[Federal Register Volume 78, Number 189 (Monday, September 30, 2013)]
[Notices]
[Pages 59934-59938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23694]


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FEDERAL RESERVE SYSTEM


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

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 Office of Management and Budget (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.
    On June 25, 2013, the Federal Reserve published a notice in the 
Federal Register (78 FR 38033) requesting public comment for 60 days to 
extend, with revision, the Capital Assessments and Stress Testing 
information collection. The comment period for this notice expired on 
August 26, 2013. The Federal Reserve received 17 comment letters. The 
substantive comments are summarized and addressed below.

DATES: Comments are to be submitted on or before November 29, 2013.
    Interested parties are invited to submit written comments to any or 
all of the agencies. All comments, which should refer to the OMB 
control number, will be shared among the agencies.

ADDRESSES: You may submit comments identified by FR Y-14A/Q/M, by any 
of the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments on the http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include the OMB 
control number in the subject line of the message.
     Fax: 202-452-3819 or 202-452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, except as necessary for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
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 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Cynthia Ayouch--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829.

[[Page 59935]]

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 to extend, with revision, 
the following report:
    Report title: Capital Assessments and Stress Testing information 
collection.
    Agency form number: FR Y-14A/Q/M.
    OMB Control number: 7100-0341.
    Effective Date: September 30, 2013.
    Frequency: Annually, semi-annually, quarterly, and monthly.
    Reporters: Large banking organizations that meet an annual 
threshold of $50 billion or more in total consolidated assets (large 
Bank Holding Companies or large BHCs), as defined by the Capital Plan 
rule (12 CFR 225.8).\1\
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    \1\ The Capital Plan rule applies to every top-tier large BHC. 
This asset threshold is consistent with the threshold established by 
section 165 of the Dodd-Frank Act relating to enhanced supervision 
and prudential standards for certain BHCs.
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    Estimated annual reporting hours: Summary, 61,680 hours; Macro 
scenario, 1,860 hours; Counterparty credit risk (CCR), 2,520 hours; 
Basel III/Dodd-Frank, 660 hours; and Regulatory capital, 600 hours. FR 
Y-14Q: Securities risk, 1,200 hours; Retail risk, 1,920 hours; Pre-
provision net revenue (PPNR), 85,320 hours; Wholesale corporate loans, 
6,720 hours; Wholesale commercial real estate (CRE) loans, 6,480 hours; 
Trading risk, 46,224 hours; Basel III/Dodd-Frank, 2,640 hours; 
Regulatory capital, 4,800 hours; Operational risk, 3,360 hours; 
Mortgage Servicing Rights (MSR) Valuation, 864 hours; Supplemental, 960 
hours; and Retail Fair Value Option/Held for Sale (Retail FVO/HFS), 
1,216 hours. FR Y-14M: Retail 1st lien mortgage, 153,000 hours; Retail 
home equity, 146,880 hours; and Retail credit card, 91,800 hours. FR Y-
14 On-Going Automation for existing respondents: 9,120 hours.
    Estimated average hours per response: FR Y-14A: Summary, 1,028 
hours; Macro scenario, 31 hours; CCR, 420 hours; Basel III/Dodd-Frank, 
22 hours; and Regulatory capital, 20 hours. FR Y-14Q: Securities risk, 
10 hours; Retail risk, 16 hours; PPNR, 711 hours; Wholesale corporate 
loans, 60 hours; Wholesale CRE loans, 60 hours; Trading risk, 1,926 
hours; Basel III/Dodd-Frank, 22 hours; Regulatory capital, 40 hours; 
Operational risk, 28 hours, MSR Valuation, 24 hours; Supplemental, 8 
hours; and Retail FVO/HFS, 16 hours. FR Y-14M: Retail 1st lien 
mortgage, 510 hours; Retail home equity, 510 hours; and Retail credit 
card, 510 hours. FR Y-14, On-going revisions for existing respondents, 
480 hours.
    Number of respondents: 30.
    General description of report: The FR Y-14 series of reports are 
authorized by section 165 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (Dodd-Frank Act), which requires the 
Federal Reserve to ensure that certain BHCs and nonbank financial 
companies supervised by the Federal Reserve are subject to enhanced 
risk based and leverage standards in order to mitigate risks to the 
financial stability of the United States (12 U.S.C. 5365). 
Additionally, section 5 of the BHC Act authorizes the Board to issue 
regulations and conduct information collections with regard to the 
