[Federal Register Volume 70, Number 28 (Friday, February 11, 2005)]
[Notices]
[Pages 7274-7276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-2675]


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FEDERAL RESERVE SYSTEM


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

SUMMARY: 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: Federal Reserve Board Clearance 
Officer --Michelle Long--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829)
    OMB Desk Officer--Mark Menchik--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503, or email to 
[email protected].

Final approval under OMB delegated authority of the extension for three 
years, without revision, of the following report:

    Report title: Notification of Foreign Branch Status.

[[Page 7275]]

    Agency form number: FR 2058.
    OMB control number: 7100-0069.
    Frequency: on occasion.
    Reporters: Member banks, bank holding companies (BHCs), and Edge 
and agreement corporations.
    Annual reporting hours: 20 hours.
    Estimated average hours per response: 15 minutes.
    Number of respondents: 79.
    General description of report: This information collection is 
mandatory (12 U.S.C. 321, 601, and 602 (member banks)); (12 U.S.C. 615 
(Edge corporations)); (12 U.S.C. 601 (agreement corporations)); and (12 
U.S.C. 1844(c) (BHCs)) and is not regarded as confidential.
    Abstract: Member banks, BHCs, and Edge and agreement corporations 
are required to notify the Federal Reserve of the opening, closing, or 
relocation of a foreign branch. The Federal Reserve needs the 
information collected on the FR 2058 to fulfill supervisory 
responsibilities specified in Regulation K including the supervision of 
foreign branches of U.S. banking organizations. The information 
submitted on the FR 2058 notification is the primary means by which the 
Federal Reserve monitors the current operating status of foreign 
branches of U.S banking organizations. The information is needed in 
order to evaluate the organization's international exposure and to 
update the Federal Reserve's structure files on U.S. banking 
organizations. The information enables the Federal Reserve to evaluate 
an organization's development over time. The FR 2058 notification is 
the only source of this information.

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

    1. Report title: Financial Statements for Bank Holding Companies.
    Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9CS, and FR 
Y-9ES.
    OMB control number: 7100-0128.
    Frequency: Quarterly, semiannually, and annually.
    Reporters: BHCs.
    Annual reporting hours: 399,192.
    Estimated average hours per response:
    FR Y-9C: 35.40 hours,
    FR Y-9LP: 4.75 hours,
    FR Y-9SP: 4.85 hours,
    FR Y-9ES: 30 minutes,
    FR Y-9CS: 30 minutes.
    Number of respondents:
    FR Y-9C: 2,240,
    FR Y-9LP: 2,590,
    FR Y-9SP: 3,253,
    FR Y-9ES: 87,
    FR Y-9CS: 600.
    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, pursuant to sections 
(b)(4), (b)(6)and (b)(8) of the Freedom of Information Act [5 U.S.C. 
522(b)(4), (b)(6) and (b)(8)].
    Abstract: The FR Y-9C collects basic financial data from a domestic 
BHC on a consolidated basis in the form of a balance sheet, an income 
statement, and detailed supporting schedules, including a schedule of 
off-balance-sheet items, 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 
collects data from the BHC as of the end of March, June, September, and 
December. The FR Y-9C is filed by top-tier BHCs with total consolidated 
assets of $150 million or more and lower-tier BHCs 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 collects basic financial data from domestic BHCs on an 
unconsolidated, parent-only basis in the form of a balance sheet, an 
income statement, and supporting schedules relating to investments, 
cash flow, and certain memoranda items. This report is filed as of the 
end of March, June, September, and December on a parent company only 
basis by each BHC that files the FR Y-9C. In addition, for tiered BHCs, 
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 by 
smaller BHCs as of the end of June and December. Respondents include 
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 
form is a simplified or abbreviated version of the more extensive 
parent company only financial statement for large BHCs (FR Y-9LP). This 
report collects basic balance sheet and income 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.
    The FR Y-9ES collects financial information from employee stock 
ownership plans (ESOPs) that are also BHCs on their benefit plan 
activities as of December 31. It consists of four schedules: Statement 
of Changes in Net Assets Available for Benefits, Statement of Net 
Assets Available for Benefits, Memoranda, and Notes to the Financial 
Statements.
    Current Actions: On October 25, 2004, the Federal Reserve issued 
for public comment proposed revisions to BHC reports (69 FR 62269). The 
comment period expired on December 27, 2004. The Federal Reserve 
received comment letters from two BHCs and one trade association. The 
comments received are addressed below.

