[Federal Register Volume 66, Number 60 (Wednesday, March 28, 2001)]
[Notices]
[Pages 16941-16943]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-7568]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval and Submission to OMB Under Delegated Authority

Background

    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 OMB 83-Is and 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: Robert T. Maahs, Senior Supervisory 
Financial Analyst (202/872-4935), Douglas W. Carpenter, Supervisory 
Financial Analyst (202/452-2205) or Tina Robertson, Supervisory 
Financial Analyst (202/452-2949) for information concerning the 
specific bank holding company reporting requirements. The following may 
also be contacted regarding the information collection:
    1. Federal Reserve Board Clearance Officer: Mary M. West, Division 
of Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829).
    2. OMB Desk Officer: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).

SUPPLEMENTARY INFORMATION:

General Information

    On November 17, 2000, the Board issued for public comment proposed 
revisions to certain bank holding company reports (65 FR 69525). The 
comment period expired on January 16, 2001. The Board of Governors 
received two comment letters pertaining to the FR Y-9C and two comment 
letters pertaining to the FR Y-9SP.
    One bank holding company requested that the FR Y-9C report and the 
commercial bank Report of Condition and Income (Call Report; FFIEC 031) 
use the same format. As noted in the initial proposal, many of the 
proposed revisions were specifically designed to reduce differences 
between the FR Y-9C and the bank Call Report. The Federal Reserve 
approved reporting changes that will introduce more uniformity to 
certain aspects of regulatory reporting. These reporting changes 
include bringing a number of items on the FR Y-9C, as well as the 
overall reporting format of the FR Y-9C, into closer alignment with the 
Call Report.
    A financial holding company (FHC) provided comments on the proposed 
collection of information on insurance-related activities. The FHC 
suggested a number of instructional changes and a few minor changes to 
the line item captions in order to bring the proposed items and 
instructions into closer alignment with insurance industry terminology 
and generally accepted accounting principles. The Federal Reserve has 
adopted many of these suggestions with changes to the line item 
captions included in the discussion below under ``Current Actions.''
    Two bank holding companies questioned the collection of information 
on the FR Y-9SP for total consolidated assets of the bank holding 
company on a semiannual basis. They note that many small holding 
companies only prepare this information once a year for their annual 
audit. The Federal Reserve will allow bank holding companies to provide 
reasonable estimates of total consolidated assets if such information 
is not routinely available by the reporting bank holding company.
    Under the Bank Holding Company Act of 1956, as amended, the Board 
is responsible for the supervision and regulation of all bank holding 
companies. The FR Y-9 and FR Y-11 series of reports historically have 
been, and continue to be, the primary sources of financial information 
on bank holding companies and their nonbanking activities between on-
site inspections. Financial information, as well as ratios developed 
from these reports, are used to detect emerging financial problems, to 
review performance for pre-inspection analysis, to evaluate bank 
holding company mergers and acquisitions, and to analyze a holding 
company's overall financial condition and performance as part of the 
Federal Reserve System's overall supervisory responsibilities.

Final approval under OMB delegated authority of the revision of the 
following reports

    1. Report title: Consolidated Financial Statements for Bank Holding 
Companies.
    Agency form number: FR Y-9C.
    OMB control number: 7100-0128.
    Frequency: Quarterly.
    Reporters: Bank holding companies.
    Annual reporting hours: 231,474.
    Estimated average hours per response: 33.45.
    Number of respondents: 1,730.
    Small businesses are affected.
    General description of report: The information collection is 
mandatory 12 U.S.C. 1844(c). Confidential treatment is not routinely 
given to the data in these reports. However, confidential treatment for 
the reporting information, in whole or in part, can be requested in 
accordance with the instructions to the form. For periods prior to 
March 31, 2001, data on Schedule HC-H, Column A, requiring information 
of ``assets past due 30 through 89 days and still accruing'' and 
memoranda item 2 will not be publicly disclosed on an individual bank 
basis.
    The FR Y-9C consists of standardized financial statements similar 
to the Call Report. The FR Y-9C is filed quarterly by top-tier bank 
holding companies with total consolidated assets of $150 million or 
more and by lower-tier bank holding companies with total consolidated 
assets of $1 billion or more. In addition, multibank holding companies 
with total consolidated assets of less than $150 million with debt 
outstanding to the general public or