supervision of BHCs (12 U.S.C. 1844).
    As these data are collected as part of the supervisory process, 
they are subject to confidential treatment under exemption 8 of the 
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition, 
commercial and financial information contained in these information 
collections may be exempt from disclosure under exemption 4 of FOIA (5 
U.S.C. 552(b)(4)). Such exemptions would be made on a case-by-case 
basis.
    Abstract: The data collected through the FR Y-14A/Q/M schedules 
provide the Federal Reserve with the additional information and 
perspective needed to help ensure that large BHCs have strong, 
firm[hyphen]wide risk measurement and management processes supporting 
their internal assessments of capital adequacy and that their capital 
resources are sufficient given their business focus, activities, and 
resulting risk exposures. The annual Comprehensive Capital Analysis and 
Review (CCAR) exercise is also complemented by other Federal Reserve 
supervisory efforts aimed at enhancing the continued viability of large 
BHCs, including continuous monitoring of BHCs' planning and management 
of liquidity and funding resources and regular assessments of credit, 
market and operational risks, and associated risk management practices. 
Information gathered in this data collection is also used in the 
supervision and regulation of these financial institutions. In order to 
fully evaluate the data submissions, the Federal Reserve may conduct 
follow up discussions with or request responses to follow up questions 
from respondents, as needed.
    The semi-annual FR Y-14A collects large BHCs' quantitative 
projections of balance sheet, income, losses, and capital across a 
range of macroeconomic scenarios and qualitative information on 
methodologies used to develop internal projections of capital across 
scenarios.\2\ The quarterly FR Y-14Q collects granular data on BHCs' 
various asset classes and PPNR for the reporting period. The monthly FR 
Y-14M comprises three loan- and portfolio-level collections, and one 
detailed address matching collection to supplement two of the portfolio 
and loan-level collections. The FR Y-14Q and the FR Y-14M are used to 
support supervisory stress test models and for continuous monitoring 
efforts.
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    \2\ BHCs that must re-submit their capital plan generally also 
must provide a revised FR Y-14A in connection with their 
resubmission.
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    Current actions: On June 25, 2013, the Federal Reserve published a 
notice in the Federal Register (78 FR 38033) requesting public comment 
for 60 days on the revision of the FR Y-14 information collection for 
September 30, 2013. Most of the proposed changes affected the FR Y-14A, 
particularly the Summary and Basel III schedules, in accordance with 
proposed capital rulemakings published for comment in August 2012.\3\ 
Other proposed changes included adding items to enhance supervisory 
models, removing items to reduce burden, and modifying items. The 
comment period expired on August 26, 2013. All substantive comments are 
summarized and addressed below.
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    \3\ 77 FR 52792, published August 30, 2012, proposed to revise 
and replace the Federal Reserve's risk-based and leverage capital 
requirements to be consistent with the most recent Basel 
requirements.
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Summary of Comments

    The Federal Reserve received 17 comment letters addressing the 
proposed changes to this information collection: 12 from BHCs, 3 from 
trade associations, and 2 from private companies. Many of the comments 
received requested clarification of the instructions for the 
information to be reported, or were technical in nature. These comments 
will be addressed in the final FR Y-14 reporting instructions.
    The Federal Reserve also received four comments not directly 
related to the proposed revisions to the FR Y-14 information collection 
regarding suggestions to (1) provide the adverse and severely adverse 
macroeconomic scenarios and any trading and counterparty component 
earlier than they have been provided in the past; and (2) use the 
September Blue Chip Consensus instead of the October Blue Chip 
Consensus to inform the macroeconomic scenarios provided.

[[Page 59936]]

Because these comments do not relate directly to this information 
collection, the Federal Reserve is not addressing them now but may 
consider them in connection with future modifications to its capital 
planning and stress testing rules. The following is a detailed 
discussion of aspects of the proposed FR Y-14 collection for which the 
Federal Reserve received one or more substantive comments and an 
evaluation of, and responses to the comments received.