Accelerated Filing Deadline - FR Y-9C

    Effective in June 2005 top-tier BHCs are scheduled to accelerate 
the filing of their FR Y-9C reports to 35 days after the reporting date 
and each quarter thereafter, except for the December reporting date. 
Consistent with a delay in the implementation date announced by the 
Securities and Exchange Commission regarding its phased-in approach for 
accelerated filings, the Federal Reserve proposed to postpone 
commencement of its 35-day accelerated filing deadline until the June 
2006 reporting date.
    All three commenters supported delaying the effective date of this 
action and requested confirmation that the filing deadline for BHCs 
other than top-tier FR Y-9C filers would remain at 45 days after the 
reporting date. They also asked for reconfirmation that the 35-day 
deadline is defined as 30 calendar days plus 5 business days after the 
report date. The Federal Reserve confirms that the filing deadline for 
BHCs other than top-tier FR Y-9C filers and the definition of the 35-
day filing deadline are correct.

Accelerated Filing Deadline - FR Y-9LP

    As requested by a number of BHCs, the Federal Reserve proposed to 
make the filing deadline for the FR Y-9LP consistent with the filing 
deadline for top-tier FR Y-9C respondents. Because the FR Y-9LP serves 
as source information for completing the FR Y-9C, much of the 
information on the FR Y-9LP must be compiled prior to filing the FR Y-
9C. Therefore filing the FR Y-9LP on the same time frame was not 
believed to entail additional reporting burden and could result in less

[[Page 7276]]

