[Federal Register Volume 67, Number 210 (Wednesday, October 30, 2002)]
[Notices]
[Pages 66158-66159]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-27522]


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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.

ACTION: Notice.

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SUMMARY: 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-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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Cindy Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Joseph Lackey--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

SUPPLEMENTARY INFORMATION:

Final approval 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 (BHC's)
    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 BHC's that have total assets of $150 
million or more and by lower-tier BHC's that have total consolidated 
assets of $1 billion or more. In addition, multibank holding companies 
with total consolidated assets of less than $150

[[Page 66159]]

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 BHC that files the 
FR Y-9C. In addition, for tiered BHC's, a separate FR Y-9LP must be 
filed for each lower tier BHC.
    The FR Y-9SP is a parent company only financial statement filed 
semiannually 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 
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: On July 30, 2002, the Federal Reserve published a 
notice soliciting comments for 60 days on proposed revisions to the 
Financial Statements for Bank Holding Companies (67 FR 49356). The 
notice described the Federal Reserve proposal to implement the 
Financial Statements for Employee Stock Ownership Plan Bank Holding 
Companies (FR Y-9ES). The Federal Reserve Board has approved the 
implementation of the FR Y-9ES report effective for December 31, 2002. 
The FR Y-9ES will be filed annually by BHC's that are Employee Stock 
Ownership Plans (ESOP's) that currently submit either the FR Y-9LP or 
the FR Y-9SP. The FR Y-9ES will be collected as of December 31 and 
submitted to the Federal Reserve by July 31.
    The Federal Reserve received comments from three financial 
institutions in response to the initial Federal Register notice. All 
three commenters were in favor of adopting the FR Y-9ES citing 
reduction in burden and the collection of data more representative of 
the activities of an ESOP. The Federal Reserve specifically sought 
comment on the proposed deadline for the FR Y-9ES. One response 
specifically addressed the proposed filing extension beyond the July 31 
deadline for those institutions that have been granted extension for 
filing their IRS/DOL Form 5500. The comment strongly recommended that 
adoption of the extension stating that institutions may be forced to 
estimate the data to meet the July 31 deadline and amend the report 
once Form 5500 was filed. The Federal Reserve has decided to grant 
extensions for respondents that send a copy of their IRS Form 5558 to 
the appropriate Reserve Bank by July 31.
    Board of Governors of the Federal Reserve System, October 23, 2002.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-27522 Filed 10-29-02; 8:45 am]
BILLING CODE 6210-01-S