General Comments

    In general, commenters expressed concerns about the overall 
expansion of the information collection, timing of the implementation 
of new items, and the burden new items impose on reporters. 
Specifically, several commenters stated that the FR Y-14 currently has 
a high level of granularity, which is increasing with the proposed 
changes, and recommended that the Federal Reserve revise the current 
collection and limit proposed changes to include only the most relevant 
information. The Federal Reserve understands and appreciates the 
importance of minimizing burden to the public and regularly reviews the 
information requested by the FR Y-14A/Q/M to ensure all data elements 
are essential to the supervisory and company-run stress testing 
processes and the ongoing supervision of these companies. Specific data 
elements have previously been removed both as a result of these reviews 
and in response to public comments.
    In regard to overall timing, several commenters requested that 
going forward the Federal Reserve either set a mandatory minimum amount 
of time between the finalization of changes to the FR Y-14 and the 
implementation date or alter the timeframe by which proposals are 
issued and finalized. The Federal Reserve recognizes the challenges 
associated with implementing changes to FR Y-14 reporting requirements 
in a timely manner when the changes are finalized close to the 
reporting deadline. The Federal Reserve is carefully considering 
various longer-term options to address this comment that would increase 
the time between the finalization of changes to the FR Y-14 and their 
implementation date.
    Commenters also suggested several improvements to the current 
Frequently Asked Questions (FAQ) process, including establishing a 
searchable repository, setting a specific schedule for responding to 
questions, and integrating questions and responses into the FR Y-14 
instructions. The Federal Reserve is continually working to improve 
communication with respondents and, as noted in the initial Federal 
Register notice, has incorporated all relevant historical FAQs into the 
proposed instructions. The incorporation of relevant comments and 
questions related to the FR Y-14 into the instructions will continue on 
a regular basis with a goal of ending the FAQ process as soon as 
practicable.
    Several commenters requested that implementation of the changes 
related to the revised regulatory capital approach \4\ (Revised 
Approach) be delayed to allow time for updating and integrating their 
financial reporting systems. Another commenter suggested that companies 
that are not subject to the Board's advanced approaches capital rules 
should have significantly reduced reporting requirements.
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    \4\ See 12 CFR parts 208, 217, and 225.
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    Because the Capital Plan Rule issued on November 22, 2011, requires 
BHCs to calculate the regulatory capital ratios reported in its capital 
plan according to the current Regulation Y requirements or ``any 
successor regulation,'' the Federal Reserve will not delay the 
implementation of the proposed changes or reduce reporting 
requirements. The Federal Reserve has, however, engaged in substantial 
industry outreach regarding the proposed schedules and the vast 
majority of items on the schedules are unchanged from the proposal. In 
addition, the Federal Reserve is publishing two interim final rules 
that provide transition arrangements to the Revised Approach.
    As mentioned in prior public comment letters regarding proposed FR 
Y-14 changes, commenters requested that the Federal Reserve provide 
respondents a stated, minimum amount of time to integrate data from 
mergers or acquisitions. Additionally, commenters requested the Federal 
Reserve limit the amount of historical data required to be reported 
from portfolios acquired through a merger or acquisition. The Federal 
Reserve is carefully considering the appropriate level of guidance to 
provide for reporting such data. However, several firms that have 
completed a merger or acquisition have been granted extensions to allow 
additional time to reach full compliance with the schedules.\5\ The 
Federal Reserve will continue to consider requests for extension or 
modification on a case-by-case basis rather than establishing a fixed 
transition period in the reporting instructions.
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    \5\ Examples of such letters can be found on the Board's public 
Web site http://www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2013.htm.
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    Because of required reconciliation between the FR Y-14Q and the 
Consolidated Financial Statements for Bank Holding Companies (FR Y-9C; 
OMB No. 7100-0128), several commenters requested that the filing 
deadline of the FR Y-14Q be after the FR Y-9C deadline for the 
corresponding quarter. After careful consideration, the Federal Reserve 
will change the filing deadline of the FR Y-14Q to seven calendar days 
after the FR Y-9C deadline, effective for the December 31, 2013, as of 
date. The new filing deadline will be 47 calendar days after the March 
31, June 30, and September 30 as of dates, and 52 calendar days after 
the December 31 as of date, unless that day falls on a weekend or a 
holiday, in which case the deadline is the next business day. However, 
the Federal Reserve will continually weigh the improvements in 
reporting as a result of this change against the costs to the Federal 
Reserve.
    Commenters also suggested several improvements to the current 
Frequently Asked Questions (FAQ) process, including establishing a 
searchable repository, setting a specific schedule for responding to 
questions, and integrating questions and responses into the FR Y-14 
instructions. The Federal Reserve is continually working to improve 
communication with respondents and, as noted in the initial Federal 
Register notice, has incorporated all relevant historical FAQs into the 
proposed instructions. The incorporation of relevant comments and 
questions related to the FR Y-14 into the instructions will continue on 
a regular basis with a goal of ending the FAQ process as soon as 
practicable.
    One commenter requested that the technical submission instructions 
be included along with the schedule instructions on the Federal 
Reserve's public Web site. Also, several commenters requested that the 
edit checks across schedules be altered to reduce the number of 
failures by changing logic and tolerance levels and considering data 
gaps. The Federal Reserve will post the technical instructions, as well 
as make appropriate adjustments to the edit check process.
    Numerous commenters noted that the proposed templates and 
instructions implied that all items related to capital and risk 
weighted assets (RWA) would be based on the proposed Revised Approach, 
and recommended that the Federal Reserve base these on the Revised 
Approach. The Federal Reserve will adjust the proposed templates and

