[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Pages 71416-71420]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28351]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR part 1320 
Appendix A.1. 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 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.

DATES: Comments must be submitted on or before February 2, 2015.

ADDRESSES: You may submit comments, identified by the FR 2052a and FR 
2052b reports, by any of the following methods:

[[Page 71417]]

     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
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/apps/foia/proposedregs.aspx as submitted, 
unless modified 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 form in Room MP-
500 of the Board's Martin Building (20th and C Streets NW.) between 
9:00 a.m. and 5:00 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: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Acting Clearance Officer--John Schmidt--
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.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and are 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Reports

    Report titles: The Complex Institution Liquidity Monitoring Report 
(FR 2052a) and the Liquidity Monitoring Report (FR 2052b).
    Agency form numbers: FR 2052a and FR 2052b.
    OMB control number: 7100-0361.
    Frequency: 2052a: Daily or monthly; 2052b: Quarterly.
    Respondents:
     FR 2052a: Bank holding companies, savings and loan holding 
companies subject to the liquidity coverage ratio, and nonbank 
financial companies that the Financial Stability Oversight Council has 
determined under section 113 of the Dodd-Frank Act (12 U.S.C. 5323) 
shall be supervised by the Board and for which such determination is 
still in effect, where the Board has applied the requirements of the 
liquidity coverage ratio to such company by rule or order (together, 
U.S. chartered firms) with total assets of $700 billion or more or with 
$10 trillion or more in assets under custody; U.S. chartered firms with 
total assets of less than $700 billion and with assets under custody of 
less than $10 trillion, but total assets of $250 billion or more or 
foreign exposure of $10 billion or more; U.S. chartered firms with 
total assets of $50 billion or more but, total assets of less than $250 
billion and foreign exposure of less than $10 billion; Foreign banking 
organizations (FBOs) with U.S. assets of $50 billion or more and 
broker/dealer assets of $100 billion or more; FBOs with U.S. assets of 
$50 billion or more and broker/dealer assets of less than $100 billion.
     FR 2052b: U.S. bank holding companies (BHCs) not 
controlled by FBOs with total consolidated assets of $10 billion or 
more but less than $50 billion.
    Estimated annual reporting hours: FR 2052a: 396,120 hours; FR 
2052b: 11,280 hours.\1\
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    \1\ With the proposed revisions, the paperwork burden for 2015 
is estimated to initially decrease to 407,400 hours, with 
incremental increases for 2016 and 2017, for an annual net increase 
of 938,240 hours. Please see the OMB supporting statement for 
additional detail.
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    Estimated average hours per response: FR 2052a: Ranges between 120 
hours and 400 hours; FR 2052b: 60 hours.
    Number of respondents: FR 2052a: 50; FR 2052b: 47.
    General description of report: These reports are authorized 
pursuant to section 5 of the Bank Holding Company Act (12 U.S.C. 1844), 
section 8 of the International Banking Act (12 U.S.C. 3106) and section 
165 of the Dodd Frank Act (12 U.S.C. 5365) and are mandatory. Section 
5(c) of the Bank Holding Company Act authorizes the Board to require 
BHCs to submit reports to the Board regarding their financial 
condition. Section 8(a) of the International Banking Act subjects FBOs 
to the provisions of the Bank Holding Company Act. Section 165 of the 
Dodd-Frank Act requires the Board to establish prudential standards for 
certain BHCs and FBOs; these standards include liquidity requirements. 
The individual financial institution information provided by each 
respondent would be accorded confidential treatment under exemption 8 
of the Freedom of Information Act (5 U.S.C. 552(b)(8)). In addition, 
the institution information provided by each respondent would not be 
otherwise available to the public and is entitled to confidential 
treatment under the authority of exemption 4 of the Freedom of 
Information Act (5 U.S.C. 552(b)(4)), which protects from disclosure 
trade secrets and commercial or financial information.
    Abstract: The FR 2052 reports are used to monitor the overall 
liquidity profile of institutions supervised by the Federal Reserve. 
These data provide detailed information on the liquidity risks within 
different business lines

[[Page 71418]]

