[Federal Register Volume 79, Number 35 (Friday, February 21, 2014)]
[Notices]
[Pages 9900-9902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-03706]


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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 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 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--Office of the Chief Data Officer, 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:
    1. Report title: Financial Statements of U.S. Nonbank Subsidiaries 
of U.S. Holding Companies and the Abbreviated Financial Statements of 
U.S. Nonbank Subsidiaries of U.S. Holding Companies.
    Agency form number: FR Y-11 and FR Y-11S.
    OMB control number: 7100-0244.
    Frequency: Quarterly and annually.
    Reporters: Holding companies.
    Estimated annual reporting hours: FR Y-11 (quarterly): 11,125; FR 
Y-11 (annually): 1,380; FR Y-11S: 255.
    Estimated average hours per response: FR Y-11 (quarterly): 6.8; FR 
Y-11 (annually): 6.8; FR Y-11S: 1.
    Number of respondents: FR Y-11 (quarterly): 409; FR Y-11 
(annually): 203; FR Y-11S: 255.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(c)). Overall, the Federal Reserve does not 
consider these data to be confidential. However, a respondent may 
request confidential treatment pursuant to sections (b)(4), (b)(6), and 
(b)(8) of the Freedom of Information Act (5 U.S.C. 552(b)(4), (b)(6), 
(b)(8)). The applicability of these exemptions would need to be 
determined on a case-by-case basis.
    Abstract: The FR Y-11 reporting forms collect financial information 
for individual non-functionally regulated U.S. nonbank subsidiaries of 
domestic holding companies (i.e., bank holding companies, savings and 
loan holding companies, and securities holding companies). Holding 
companies file the FR Y-11 on a quarterly or annual basis or the FR Y-
11S annually predominantly based on asset size thresholds, and for the 
FR Y-11S, based on an additional threshold related to the percentage of 
consolidated assets of the top-tier organization. The FR Y-11 data are 
used with other holding company data to assess the condition of holding 
companies that are heavily engaged in nonbanking activities and to 
monitor the volume, nature, and condition of their nonbanking 
operations.
    Current actions: On December 11, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 75346) requesting 
public comment for 60 days on the proposal to renew, with revision, the 
FR Y-11 and FR Y-11S. The comment period for this notice expired on 
February 10, 2014. The Federal Reserve received one comment letter of 
support from a banking organization. The revisions will be implemented 
as proposed.
    In addition, the Federal Reserve initially proposed clarifying the 
FR Y-11 and FR Y-11S instructions as to when these reports must be 
filed if a subsidiary is divested or liquidated. However, after further 
consideration, the Federal Reserve will not include this clarification 
due to potential data gaps that may affect the Federal Reserve's 
ability to carry out supervisory, regulatory, and other public policy 
responsibilities.
    2. Report title: Financial Statements of Foreign Subsidiaries of 
U.S. Banking Organizations and the Abbreviated Financial Statements of 
Foreign Subsidiaries of U.S. Banking Organizations.

[[Page 9901]]