reporting burden due to fewer follow-up calls from the Federal Reserve.
    All three commenters strongly opposed the shortened filing deadline 
for FR Y-9LP reports. They cited increased demands to prepare and 
complete required SEC filings, bank Call Report data, and the FR Y-9C 
data approximately one month after the reporting period date, and added 
that BHCs who wish to file their FR Y-9 data ahead of the deadline are 
not precluded from doing so. Further they stated that although data in 
the FR Y-9LP are used for completing the FR Y-9C, BHCs need to gather 
additional information (e.g., cash flow data, detail on investment in 
subsidiaries, memoranda information) for the FR Y-9LP that is not 
required on the FR Y-9C and additional analysis is required for the 
preparation of a parent company only presentation.
    The Federal Reserve concurs with the commenters' argument that 
accelerating the filing deadline for the FR Y-9LP would impose 
additional burden to respondents. The Federal Reserve will retain the 
current filing deadline for the FR Y-9LP of 45 calendar days following 
the reporting date.
    2. Report title: Financial Statements of U.S. Nonbank Subsidiaries 
of U.S. Bank Holding Companies.
    Agency form number: FR Y-11 and FR Y-11S
    OMB control number: 7100-0244.
    Frequency: Quarterly and annually.
    Reporters: BHCs.
    Annual reporting hours: 31,877 hours.
    Estimated average hours per response:
    FR Y-11 (quarterly): 6 hours,
    FR Y-11 (annual): 6 hours,
    FR Y-11S (annual): 1 hour.
    Number of respondents:
    FR Y-11 (quarterly): 1,246,
    FR Y-11 (annual): 218,
    FR Y-11S (annual): 665.
    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, pursuant to sections 
(b)(4), (b)(6)and (b)(8) of the Freedom of Information Act [5 U.S.C. 
522(b)(4), (b)(6) and (b)(8)].
    Abstract: The FR Y-11 and FR Y-11S collect financial information 
for individual U.S. nonbank subsidiaries of BHCs located in the United 
States. The FR Y-11 consists of a balance sheet and income statement; 
information on changes in equity capital, changes in the allowance for 
loan and lease losses, off-balance-sheet items, and loans; and a 
memoranda section. The FR Y-11S is an abbreviated form that collects 
four data items: net income, total assets, equity capital, and total 
off-balance-sheet items. The data are used in conjunction with data 
from other BHC reports to assess the condition of BHCs that are heavily 
engaged in nonbanking activities and to monitor the volume, nature, and 
condition of their nonbanking operations.
    Current Actions: On October 25, 2004, the Federal Reserve issued 
for public comment proposed revisions to the FR Y-11 reports (69 FR 
62269) effective with the March 31, 2005, report date. The comment 
period expired on December 27, 2004. The Federal Reserve received one 
comment from a BHC.
    The Federal Reserve proposed to revise the FR Y-11 reporting 
instructions for ``all other assets'' to exclude investments in 
unconsolidated subsidiaries and associated companies and include them 
in ``balances due from related organizations.'' The commenter agreed 
with the proposed revision.
    3. Report title: Financial Statements of Foreign Subsidiaries of 
U.S. Banking Organizations.
    Agency form number: FR 2314 and FR 2314S.
    OMB control number: 7100-0073.
    Frequency: Quarterly and annually.
    Reporters: Foreign subsidiaries of U.S. state member banks (SMBs), 
BHCs, and Edge or agreement corporations.
    Annual reporting hours: 4,855 hours.
    Estimated average hours per response:
    FR 2314 (quarterly): 6 hours,
    FR 2314 (annual): 6 hours,
    FR 2314S (annual): 1 hour.
    Number of respondents:
    FR 2314 (quarterly): 156,
    FR 2314 (annual): 143,
    FR 2314S (annual): 253.
    General description of report: This information collection is 
mandatory (12 U.S.C. 324, 602, 625, and 1844). 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, 
pursuant to sections (b)(4), (b)(6) and (b)(8) of the Freedom of 
Information Act [5 U.S.C. 522(b)(4) (b)(6) and (b)(8)].
    Abstract: The FR 2314 data are collected from U.S. member banks, 
Edge and agreement corporations, and BHCs for their direct or indirect 
foreign subsidiaries. The FR 2314 consists of a balance sheet and 
income statement; information on changes in equity capital, changes in 
the allowance for loan and lease losses, off-balance-sheet items, and 
loans; and a memoranda section. The FR 2314S is an abbreviated form 
that collects four data items: net income, total assets, equity 
capital, and total off-balance sheet items. The data are used to 
identify current and potential problems at the foreign subsidiaries of 
U.S. parent companies, to monitor the activities of U.S. banking 
organizations in specific countries, and to develop a better 
understanding of activities within the industry, in general, and of 
individual institutions, in particular. The FR 2314 is the only source 
of comprehensive and systematic data on the assets, liabilities, and 
earnings of the foreign bank and nonbank subsidiaries of U.S. SMBs, 
BHCs, and Edge and agreement corporations.
    Current Actions: On October 25, 2004, the Federal Reserve issued 
for public comment proposed revisions to the FR 2314 reports (69 FR 
62269) effective with the March 31, 2005, report date. The comment 
period expired on December 27, 2004. The Federal Reserve received one 
comment from a BHC.
    The Federal Reserve proposed to revise the FR 2314 reporting 
instructions for ``all other assets'' to exclude investments in 
unconsolidated subsidiaries and associated companies and include them 
in ``balances due from related organizations.'' The commenter agreed 
with the proposed revision.

    Board of Governors of the Federal Reserve System, February 7, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-2675 Filed 2-10-05; 8:45 am]
BILLING CODE: 6210-01-S