[[Page 59937]]

instructions to comply with the Revised Approach.\6\
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    \6\ For additional guidance regarding how schedules should be 
populated regarding capital and RWA, see 12 CFR 225.8; 12 CFR part 
252, subparts F, G, and H.
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    Finally, several commenters noted that the instructions to several 
schedules specifically reference FICO scores, which could be considered 
an endorsement of FICO and its products. These commenters further noted 
that respondents should be able to report credit scores other than the 
FICO score. Because existing data items have been used to calibrate and 
validate current supervisory models, and the data as of September 30 
are used as a benchmark for these models, the Federal Reserve will 
remove the requirement to submit or map to FICO scores in the schedules 
is effective with data as of October 31, 2013. Beginning with the data 
as of October 31, 2013, for the FR Y-14M and December 31, 2013, for the 
FR Y-14Q, respondents will have the option to continue reporting credit 
score items as in prior submissions or to begin submitting other credit 
scores with sufficient supporting documentation describing the reported 
credit score. To collect additional information regarding the use of 
credit scores and to further refine a response to this comment that 
minimizes burden to respondents, the Federal Reserve is extending the 
comment period on credit score-related items for an additional 60 days 
from publication of this Federal Register notice. The appropriate 
schedule changes related to credit score collection would be effective 
for the March 31, 2014, as of date. See the Supplementary Information 
section below for additional information.

FR Y-14A

    The majority of comments received regarding the FR Y-14A requested 
clarification of item definitions and will be addressed in the final 
instructions. Some comments, however, suggested modifications to data 
items and are addressed below. As noted in the initial Federal Register 
notice, the Federal Reserve stated that the proposed items related to 
the Revised Approach in the Summary schedule would be modified to align 
with the final rulemaking. Accordingly, several of these items will be 
modified, added and deleted to be consistent with the final Revised 
Approach.