    Agency form number: FR 2314 and FR 2314S.
    OMB control number: 7100-0073.
    Frequency: Quarterly and annually.
    Reporters: U.S. state member banks, holding companies, and Edge or 
agreement corporations.
    Estimated annual reporting hours: FR 2314 (quarterly): 14,546; FR 
2314 (annually): 1,452; FR 2314S: 308.
    Estimated average hours per response: FR 2314 (quarterly): 6.6; FR 
2314 (annually): 6.6; FR 2314S: 1.
    Number of respondents: FR 2314 (quarterly): 551; FR 2314 
(annually): 220; FR 2314S: 308.
    General description of report: This information collection is 
mandatory (12 U.S.C. 324, 602, 625, 1844(c)). Overall, the Federal 
Reserve does not consider these data to be confidential. However, a 
respondent may request confidential treatment pursuant to sections 
(b)(4), (b)(6), and (b)(8) of the Freedom of Information Act (5 U.S.C. 
552(b)(4), (b)(6), (b)(8)). The applicability of these exemptions would 
need to be determined on a case-by-case basis.
    Abstract: The FR 2314 reporting forms collect financial information 
for non-functionally regulated direct or indirect foreign subsidiaries 
of U.S. state member banks (SMBs), Edge and agreement corporations, and 
holding companies (i.e., bank holding companies, savings and loan 
holding companies, and securities holding companies). Parent 
organizations (SMBs, Edge and agreement corporations, or holding 
companies) file the FR 2314 on a quarterly or annual basis or the FR 
2314S annually based predominantly on asset size thresholds, and for 
the FR 2314S, based on an additional threshold related to the 
percentage of consolidated assets of the top-tier organization. The FR 
2314 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.
    Current actions: On December 11, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 75346) requesting 
public comment for 60 days on the proposal to renew, with revision, the 
FR 2314 and FR 2314S. The comment period for this notice expired on 
February 10, 2014. The Federal Reserve received one comment letter of 
support from a banking organization. The revisions will be implemented 
as proposed.
    In addition, the Federal Reserve initially proposed clarifying the 
FR 2314 and FR 2314S instructions as to when these reports must be 
filed if a subsidiary is divested or liquidated. However, after further 
consideration, the Federal Reserve will not include this clarification 
due to potential data gaps that may affect the Federal Reserve's 
ability to carry out supervisory, regulatory, and other public policy 
responsibilities.
    3. Report title: Financial Statements of U.S. Nonbank Subsidiaries 
Held by Foreign Banking Organizations and the Abbreviated Financial 
Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking 
Organizations.
    Agency form number: FR Y-7N, FR Y-7NS.
    OMB control number: 7100-0125.
    Frequency: Quarterly and annually.
    Reporters: Foreign bank organizations (FBOs).
    Estimated annual reporting hours: FR Y-7N (quarterly): 4,978; FR Y-
7N (annually): 660; FR Y-7NS: 93.
    Estimated average hours per response: FR Y-7N (quarterly): 6.8; FR 
Y-7N (annually): 6.8; FR Y-7NS: 1.
    Number of respondents: FR Y-7N (quarterly): 183; FR Y-7N 
(annually): 97; FR Y-7NS: 93.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(c), 3106(c) and 3108)). Overall, the Federal 
Reserve does not consider these data to be confidential. However, 
individual respondents may request confidential treatment for any of 
these reports pursuant to sections (b)(4) and (b)(6) of the Freedom of 
Information Act (5 U.S.C. 522(b)(4) and (b)(6)). The applicability of 
these exemptions would need to be determined on a case-by-case basis.
    Abstract: The FR Y-7N and FR Y-7NS collect financial information 
for non-functionally regulated U.S. nonbank subsidiaries held by FBOs 
other than through a U.S. bank holding company (BHC), U.S. financial 
holding company (FHC), or U.S. bank. FBOs file the FR Y-7N quarterly or 
annually or the FR Y-7NS annually predominantly based on asset size 
thresholds.
    Current actions: On December 11, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 75346) requesting 
public comment for 60 days on the proposal to renew, with revision, the 
FR Y-7N and FR Y-7NS. The comment period for this notice expired on 
February 10, 2014. The Federal Reserve did not receive any comments. 
The revisions will be implemented as proposed.
    In addition, the Federal Reserve initially proposed clarifying the 
FR Y-7N and FR Y-7NS instructions as to when these reports must be 
filed if a subsidiary is divested or liquidated. However, after further 
consideration, the Federal Reserve will not include this clarification 
due to potential data gaps that may affect the Federal Reserve's 
ability to carry out supervisory, regulatory, and other public policy 
responsibilities.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following reports:
    1. Report title: Capital and Asset Report for Foreign Banking 
Organizations.
    Agency form number: FR Y-7Q.
    OMB control number: 7100-0125.
    Frequency: Quarterly and annually.
    Reporters: FBOs.
    Estimated annual reporting hours: FR Y-7Q (quarterly): 545; FR Y-7Q 
(annually): 43.
    Estimated average hours per response: FR Y-7Q (quarterly): 1.25; FR 
Y-7Q (annually): 1.
    Number of respondents: FR Y-7Q (quarterly): 109; FR Y-7Q 
(annually): 43.
    General description of report: This information collection is 
mandatory (12 U.S.C. 1844(c), 3106(c) and 3108)). Overall, the Federal 
Reserve does not consider these data to be confidential. However, 
individual respondents may request confidential treatment for any of 
these reports pursuant to sections (b)(4) and (b)(6) of the Freedom of 
Information Act (5 U.S.C. 522(b)(4) and (b)(6)). The applicability of 
these exemptions would need to be determined on a case-by-case basis.
    Abstract: The FR Y-7Q collects consolidated regulatory capital 
information from all FBOs either quarterly or annually. FBOs that have 
effectively elected to become FHCs file the FR Y-7Q quarterly, and 
effective March 31, 2014, FBOs with total consolidated worldwide assets 
of $50 billion or more will file the FR Y-7Q quarterly. All other FBOs 
file the FR Y-7Q annually.
    Current actions: On December 11, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 75346) requesting 
public comment for 60 days on the proposal to renew, without revision, 
the FR Y-7Q. The comment period for this notice expired on February 10, 
2014. The Federal Reserve did not receive any comments.
    2. Report title: Consolidated Report of Condition and Income for 
Edge and Agreement Corporations.
    Agency form number: FR 2886b.
    OMB control number: 7100-0086.
    Frequency: Quarterly.