(e.g., financing of securities positions, prime brokerage activities). 
In particular, these data serve as part of the Federal Reserve's 
supervisory surveillance program in its liquidity risk management area 
and provide timely information on firm-specific liquidity risks during 
periods of stress. Analysis of systemic and idiosyncratic liquidity 
risk issues are then used to inform the Federal Reserve's supervisory 
processes, including the preparation of analytical reports that detail 
funding vulnerabilities.
    Current actions: The Federal Reserve proposes to extend for three 
years, with revision, the Complex Institution Liquidity Monitoring 
Report (FR 2052a) and the Liquidity Monitoring Report (FR 2052b) (OMB 
No. 7100-0361) effective beginning March 31, 2015. The Federal Reserve 
proposes to revise the FR 2052a report by modifying the: (1) Respondent 
panel and threshold, (2) frequency of reporting, (3) reporting platform 
structure, and (4) data item granularity. The Federal Reserve proposes 
to revise the FR 2052b report by modifying the respondent panel 
threshold and frequency. The proposed revisions are described in detail 
below.
    The Federal Reserve proposes to revise the FR 2052a report to 
improve the effectiveness of its supervisory surveillance program. In 
general, the revisions would provide additional detail to facilitate a 
more sophisticated approach to monitoring liquidity risk. The proposed 
data elements are more detailed and would align with the Liquidity 
Coverage Ratio (LCR).\2\ For the most internationally active firms, 
liquidity profiles would be reported by currency for each material 
entity of the reporting institutions, which for BHCs may include sub-
divisions of the global banking entity by geographical region, and for 
FBOs would include material entities outside the U.S. that are managed 
from the U.S. These dimensions are important because dislocations in 
foreign exchange markets and restrictions limiting fund transfers can 
inhibit the ability of a global financial institution to convert its 
available sources of liquidity to meet its specific needs. The proposed 
data collection would collect more details regarding securities 
financing transactions, wholesale unsecured funding, deposits, loans, 
unfunded commitments, collateral, derivatives, and foreign exchange 
transactions. The greater level of detail surrounding these activities 
is necessary to ensure that supervised firms are adequately reserving 
for the risks based on current supervisory expectations and the Dodd-
Frank Act's Enhanced Prudential Standards. Furthermore, the Federal 
Reserve proposes to change the structure of the collection to an XML 
format from a spreadsheet format. This new structure is necessary to 
accommodate the additional granularity and implement the collection 
with leading data industry practices.
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    \2\ 79 FR 61440 (October 10, 2014). Press Release is available 
at http://www.federalreserve.gov/newsevents/press/bcreg/20140903a.htm.
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    The revisions to FR 2052a include a new hierarchy that subdivides 
the three general categories of inflows, outflows and supplemental 
items into 10 distinct data tables. These tables are designed to 
stratify the assets, liabilities and supplemental components of a 
firm's liquidity risk profile based on products that can be described 
with common data structures, while still maintaining a coherent 
framework for liquidity risk reporting.
    The internationally active reporting entities would report by major 
currency all data elements denominated in major currencies, while other 
data elements denominated in non-major currencies would be converted 
into United States Dollars (USDs) and flagged as converted. Reporting 
entities that are not internationally active would be able to report 
exclusively in USD by flagging data as converted. Reporting by major 
currency or flagging a conversion should help supervisors to identify 
potential currency mismatches. Additionally, data elements would be 
reported for each material legal entity, which are identified by the 
Federal Reserve for a given reporting entity. All entities that are 
required to comply with the LCR are considered material legal entities. 
This granularity in currency and material legal entity reporting would 
enhance monitoring of a firm's liquidity resources to ensure they are 
distributed according to specific needs, considering existing or 
potential regulatory or other limitations on inter-company liquidity 
transfers.
    The granularity of the data increased along numerous items of FR 
2052a. Maturity buckets increased to daily for the first 60 days to 
eliminate potential contractual maturity mismatches in the near term. 
There are now more categories of assets, largely delineated by the type 
of security or loan, the structuring of cash flows, and risk-based 
capital weightings. The list of counterparty types increased, along 
with the number of products requiring the counterparty to be reported, 
including loan cash flows, deposits, committed facilities, and certain 
unsecured borrowings.
    The proposed revisions would also draw more distinction between 
types of securities financing transactions such as collateral swaps, 
to-be-announced contracts, and the various methods of covering firm or 
customer short sales. Fields would be added for the amount of re-
hypothecation, collateralization, encumbrance, and methods of 
settlement. The report would provide information on the stock and flow 
of collateral received and posted for derivative transactions, as well 
as values of prime brokerage client assets and associated wire 
transfers. Together, these revisions to secured financing transactions 
would provide a more complete view of the firm's activities, especially 
brokerage activities, and certain liquidity risk characteristics, all 
of which were implicated during the recent financial crisis.
    Several new types of deposit accounts would also be added, such as 
escrow accounts and various categories of brokered deposits and sweeps. 
Balances that are ``fully insured'' would be identified, as well as 
balances that are subject to withdrawal in the event of a specific 
change or trigger.
    Certain elements would be added to capture risk associated with 
collateral. The potential requirements to post collateral in the event 
of an adverse move in the mark-to-market value of a firm's derivative 
portfolio or a change in a firm's financial condition is reported. 
Additionally, firms would report collateral balances that are 
contractually owed to a counterparty, but not yet called.
    Fields would be added to capture the settlement date cash flows in 
forward starting transactions. This revision would accommodate ``trade 
date'' reporting, which would allow for a more accurate representation 
of forward looking cash flows.
    The instructions for reporting the maturity date of a transaction 
would also be modified for short term (less than one year) liabilities 
with call options, as well as certain transactions reported in the 
Secured Inflows table where the collateral received was rehypothecated.
    Reporting of foreign exchange transactions, such as foreign 
exchange spot, forwards and futures, and swap transactions, would be 
required in order to complement the currency level reporting of cash 
flows.
    The proposed revisions to the FR 2052a report includes sections 
covering broad funding classifications by product, outstanding balance 
and purpose, segmented by maturity date. Generally, each section can be 
classified into one of the following categories:

[[Page 71419]]

     Section 1: Inflows-Assets: Institutions would report 
assets such as unencumbered assets, borrowing capacity from central 
banks or FHLBs, unrestricted reserve balances at central banks, 
restricted reserve balances at central banks, unsettled asset 
purchases, and forward asset purchases.
     Section 2: Inflows-Unsecured: Institutions would report 
unsecured inflow transactions such as onshore placement, offshore 
placements, required nostro balances, excess nostro balances, 
outstanding draws on revolving facilities, and other unsecured loans.
     Section 3: Inflows-Secured: Institutions would report 
secured inflow transactions such as reverse repurchase agreements, 
securities borrowing transactions, dollar rolls, collateral swaps, 
margin loans, other secured loans where the collateral is 
rehypothecatable, and other secured loans where the collateral is not 
rehypothecatable.
     Section 4: Inflows-Other: Institutions would report other 
inflow transactions such as derivatives receivables, collateral called 
for receipt, sales in the to-be-announced market, undrawn committed 
facilities purchased, lock-up balances, interest and dividends 
receivables, a net 30-day derivatives receivables measure, principal 
payments receivable on unencumbered investment securities, and other 
inflow transactions.
     Section 5: Outflows-Wholesale: Institutions would report 
wholesale outflow transactions such as asset-backed commercial paper 
single-seller outflows, asset-back commercial paper multi-seller 
outflows, collateralized commercial paper, asset-backed securities, 
covered bonds, tender option bonds, other asset-backed financing, 
commercial paper, onshore borrowing, offshore borrowing, unstructured 
long-term debt, structured long-term debt, government supported debt, 
unsecured notes, structured notes, wholesale certificates of deposit, 
draws on committed facilities, free credits, and other unsecured 
wholesale outflow transactions.
     Section 6: Outflows-Secured: Institutions would report 
secured outflow transactions such as repurchase agreements, securities 
lending transactions, dollar rolls, collateral swaps, FHLB Advances, 
outstanding secured funding from facilities at central banks, customer 
short transactions, firm short transactions, and other secured outflow 
transactions.
     Section 7: Outflows-Deposits: Institutions would report 
deposit outflow transactions such as transactional accounts, non-
transactional relationship accounts, non-transactional non-relationship 
accounts, operational accounts, non-operational accounts, operational 
escrow accounts, non-reciprocal brokered accounts, affiliated sweep 
accounts, non-affiliated sweeps accounts, other product sweep accounts, 
reciprocal accounts, other third-party deposits, and other deposit 
accounts.
     Section 8: Outflows-Other: Institutions would report other 
outflow transactions such as derivatives payables, collateral called 
for delivery, purchases in the to-be-announced market, credit 
facilities, liquidity facilities, retail mortgage commitments, trade 
finance instruments, potential derivative valuation changes, loss of 
rehypothecation rights and collateral required due to changes in 
financial condition, excess customer margin, commitments to lend on 
margin to customers, interest and dividends payables, a net 30-day 
derivatives payables measure, other outflows related to structured 
transactions, and other cash outflow transactions.
     Section 9: Supplemental-Informational: Institutions would 
report supplemental information such as initial margin posted and 
received, variation margin posted and received, collateral dispute 
receivables and deliverables, collateral that may need to be delivered, 
collateral that the institution could request to be received, 
collateral that could be substituted by the institution or a 
counterparty, long and short market value of client assets, gross 
client wires received and paid, subsidiary liquidity that cannot be 
transferred, 23A capacity, outflows or inflows from closing out hedges 
early, and potential outflows from non-structured or structured debt 
maturing beyond 30 days where the institution is the primary market 
maker in that debt.
     Section 10: Supplemental-Foreign Exchange: Institutions 
would report foreign exchange information such as foreign exchange 
spot, forwards and futures, and swap transactions.
    The Federal Reserve requests specific comment on the following:
     The proposal would require data retention of six months. 
Is six months appropriate or would another time period be more 
appropriate, such as three months or one year?
     Is the proposed maturity schedule provided in Appendix IV 
to the instructions appropriate for all respondents, such as those 
firms that are only subject to the Liquidity Coverage Ratio for Certain 
Bank Holding Companies? \3\ If not appropriate, what maturity schedule 
should apply to those respondents? Additionally, is the proposed 
maturity schedule provided in Appendix IV to the instructions 
appropriate for all listed products? If not, what maturity schedule 
should apply to those products?
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    \3\ 79 FR 61440, 61540.
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     Should a description of how the FR 2052a data will be used 
to monitor LCR compliance be published?

