[Federal Register Volume 67, Number 146 (Tuesday, July 30, 2002)]
[Notices]
[Pages 49356-49357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-19111]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice.

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SUMMARY:

Background

    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, as per 5 CFR 
1320.16, to approve of and assign OMB control numbers to collection of 
information requests and requirements conducted or sponsored by the 
Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the OMB 83-I's and 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 control number.

Request for Comment on Information Collection Proposals

    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;
    c. ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    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.

DATES: Comments must be submitted on or before September 30, 2002.

ADDRESSES: Comments should be mailed to Ms. Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th 
Street and Constitution Avenue, NW., Washington, DC 20551, or mailed 
electronically to [email protected]. Comments addressed 
to Ms. Johnson may also be delivered to the Board's mail facility in 
the West Courtyard between 8:45 a.m. and 5:15 p.m., located on 21st 
Street between Constitution Avenue and C Street, N.W. Members of the 
public may inspect comments in Room MP-500 of the Martin Building 
between 9:00 a.m. and 5:00 p.m. on weekdays pursuant to Sec.  261.12, 
except as provided in Sec.  261.14, of the Board's Rules Regarding 
Availability of Information, 12 CFR 261.12 and 261.14.
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Joseph F. Lackey, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.Mary M. West, 
Federal Reserve Board Clearance Officer (202-452-3829), Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551. Telecommunications Device for the Deaf 
(TDD) users may contact Capria Mitchell (202) 872-4984, Board of 
Governors of the Federal Reserve System, Washington, DC 20551.

Proposal to Approve Under OMB Delegated Authority to Revise, 
Without Extension, The Following Reports:

    Report title: Financial Statements for Bank Holding Companies
    Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, and FR Y-9CS
    OMB control number: 7100-0128
    Frequency: Quarterly and semiannually
    Reporters: Bank holding companies (BHCs)
    Annual reporting hours: 321,581 hours
    Estimated average hours per response: FR Y-9C: 33.98 hours, FR Y-
9LP: 4.55 hours, FR Y-9SP: 3.89 hours, FR Y-9CS: 30 minutes, FR Y-9ES: 
30 minutes
    Number of respondents: FR Y-9C: 1,859, FR Y-9LP: 2,193, FR Y-9SP: 
3,566, FR Y-9CS: 600; FR Y-9ES: 100
    Small businesses are affected.
    General description of report: This 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.
    Abstract: The FR Y-9C consists of standardized consolidated 
financial statements similar to the Federal Financial Institutions 
Examination Council (FFIEC) Consolidated Reports of Condition and 
Income (Call Reports) (FFIEC 031 & 041; OMB No.7100-0036). The FR Y-9C 
is filed quarterly by top-tier bank holding companies that have total 
assets of $150 million or more and by lower-tier bank holding companies 
that have 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 engaged in 
certain nonbank activities must file the FR Y-9C.
    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.
    The FR Y-9SP is a parent company only financial statement filed 
semiannually by one-bank holding companies with total consolidated

[[Page 49357]]

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 
intangible assets, and information on intercompany transactions.
    The FR Y-9CS is a free form supplement that may be utilized to 
collect any additional information deemed to be critical and needed in 
an expedited manner. It is intended to supplement the FR Y-9C and FR Y-
9SP reports.
    Current actions: The Federal Reserve proposes to implement the 
Financial Statements for Employee Stock Ownership Plan Bank Holding 
Companies (FR Y-9ES) for BHCs that are Employee Stock Ownership Plans 
(ESOPs) that currently submit either the FR Y-9LP or the FR Y-9SP. The 
proposed FR Y-9ES form, because it is more consistent with the ESOP's 
current reporting requirements for other purposes, should significantly 
lower burden for those ESOPs that currently file the FR Y-9LP or FR Y-
9SP. Additionally, data collected on the FR Y-9ES would more accurately 
reflect the ESOP's financial condition and therefore complement the 
data collected on the consolidated statements (FR Y-9C).
    The proposed new report draws upon aspects of (1) the IRS Form 5500 
Annual Return/Report of Employee Benefit Plan filed by ESOPs, (2) 
requirements found in the AICPA's Audit Guide for Employee Benefits 
Plans, (3) Statement of Position No. 76-3 Accounting Practices for 
Certain Employee Stock Ownership Plans, (4) Statement of Position No. 
93-6 Employers' Accounting for Employee Stock Ownership Plans, and (5) 
other publications relating to ESOPs.
    This report would be filed annually by approximately 100 Employee 
Stock Ownership Plans (ESOPs) that are considered bank holding 
companies. Bank holding companies that are subsidiaries of ESOP BHCs 
will continue to submit the FR Y-9C, FR Y-9LP, or FR Y-9SP in 
accordance with the appropriate reporting requirements.
    The proposed FR Y-9ES would be a three-page form that would collect 
information on the benefit plan activities made by ESOP BHCs. There are 
four schedules on the FR Y-9ES: Statement of Changes in Net Assets 
Available for Benefits, Statement of Net Assets Available for Benefits, 
Memoranda, and Notes to the Financial Statements.
    The annual FR Y-9ES would be collected as of December 31 and 
submitted to the Federal Reserve by July 31. The Federal Reserve is 
considering granting extensions if the respondent has been granted an 
extension for filing their IRS/DOL Form 5500. The IRS allows 
institutions to extend their submission until October 15, by submitting 
Form 5558 on or before July 31. The respondent would be required to 
send a copy of their Form 5558 to the appropriate Reserve Bank by July 
31. The Federal Reserve is specifically seeking comment on the proposed 
deadline for the FR Y-9ES.

    Board of Governors of the Federal Reserve System, July 24, 2002.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-19111 Filed 7-29-02; 8:45 am]
BILLING CODE 6210-01-S