[[Page 9902]]

    Reporters: Edge and agreement corporations and investment 
(nonbanking) Edge and agreement corporations.
    Estimated annual reporting hours: Banking: Edge and agreement 
corporations (quarterly): 424; Banking: Edge and agreement corporations 
(annually): 15; Investment: Edge and agreement corporations 
(quarterly): 1,114; Investment: Edge and agreement corporations 
(annually): 115.
    Estimated average hours per response: Banking: Edge and agreement 
corporations (quarterly): 15.15; Banking: Edge and agreement 
corporations (annually): 15.15; Investment: Edge and agreement 
corporations (quarterly): 9.6; Investment: Edge and agreement 
corporations (annually): 9.6.
    Number of respondents: Banking: Edge and agreement corporations 
(quarterly): 7; Banking: Edge and agreement corporations (annually): 1; 
Investment: Edge and agreement corporations (quarterly): 29; 
Investment: Edge and agreement corporations (annually): 12.
    General description of report: This information is mandatory (12 
U.S.C. 602, 625). In addition, with respect to the contact information 
collected in the Patriot Act Contact Information section, the Board's 
regulation's (12 CFR Part 211.5(m)) instruct Edge and agreement 
corporations to comply with the information sharing regulations that 
the Department of the Treasury issued pursuant to Section 314(a) of the 
USA Patriot Act of 2001, Pub L 107-56, 115 Stat. 307 (31 U.S.C. 
5318(h)); and implemented at 31 CFR Part 1010.520(b).
    For Edge corporations engaged in banking, current Schedules RC-M 
(with the exception of item 3) and RC-V are held confidential pursuant 
to Section (b)(4) of the Freedom of Information Act (5 U.S.C. 
552(b)(4)). For investment Edge corporations, only information 
collected on Schedule RC-M (with the exception of item 3) are given 
confidential treatment pursuant to Section (b)(4) of the FOIA (5 U.S.C. 
552(b)(4)).
    In addition, the information provided in the Patriot Act Contact 
Information section may be withheld as confidential under FOIA to 
prevent unauthorized individuals from falsely posing as an 
institution's point-of-contact in order to gain access to the highly 
sensitive and confidential communications sent by email between the 
Financial Crimes Enforcement Network or federal law enforcement 
officials and the Patriot Act point-of-contact. The identity and 
contact information of private individuals, which is collected and 
maintained for law enforcement purposes under the Patriot Act, may be 
exempt from disclosure pursuant to exemption 7(C) of FOIA (5 U.S.C. 
552(b)(7)(C)). Lastly, the language indicating that the Emergency 
Contact information will not be released to the public will be removed.
    Abstract: The FR 2886b comprises a balance sheet, income statement, 
two schedules reconciling changes in capital and reserve accounts, and 
11 supporting schedules. The reporting form parallels the Consolidated 
Reports of Condition and Income (Call Report) (FFIEC 031 and FFIEC 041; 
OMB No. 7100-0036) that commercial banks file and the Consolidated 
Financial Statements for Holding Companies (FR Y-9C; OMB No. 7100-0128) 
filed by large holding companies. Except for examination reports, it 
provides the only financial data available for these corporations.
    The Federal Reserve is solely responsible for authorizing, 
supervising, and assigning ratings to Edge and agreement corporations. 
The Federal Reserve uses the data collected on the FR 2886b to identify 
present and potential problems and monitor and develop a better 
understanding of activities within the industry. Most Edge corporations 
are wholly owned by U.S. banks or holding companies and are 
consolidated into the financial statements of their parent 
organizations. However, eight banking Edge corporations are owned by 
foreign banks or nonbanking organizations.
    Current actions: On December 11, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 75346) requesting 
public comment for 60 days on the proposal to renew, without revision, 
the FR 2886b. The comment period for this notice expired on February 
10, 2014. The Federal Reserve did not receive any comments.

    Board of Governors of the Federal Reserve System, February 18, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-03706 Filed 2-20-14; 8:45 am]
BILLING CODE 6210-01-P