[[Page 16942]]

engaged in certain nonbank activities must file the FR Y-9C.
    Current Actions: The Board has approved the proposed changes to the 
FR Y-9C effective with the March 31, 2001, reporting date (June 30, 
2001, reporting date for most information on securitization activity 
\1\) with the following modifications:
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    \1\ Schedule HC-S, Securitization and Asset Sale Activities, 
memorandum items 1, 2 and 4 only are to be completed in the March 
31, 2001, report. All of Schedule HC-S (excluding Memorandum item 4) 
is to be completed beginning June 30, 2001.
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     Schedule HI, Consolidated Income Statement, Item 5(i), 
``Premiums earned,'' and item 7(d) ``Benefits, losses and expenses from 
insurance-related activities,'' have been moved from the main portion 
of this schedule and included in Memorandum item 12. In addition, the 
caption for item 5(i) has been rephrased as ``Premiums.''
     Schedule HC-C, Loans and Lease Financing Receivables, item 
7, ``Loans to foreign governments and official institutions'' was 
corrected. The proposed form erroneously indicated that Column B, ``In 
Domestic Offices,'' was not to be reported. However bank holding 
companies should report both consolidated and domestic office only 
information for this item.
     Schedule HC-I, Insurance Related Activities, Part I, 
Property and Casualty, item 1, ``Agent balances'' and item 3, 
``Deferred acquisition costs and value of insurance acquired'' have 
been eliminated and item 4, ``Policy benefits, reserves, and loss 
adjusted expenses'' has been changed to ``Claims and claims adjustment 
expense reserves.'' Part II, Life and Health, item 2, ``Asset valuation 
reserve and interest maximization reserve'' and item 4, ``Liabilities 
for premiums and other deposit funds'' have been eliminated and item 3, 
``Policy benefits, reserves, and loss adjusted expenses'' has been 
changed to ``Policyholder benefits and contractholder funds.'' In 
addition the line items in each part of this schedule have been 
renumbered consecutively.
     Schedule HC-R, Regulatory Capital, item 47, ``Risk 
participations,'' and item 50, ``Retained recourse on financial assets 
with low-level recourse'' were corrected. The proposed form erroneously 
indicated that no information was to be reported in Column F (100% risk 
weight category), however bank holding companies may report information 
in that category. Also proposed memorandum item 3(a)(4), ``Other items 
included in `Minority interest in consolidated subsidiaries and similar 
items,' on Schedule HC subject in Tier 1 capital'' was eliminated. 
Furthermore, Schedule HC-R, memorandum item 5, ``Treasury stock 
(excluding offsetting debit to the liability for ESOP debt)'' was 
corrected to indicate that any offsetting debit to the liability for 
ESOP debt is included in items 5.a and 5.b, as currently reported.
    In addition, the Federal Reserve intends to add at a later date 
certain questions to the FR Y-9C to help identify those bank holding 
companies that will be required to complete a new report of their 
holdings in nonfinancial companies. This new report will be proposed in 
a separate Federal Register notice for public comment later this year.
    Finally, the Federal Reserve may incorporate other revisions to the 
FR Y-9C and other bank holding company reports that may become 
necessary due to changes in Generally Accepted Accounting Principles 
(GAAP) or to the Capital Adequacy Guidelines.
    2. Report title: Parent Company Only Financial Statements for Large 
Bank Holding Companies.
    Agency form number: FR Y-9LP.
    OMB control number: 7100-0128.
    Frequency: Quarterly.
    Reporters: Bank holding companies.
    Annual reporting hours: 37,985.
    Estimated average hours per response: 4.49.
    Number of respondents: 2,115.
    Small businesses are affected.
    General description of report: The information collection is 
mandatory 12 U.S.C. 1844(c). Confidential treatment is not routinely 
given to the information in these reports. However, confidential 
treatment for the report information, in whole or in part, can be 
requested in accordance with the instructions to the form.
    The FR Y-9LP includes standardized financial statements filed 
quarterly on a parent company only basis from each bank holding company 
that files the FR Y-9C. In addition, for tiered bank holding companies, 
a separate FR Y-9LP must be filed for each lower tier bank holding 
company.
    Current Actions: The Board has approved the proposed changes to the 
FR Y-9LP effective with the March 31, 2001, reporting date with the 
following modification:
     Schedule PI, Parent Company Only Income Statement, item 3, 
``Income (loss) before taxes, goodwill charges, and undistributed 
income'' has been corrected to remove the words ``goodwill charges.'' 
These words were erroneously inserted into the proposed FR Y-9LP.
    3. Report title: Parent Company Only Financial Statements for Small 
Bank Holding Companies.
    Agency form number: FR Y-9SP.
    OMB control number: 7100-0128.
    Frequency: Semiannual.
    Reporters: Bank holding companies.
    Annual reporting hours: 29,001.
    Estimated average hours per response: 3.82.
    Number of respondents: 3,796.
    Small businesses are affected.
    General description of report: The information collection is 
mandatory 12 U.S.C. 1844(c). Confidential treatment is not routinely 
given to the information in these reports. However, confidential 
treatment for the report information, in whole or in part, can be 
requested in accordance with the instructions to the form.
    The FR Y-9SP is a parent company only financial statement filed on 
a semiannual basis by one-bank holding companies with total 
consolidated assets of less than $150 million, and multibank holding 
companies with total consolidated assets of less than $150 million that 
meet certain other criteria. This report, an abbreviated version of the 
more extensive FR Y-9LP, is designed to obtain basic balance sheet and 
income statement information for the parent company, information on 
intercompany transactions, and data for capital adequacy evaluation.
    Current Actions: The Board has approved the proposed changes to the 
FR Y-9SP effective with the June 30, 2001, reporting date with the 
following modifications:
     Income Statement item 9, ``Income (loss) before income 
taxes, goodwill charges, and before undistributed income of 
subsidiary(s)'' has been corrected to remove the words ``goodwill 
charges.'' These words were erroneously inserted into the proposed FR 
Y-9SP.
    In addition, the Federal Reserve intends to add at a later date 
certain questions to the FR Y-9SP to help identify those bank holding 
companies that will be required to complete a new report of their 
holdings in nonfinancial companies. This new report will be proposed in 
a separate Federal Register notice for public comment later this year.

