[Federal Register Volume 77, Number 179 (Friday, September 14, 2012)]
[Notices]
[Pages 56842-56844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-22591]


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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.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection 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 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.

FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division of 
Research and Statistics, 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.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following reports:
    Report title: Report of Changes in Organizational Structure, Annual 
Report of Bank Holding Companies, and Annual Report of Foreign Banking 
Organizations.
    Agency form number: FR Y-10, FR Y-10 verification, FR Y-6, and FR 
Y-7.
    OMB Control number: 7100-0297.
    Effective Date: The proposed changes to the FR Y-6 and FR Y-7 
reporting forms and instructions will be effective December 31, 2012. 
The proposed changes to the FR Y-10 reporting form and instructions for 
foreign banking organizations (FBOs), top-tier bank holding companies 
(BHCs), state member banks that are not controlled by a BHC, Edge and 
agreement corporations that are not controlled by a member bank, a BHC, 
or a FBO; nationally chartered banks that are not controlled by a BHC 
(with regard to their foreign investments only), securities holding 
companies (SHCs), nonbank financial companies, and designated financial 
market utilities (DFMUs) will be effective December 1, 2012. The 
proposed changes to the FR Y-10 form and instructions for savings and 
loan holding companies (SLHCs) will be effective December 1, 2012, 
except for data on nonbank subsidiaries. SLHCs will file the FR Y-10 
data by June 30, 2013, for their nonbank subsidiaries that meet the 
quarterly

[[Page 56843]]

financial reporting criteria. SLHCs will file the FR Y-10 data by 
September 30, 2013, for their nonbank subsidiaries that file financial 
reports annually. SLHCS will file the FR Y-10 data by December 31, 
2013, for their nonbank subsidiaries that do not file financial 
reports.
    Frequency: FR Y-10: Event-generated; FR Y-10 verification: One-
time; FR Y-6 and FR Y-7: Annual.
    Reporters: FR Y-10: FBOs, top-tier BHCs, state member banks that 
are not controlled by a BHC, Edge and agreement corporations that are 
not controlled by a member bank, a BHC, or a FBO; nationally chartered 
banks that are not controlled by a BHC (with regard to their foreign 
investments only), SLHCs, SHCs, nonbank financial companies, and DFMUs; 
FR Y-6: top-tier BHCs and nonqualifying FBOs, SLHCs, SHCs, nonbank 
financial companies, and DFMUs; FR Y-7: all qualifying FBOs that engage 
in banking in the United States, either directly or indirectly.
    Estimated annual reporting hours: FR Y-10: 25,313 hours; FR Y-10 
verification: 956; FR Y-6: 29,253 hours; FR Y-7: 615 hours.
    Estimated average hours per response: FR Y-10: 2.25 hours; FR Y-10 
verification: 1.25 hours; FR Y-6: 5.25 hours; FR Y-7: 3.75 hours.
    Number of respondents: FR Y-10: 3,750; FR Y-10 verification: 765; 
FR Y-6: 5,572; FR Y-7: 164.
    General description of report: These information collections are 
mandatory under the Federal Reserve Act, the Bank Holding Company Act 
(BHC Act), and the International Banking Act (12 U.S.C. 248(a)(1), 321, 
601, 602, 611a, 615, 625, 1843(k), 1844(c)(1)(A), 3106(a), and 
3108(a)), and Regulations K and Y (12 CFR 211.13(c), 225.5(b) and 
225.87), and Sections 161, 312, 618, and 809 of the Dodd-Frank Act (12 
U.S.C. 5361, 5412, 1850a(c)(1), and 5468(b)(1)). Individual respondent 
data are not considered confidential. However, respondents may request 
confidential treatment for any information that they believe is subject 
to an exemption from disclosure under the Freedom of Information Act 
(FOIA), (5 U.S.C. 522(b)(4) and (b)(6)).
    Abstract: The FR Y-10 is an event generated information collection 
submitted by FBOs; top-tier BHCs; state member banks unaffiliated with 
a BHC; Edge and agreement corporations that are not controlled by a 
state member bank, a BHC, or an FBO; and nationally chartered banks 
that are not controlled by a BHC (with regard to their foreign 
investments only) to capture changes in their regulated investments and 
activities. The Federal Reserve uses the data to monitor structure 
information on subsidiaries and regulated investments of these entities 
engaged in banking and nonbanking activities. The FR Y-6 is an annual 
information collection submitted by top-tier BHCs and nonqualifying 
FBOs. It collects financial data, an organization chart, verification 
of domestic branch data, and information about shareholders. The 
Federal Reserve uses the data to monitor holding company operations and 
determine holding company compliance with the provisions of the BHC 
Act, Regulation Y (12 CFR 225), and the Home Owners Loan Act. The FR Y-
7 is an annual information collection submitted by qualifying FBOs to 
update their financial and organizational information with the Federal 
Reserve. The Federal Reserve uses information to assess an FBO's 
ability to be a continuing source of strength to its U.S. operations 
and to determine compliance with U.S. laws and regulations.
    Current Actions: On June 11, 2012, the Federal Reserve published a 
notice in the Federal Register (77 FR 34384) requesting public comment 
for 60 days on the revision, with extension, of the FR Y-10, FR Y-7, 
and FR Y-6. The comment period for this notice expired on August 10, 
2012. The Federal Reserve received three comment letters addressing 
proposed changes to the FR Y-10 and FR Y-6.

