
including the authority to require SLHCs to ``file . . . such reports
as may be required . . . in such form and for such periods as the
[agency] may prescribe'' (12 U.S.C. 1467a(b)(2)).
The obligation to respond is mandatory. Section 165(i)(2)(A)
provides that ``financial companies that have total consolidated assets
[meeting the asset thresholds] . . . and are regulated by a primary
Federal financial regulatory agency shall conduct annual stress
tests.'' Section 165(i)(2)(B) provides that a company required to
conduct annual stress tests ``shall submit a report to the Board and to
its primary financial regulatory agency at such time, in such form, and
containing such information as the primary financial regulatory agency
shall require'' (12 U.S.C. 5365(i)(2)(B)).
As noted under section 165(i)(2)(C)(iv), companies conducting
annual stress tests under these provisions are ``require[d] . . . to
publish a summary of the results of the required stress tests.'' (12
U.S.C. 5365(i)(2)(C)(iv)). Regarding the information collected by the
Board, however, as such information will be collected as part of the
Board's supervisory process, it may be accorded confidential treatment
under Exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C.
552(b)(8)). This information also is the type of confidential
commercial and financial information that may be withheld under
Exemption 4 of FOIA (5 U.S.C. 552(b)(4)).
Abstract: The annual FR Y-16 report collects quantitative
projections of revenues, losses, assets, liabilities, and capital
across three scenarios provided by the Board (baseline, adverse, and
severely adverse) and qualitative supporting information on the
methodologies and processes used to develop these internal projections.
The FR Y-16 collects data through two primary schedules: (1) The
Results Schedule (which includes the quantitative results of the stress
tests under the baseline, adverse, and severely adverse scenarios for
each quarter of the planning horizon) and (2) the Scenario Variables
Schedule. In addition, respondents are required to submit a summary of
the qualitative information supporting its quantitative projections.
The qualitative supporting information must include:
A description of the types of risks included in the stress
test;
a summary description of the methodologies used in the
stress test;
an explanation of the most significant causes for the
changes in regulatory capital ratios, and
the use of the stress test results.
Current Actions: Board staff proposes the following revisions and
clarifications to the FR Y-16 report, effective for the 2016 stress
test cycle: (1) Change the report as-of date from September 30 to
December 31, (2) change the reporting submission or due date from March
to July, and (3) modify the reporting instructions to clarify a number
of items.
Board of Governors of the Federal Reserve System, July 1, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-16631 Filed 7-7-15; 8:45 am]
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