[Federal Register Volume 83, Number 147 (Tuesday, July 31, 2018)]
[Notices]
[Pages 36935-36937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16265]
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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.
[[Page 36936]]
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Financial Statements for Holding Companies (FR Y-9 family of reports)
(OMB No. 7100-0128).
FOR FURTHER INFORMATION CONTACT:
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.
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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve and assign OMB control 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 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.
Final approval under OMB delegated authority the extension for
three years, with revision, of the following reports:
Report title: Financial Statements for Holding Companies.
Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR
Y-9CS.
OMB control number: 7100-0128.
Effective Date: June 30, 2018.
Frequency: Quarterly and semiannually.
Respondents: Bank holding companies, savings and loan holding
companies, securities holding companies, and U.S. intermediate holding
companies (collectively, holding companies (HCs)).
Estimated number of respondents: FR Y-9C (non-advanced approaches
holding companies): 638; FR Y-9C (advanced approaches holding
companies): 18; FR Y-9LP: 775; FR Y-9SP: 3,837 FR Y-9ES: 82; FR Y-9CS:
236.
Estimated average hours per response: FR Y-9C (non-advanced
approaches holding companies): 46.29 hours; FR Y-9C (advanced
approaches holding companies HCs): 47.54 hours; FR Y-9LP: 5.27 hours;
FR Y-9SP: 5.40 hours; FR Y-9ES: 0.50 hours; FR Y-9CS: 0.50 hours.
Estimated annual burden hours: FR Y-9C (non-advanced approaches
holding companies): 118,132 hours; FR Y-9C (advanced approaches holding
companies): 3,423 hours; FR Y-9LP: 16,337 hours; FR Y-9SP:41,440 hours;
FR Y-9ES: 41 hours; FR Y-9CS: 472 hours.
General description of report: The FR Y-9C, FR Y-9LP, and FR Y 9SP
serve as standardized financial statements for the consolidated holding
company. The FR Y-9ES is a financial statement for HCs that are
Employee Stock Ownership Plans. The Board uses the FR Y-9CS (a free-
form supplement) to collect additional information deemed to be
critical and needed in an expedited manner. The FR Y-9 family of
reporting forms continues to be the primary source of financial data on
HCs that examiners rely on between on-site inspections. Financial data
from these reporting forms is used to detect emerging financial
problems, review performance, conduct pre-inspection analysis, monitor
and evaluate capital adequacy, evaluate HC mergers and acquisitions,
and analyze an HC's overall financial condition to ensure the safety
and soundness of its operations. The Board requires HCs to provide
standardized financial statements to fulfill the Board's statutory
obligation to supervise these organizations. HCs file the FRY-9C on a
quarterly basis, the FR Y-9LP quarterly, the FR Y-9SP semiannually, the
FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined
when this supplement is used.
Legal authorization and confidentiality: The FR Y-9 family of
reports is authorized by section 5(c) of the Bank Holding Company Act
(12 U.S.C. 1844(c)), section 10 of Home Owners' Loan Act (12 U.S.C.
1467a(b)), section 618 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (``Dodd-Frank Act'') (12 U.S.C. 1850a(c)(1)),
and section 165 of the Dodd-Frank Act (12 U.S.C. 5365). The obligation
of covered institutions to report this information is mandatory. With
respect to the FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS, as well as
most items on the FR Y-9C, the information collected would generally
not be accorded confidential treatment. If confidential treatment is
requested by a respondent, the Board will review the request to
determine if confidential treatment is appropriate. With respect to the
FR Y-9C, Schedule HI's item 7(g) ``FDIC deposit insurance
assessments,'' Schedule HC-P's item 7(a) ``Representation and warranty
reserves for 1-4 family residential mortgage loans sold to U.S.
government agencies and government sponsored agencies,'' and Schedule
HC-P's item 7(b) ``Representation and warranty reserves for 1-4 family
residential mortgage loans sold to other parties'' are considered
confidential. Such treatment is appropriate because the data is not
publicly available and could cause substantial harm to the competitive
position of the respondent. The public release of this confidential
data may impair the Board's future ability to collect similarly
confidential data. Thus, this information may be kept confidential
under exemptions (b)(4) of the Freedom of Information Act, which
exempts from disclosure ``trade secrets and commercial or financial
information obtained from a person [that is] privileged or
confidential'' (5 U.S.C. 552(b)(4)), and (b)(8) of the Freedom of
Information Act, which exempts from disclosure information related to
examination, operating, or condition reports prepared by, on behalf of,
or for the use of an agency responsible for the regulation or
supervision of financial institutions (5 U.S.C. 552(b)(8)). If
confidential treatment is requested by a respondent for other items in
the FR Y-9C, the Board will review the request to determine if
confidential treatment is appropriate.
Current Actions: On April 30, 2018, the Board published a notice in
the Federal Register (83 FR 18843) requesting public comment for 60
days on the extension, with revision, of the FR Y-9C report, and the
extension, without revision, of the FR Y-9LP, FR Y-9SP, FR Y-9ES, and
FR Y-9CS report. The Board proposed to implement a number of revisions
to the FR Y-9C requirements, most of which were consistent with changes
now implemented on the Federal Financial Institutions Examination
Council (FFIEC) Consolidated Reports of Condition and Income (Call
Reports) (FFIEC 031, FFIEC 041, and FFIEC 051; OMB No. 7100-0036). The
proposed revisions included deleting certain data items and
consolidating existing data items into new data items, as well as
adding new or raising existing reporting
[[Page 36937]]
thresholds for certain data items to reduce reporting burden. The
comment period expired June 29, 2018.
Detailed Discussion of Public Comments
The Federal Reserve received one comment from a banking
association. The commenter noted several inconsistencies on the FR Y-9C
report form and one inconsistency on the instructions when compared to
the Call Report pertaining to Schedule HC-Q Memoranda items 4.b and
4.d, column A and Schedule HC-S Column G instructions and requested
clarification on the proper reporting. The draft report form was
inadvertently updated to reflect the removal of items 4.b and 4.d and a
line item reference on the instructions for Schedule HC-S Column G was
also inadvertently struck through. The Board has revised these items so
that both the report form and instructions align with the Call Report.
Additionally, the commenter noted an inconsistency between the caption
on the report form and the caption on the instructions pertaining to
Equity investments without readily determinable fair values on Schedule
HC-F line item 4 on the FR Y-9C report. The Board has updated the
instructions so that the report form and instructions align.
The revisions will be implemented as proposed, with the
modifications described above, effective for the June 30, 2018, report
date.
Board of Governors of the Federal Reserve System, July 25, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-16265 Filed 7-30-18; 8:45 am]
BILLING CODE 6210-01-P