Summary of Comments

FR Y-6 and FR Y-10

    The Federal Reserve received three comment letters on the proposed 
revisions to the FR Y-10 and the FR Y-6: two from bankers' 
organizations and one from a BHC.
    The bankers' organizations expressed concerns on the proposed 
timeline to submit (as a supplement to the FR Y-10) a one-time 
verification of each SLHC's organizational structure. After considering 
these comments, the Federal Reserve will scale back the information 
collected in the one-time FR Y-10 verification to require only the 
information needed to submit nonbank financial data for 2013.\1\ The 
Federal Reserve will also extend the timeline for the SLHCs to respond 
to the one-time verification from thirty days to sixty days. The 
information required in the one-time verification will be communicated 
in a transmittal letter.
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    \1\ The changes to require SLHCs to submit financial data for 
their nonbank subsidiaries were covered in a separate proposal and 
the final notice was published December 29, 2011 (76 FR 81933).
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    The commenters also requested a phased approach for submitting the 
FR Y-6 and FR Y-10 data based on the schedule for submitting nonbank 
financial data that are due commencing in 2013. Last year the Federal 
Reserve issued a proposal with the requirement that SLHCs begin filing 
the annual FR Y-6 report with fiscal year ends beginning December 31, 
2012.\2\ Thus, the Federal Reserve believes SLHCs have had a reasonable 
transition period to prepare for the submission of the FR Y-6 report. 
However, the Federal Reserve recognizes the challenges to meet the 
proposed submission of the event-generated FR Y-10 data and agree that 
a phased-in approach for reporting nonbank subsidiaries on the FR Y-10 
is appropriate. SLHCs will file the FR Y-10 data by June 30, 2013, for 
their nonbank subsidiaries that meet the quarterly financial reporting 
criteria. SLHCs will file the FR Y-10 data by September 30, 2013, for 
their nonbank subsidiaries that file financial reports annually. SLHCS 
will file the FR Y-10 data by December 31, 2013, for their nonbank 
subsidiaries that do not file financial reports.
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    \2\ (76 FR 53129) August 25, 2011 and (76 FR 81933) December 29, 
2011.
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    In addition, the bankers' organizations asked for clarification on 
the requirement for intermediate holding companies (IHC) to report the 
FR Y-6 and FR Y-10. The current regulatory reporting requirement that 
top-tier holding companies submit the FR Y-6 and FR Y-10 will continue 
until a separate proposed rule is issued on IHCs. At that time, the 
Federal Reserve will address the reporting requirements of the IHC.
    The bankers' organizations also expressed concern about reporting 
on the activities of certain SLHCs, namely ``grandfathered SLHCs'' and 
requested that the instructions be clarified. While the activities of 
grandfathered SLHCs are exempt from the limitations in 12 CFR 
238.51(b), there is no statutory or regulatory exemption from reporting 
on such activities. The reporting and examination requirements in the 
Home Owners' Loan Act and the Federal Reserve's Regulation LL apply to 
all SLHCs, with no exceptions for grandfathered SLHCs or their 
activities. Therefore, no changes will be made to the reporting 
requirements for grandfathered activities by certain SLHCs. However, 
the Federal Reserve will clarify the instructions of the reporting 
requirements for grandfathered SLHCs.

FR Y-10

    The BHC suggested using the term ``nonfinancial company'' instead 
of ``nonbanking company'' on the 4(k) Schedule of the FR Y-10 whenever 
the

[[Page 56844]]

reference is to nonfinancial investments held by a qualified financial 
holding company and reported in the lower section of the 4(k) Schedule. 
The Federal Reserve agrees and will replace the reference to nonbanking 
company with nonfinancial company on the 4(k) Schedule and instructions 
of the FR Y-10.
    Final approval under OMB delegated authority the extension for 
three years, without revision, of the following report:
    Report title: Supplement to the Report of Changes in Organizational 
Structure.
    Agency form number: FR Y-10E.
    OMB control number: 7100-0297.
    Frequency: Event-generated.
    Reporters: FBOs, top-tier bank holding companies (BHCs), state 
member banks that are not controlled by a BHC, Edge and agreement 
corporations that are not controlled by a member bank, a BHC, or a FBO; 
and nationally chartered banks that are not controlled by a BHC (with 
regard to their foreign investments only).
    Estimated annual reporting hours: 1,875 hours.
    Estimated average hours per response: 0.50 hours.
    Number of respondents: 3,750.
    General description of report: This information collection is 
mandatory under the Federal Reserve Act, the Bank Holding Company Act 
(BHC Act), and the International Banking Act (12 U.S.C. 248(a)(1), 321, 
601, 602, 611a, 615, and 625, 1843(k), 1844(c)(1)(A), 3106(a)) and 
Regulation K and Y (12 CFR 211.13(c), 225.5(b) and 225.87) and Sections 
161, 312, 618, and 809 of the Dodd-Frank Act (12 U.S.C. 5361, 5412, 
1850a(c)(1), and 5468(b)(1)). Individual respondent data are not 
considered confidential. However, respondents may request confidential 
treatment for any information that they believe is subject to an 
exemption from disclosure under the Freedom of Information Act (FOIA), 
(5 U.S.C. 522(b)(4) and (b)(6)).
    Abstract: The FR Y-10E is a free-form supplement that may be used 
to collect additional structural information deemed to be critical and 
needed in an expedited manner.
    Current Actions: On June 11, 2012, the Federal Reserve published a 
notice in the Federal Register (77 FR 34384) requesting public comment 
for 60 days on the extension, without revision, of the Supplement to 
the Report of Changes in Organizational Structure (FR Y-10E). The 
comment period for this notice expired on August 10, 2012. The Federal 
Reserve did not receive any comments on the FR Y-10E.

    Board of Governors of the Federal Reserve System, September 10, 
2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-22591 Filed 9-13-12; 8:45 am]
BILLING CODE 6210-01-P