Final approval under OMB delegated authority to the extension for three 
years, with revision, of the following reports

    1. Report title: Quarterly Financial Statements of Nonbank 
Subsidiaries of Bank Holding Companies.
    Agency form number: FR Y-11Q.
    OMB control number: 7100-0244.
    Frequency: Quarterly.
    Reporters: Bank holding companies.
    Annual reporting hours: 14,402.

[[Page 16943]]

    Estimated average hours per response: 6.35.
    Number of respondents: 567.
    Small businesses are affected.
    General description of report: The information collection is 
mandatory 12 U.S.C. 1844(c). Confidential treatment is not routinely 
given to most of the data in these reports. However, confidential 
treatment for the report information, in whole or in part, can be 
requested in accordance with the instructions to the form. For periods 
prior to March 31, 2001, data on memorandum 7.a, loans and leases past 
due 30 through 89 days and still accruing, and memorandum item 7.d, 
loans and leases restructured and included in past due and nonaccrual 
loans will not be publicly disclosed on an individual bank basis.
    The FR Y-11Q is filed quarterly by the top tier bank holding 
companies for each nonbank subsidiary of a bank holding company with 
total consolidated assets of $150 million or more in which the nonbank 
subsidiary has total assets of 5 percent or more of the top-tier bank 
holding company's consolidated Tier 1 capital, or where the nonbank 
subsidiary's total operating revenue equals 5 percent or more of the 
top-tier bank holding company's consolidated total operating revenue. 
The report consists of a balance sheet, income statement, off-balance-
sheet items, information on changes in equity capital, and a memoranda 
section.
    Current Actions: The Board has approved the proposed changes to the 
FR Y-11Q effective with the March 31, 2001, reporting date.
    2. Report title: Annual Financial Statements of Nonbank 
Subsidiaries of Bank Holding Companies.
    Agency form number: FR Y-11I.
    OMB control number: 7100-0244.
    Frequency: Annual.
    Reporters: Bank holding companies.
    Annual reporting hours: 8,531.
    Estimated average hours per response: 3.24.
    Number of respondents: 2,633.
    Small businesses are affected.
    General description of report: The information collection is 
mandatory 12 U.S.C. 1844(c). Confidential treatment is not routinely 
given to the data in these reports. However, confidential treatment for 
the report information, in whole or in part, can be requested in 
accordance with the instructions to the form. For periods prior to 
March 31, 2001, data on Schedule A, item 7.a, loans and leases past due 
30 through 89 days, and item 7.d, loans and leases restructured and 
included in past due and nonaccrual loans will not be publicly 
disclosed on an individual bank basis.
    The FR Y-11I is filed annually by the top tier bank holding 
companies for each of their nonbank subsidiaries that are not required 
to file a quarterly FR Y-11Q. The FR Y-11I report consists of similar 
balance sheet, income statement, off-balance-sheet, and change in 
equity capital information that is included on the FR Y-11Q. However, 
some of the items on the FR Y-11I are collected in a less detailed 
manner. In addition, the FR Y-11I also includes a loan schedule to be 
submitted only by respondents engaged in credit extending activities.
    Current Actions: The Board has approved the proposed changes to the 
FR Y-11I effective with the December 31, 2001, reporting date.

    Board of Governors of the Federal Reserve System, March 22, 
2001.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 01-7568 Filed 3-27-01; 8:45 am]
BILLING CODE 6210-01-P