Summary Schedule

    Balance Sheet Worksheet. One commenter recommended that the 
proposed item Other Liabilities be split into Federal Funds Purchased & 
Repurchase Agreements and Non-Interest Bearing Other Liabilities. The 
Federal Reserve will split Other Liabilities into Federal Funds & 
Repurchase Agreements and Other Liabilities. Another commenter 
requested that the column collecting information for the as of date be 
added back to the schedule. The collection of 23 of the 30 asset 
categories for the as of date have been moved to the Supplemental 
schedule, and the remaining 7 are reported on the FR Y-9C.
    General and Advanced RWA. One commenter requested that the items in 
the Memoranda for Derivatives Contracts section of the General RWA 
worksheet have a materiality threshold to alleviate burden for 
respondents that have non-material derivatives portfolios. The Federal 
Reserve believes these items are essential regardless of size for its 
analysis of companies' RWA and notes that the items are required to be 
reported on the FR Y-9C without a materiality threshold. The same 
commenter requested that the Federal Reserve allow respondents to 
submit the items on the General and Advanced RWA worksheets in a more 
aggregated form. The Federal Reserve will not make this change as the 
items on the General and Advanced RWA worksheets are presented in 
accordance with the Revised Approach.
    Capital Worksheets. One commenter noted that all three proposed 
Capital worksheets (General, Advanced Approaches, and Revised) would 
have required respondents to report their RWA according to the 
standardized approach. In an effort to increase consistency with the FR 
Y-9C, the Federal Reserve reorganized the structure of the Capital 
worksheets, and in doing so has addressed the comment. Specifically, 
the General, Advanced Approaches and Revised Capital worksheets have 
been collapsed into one Capital worksheet that allows respondents to 
submit capital projections according to all three capital rules, which 
are outlined in different sections of the worksheet. Another commenter 
suggested that formulas be added to the Capital worksheets that would 
convert reported nominal capital line item amounts according to the 
transition periods outlined in the Revised Approach so that the 
calculated total capital would reflect the appropriate transition 
periods. The Federal Reserve will replace the formulas for the 
subtotals of capital components and total capital with required line 
items in which respondents would input these subtotal and total 
amounts, reflective of the Revised Approach transition provisions for a 
given quarter.
    PPNR Worksheets. One commenter noted that the Average Rates Earned 
section for Interest Income on the PPNR Net Interest Income (NII) 
worksheet does not collect average rates for nonaccrual loans. The 
Federal Reserve will add an item, Nonaccrual Loans, to the Average 
Rates Earned section for Interest Income. Also regarding the PPNR NII 
worksheet, one commenter noted that item 47, Other Liabilities, in the 
Average Liability Rates section should always be reported as zero. The 
Federal Reserve will remove the item. Another commenter expressed a 
lack of clarity regarding proposed line items 89A, Curve, and 89B, 
Index Rate, on the PPNR Metrics worksheet. The Federal Reserve will 
make the following changes: remove the basis point reporting unit 
requirement from item 89A; and split item 89B with two items--Index 
Rate and Spread (Relative to Index Rate). The same commenter was 
seeking guidance on the proposed item Residential Home Equity 
Originations Industry Market Size--Volume of the PPNR Metrics 
Worksheet, noting that these data would be difficult to report. After 
consideration of the potential cost expressed by the commenter, the 
Federal Reserve will remove this item.

Basel III Schedule

    One commenter requested that the Federal Reserve either shorten the 
forecast period in the Basel III Schedule or provide macroeconomic 
scenario projections beyond the current 13 quarter projection. The 
instructions state that respondents are to generate their own 
macroeconomic scenario variables beyond the Supervisory Baseline 
scenario projections. Additionally, respondents in past CCAR exercises 
have largely complied with these reporting requirements in prior 
submissions of the FR Y-14A Basel III Schedule.

Counterparty Schedule

    Several commenters expressed concern over the increase in required 
data submission associated with the proposed expansion of one worksheet 
from top 200 to top 95 percent of counterparties by credit value 
adjustment, and requested that the Federal Reserve set a materiality 
threshold. The Federal Reserve believes this level of granularity is 
necessary to capture a firm's total exposure, and that materiality 
considerations should apply to the total exposure across all 
counterparties, not to individual counterparties. Furthermore, the

[[Page 59938]]

instructions have been updated to report counterparties within the same 
netting set as one consolidated entry as opposed to listing the 
individual counterparties within the netting set, which can decrease 
the level of granularity. Additionally to offset the increased 
reporting burden, the Federal Reserve will remove two worksheets that 
collect counterparty-level information, as initially proposed. One 
commenter requested that central counterparties (CCPs) be excluded from 
the supervisory data collection because they have multiple levels of 
risk mitigation. The Counterparty schedule collects counterparty data 
based on the size of the exposure and not the probability of loss, and 
the Federal Reserve will retain the requirement to report information 
for CCPs.

Operational Risk Schedule

    One commenter stated that the proposed combination of Operational 
Risk worksheets on the Summary Schedule would require a level of 
granularity that would decrease the relevance of the data and requested 
that the Federal Reserve remove this collection as a requirement. The 
proposal involved simply combining two worksheets into one worksheet 
and the data required to be reported on the proposed combined worksheet 
is identical to the data required previously. The proposed worksheet 
maintains the flexibility for respondents to determine the appropriate 
level of granularity that fully captures projected operational risk 
losses.

FR Y-14Q

    The majority of comments received regarding the FR Y-14Q requested 
clarification of item definitions and will be addressed in the final 
instructions. Some comments, however, suggested modification to data 
items and are addressed below.

PPNR Schedule

    The Federal Reserve will modify the FR Y-14Q PPNR Schedule to 
reflect the changes made to the PPNR worksheets in the FR Y-14A Summary 
Schedule, as described above.

Trading Schedule

    One commenter requested that the Index Tranches and Bespoke portion 
of Table B on the IDR--Corporate Credit worksheet be split into two 
portions, an Index Tranches portion and a Bespoke portion, to avoid 
index tranches from being commingled with bespoke tranches containing 
different underlying names. The Federal Reserve will split the proposed 
portion into the two aforementioned portions.

Wholesale Corporate Loan Schedule

    Several commenters noted the significant effort required to obtain 
the information for the proposed Special Purpose Entity Flag and 
recommended that the Federal Reserve delay implementation of the item. 
The Federal Reserve will delay implementation of the item until March 
31, 2014.

FR Y-14M

Domestic Home Equity Loan and Home Equity Line Schedule

    One commenter noted that there is an inconsistency between the 
Domestic First Lien Closed-end 1-4 Family Residential Mortgage (First 
Lien) schedule and the Domestic Home Equity Loan and Home Equity Line 
(Home Equity) schedule regarding the Troubled Debt Restructuring (TDR) 
item. Specifically, the TDR item on the First Lien schedule applies to 
all loans, whereas the TDR item on the Home Equity schedule applies to 
only loans that have been modified. The Federal Reserve will update the 
TDR item on the Home Equity schedule to apply to all loans.

SUPPLEMENTARY INFORMATION: 

Request for Comment on Information Collection Proposal

    Abstract: As mentioned above in the Current Actions section, the 
Federal Reserve has removed the requirement to submit or map to FICO 
scores in the schedules effective with data as of October 31, 2013. 
Beginning with the data as of October 31, 2013, for the FR Y-14M and 
December 31, 2013, for the FR Y-14Q, respondents would have the option 
to continue reporting credit score items as in prior submissions or to 
begin submitting other credit scores with sufficient supporting 
documentation describing the reported credit score. To collect 
additional information regarding the use of credit scores and to 
further refine a response to this comment that minimizes burden to 
respondents, the Federal Reserve is extending the comment period on 
credit score related items for an additional 60 days from publication 
of this Federal Register notice. The appropriate schedule changes 
related to credit score collection would be effective for the March 31, 
2014, as of date.
    For the extended comment period, the Federal Reserve is requesting 
comment and feedback regarding the following topics (1) the types of 
credit scores generally used by BHCs in the lines of business reported 
on the FR Y-14M and Retail FR Y-14Q schedules, (2) whether the industry 
generally uses internally-generated or externally-acquired credit 
scores, (3) issues to consider when validating the usefulness of a 
credit score (for example, Regulation Z considerations), (4) any 
industry standards with respect to credit scores, (5) mapping across 
industry-standard credit scores, (6) other ways credit scores can be 
made comparable across different scores, and (7) other composite 
measures, besides credit scores, that can be used to measure borrower 
credit worthiness.
    All comments will become a matter of public record. Written 
comments should address the accuracy of the burden estimates and ways 
to minimize burden including the use of automated collection techniques 
or the use of other forms of information technology as well as other 
relevant aspects of the information collection request.

    Board of Governors of the Federal Reserve System, September 24, 
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-23694 Filed 9-27-13; 8:45 am]
BILLING CODE 6210-01-P