Proposed FR 2052b Revisions

    The Federal Reserve proposes to revise the FR 2052b reporting panel 
by eliminating the monthly reporting frequency. The U.S. BHCs 
(excluding G-SIBs) with total consolidated assets of $50 billion or 
more (including FBO subsidiaries) that currently file the monthly FR 
2052b report would move to the proposed FR 2052a monthly and daily 
reporting panel.

Proposed Reporting Panel and Frequency of Submissions \4\
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    \4\ SLHCs that are not subject to the LCR are not subject to 
these reporting requirements, however, through future rulemakings 
these institutions may be required to participate in some form of 
liquidity monitoring.
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    The proposed scope of application, frequency, and submission dates 
are contained in the following table.

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                                                                                                       First
            Report No.               Reporter description         Frequency         First as-of     submission
                                                                                       date          date \5\
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FR 2052a.........................  U.S. chartered firms      Monthly............  \6\ 03/31/2015      04/02/2015
                                    with total assets        Daily..............      07/01/2015      07/03/2015
                                    >=$700 billion or with
                                    assets under custody of
                                    >=$10 trillion.

[[Page 71420]]

 
FR 2052a.........................  U.S. chartered firms      Monthly............  \7\ 07/31/2015      08/02/2015
                                    with total assets <$700  Daily..............      07/01/2016      07/03/2016
                                    billion and with assets
                                    under custody of <$10
                                    trillion but, total
                                    assets >=$250 billion
                                    or foreign exposure
                                    >=$10 billion.
FR 2052a \8\.....................  U.S. chartered firms      Monthly............      01/31/2016      02/02/2016
                                    with total assets >=$50
                                    billion but, total
                                    assets <$250 billion
                                    and foreign exposure
                                    <$10 billion.
FR 2052a.........................  FBOs with U.S. assets     Monthly............      03/31/2015      04/02/2015
                                    >=$50 billion and U.S.   Daily..............      07/01/2015      07/03/2015
                                    broker-dealer assets
                                    >=$100 billion.
FR 2052a.........................  FBOs with U.S. assets     Monthly............      01/31/2016      02/02/2016
                                    >=$50 billion and U.S.   Monthly \9\........      07/31/2016      08/02/2016
                                    broker-dealer assets
                                    <$100 billion.
FR 2052b \10\....................  U.S. BHCs (not            Quarterly..........      12/31/2014      01/15/2015
                                    controlled by FBOs)
                                    with total consolidated
                                    assets of between $10
                                    billion and $50 billion.
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    \5\ For U.S. bank holidays and weekends, no positions should be 
reported. For data reported by entities in international locations, 
if there is a local bank holiday, submit data for those entities 
using the data from the previous business day.
    \6\ These firms must comply with the transitions set forth in 
the LCR, which requires an LCR calculation monthly starting in 
January 2015. However, these firms do not need to report on 2052a 
until this reporting as-of date.
    \7\ These firms must comply with the transitions set forth in 
the LCR, which requires an LCR calculation monthly starting in 
January 2015. However, these firms do not need to report on 2052a 
until this reporting as-of date.
    \8\ The frequency of the FR 2052a monthly report may be 
temporarily adjusted to daily on a case-by-case basis as market 
conditions and supervisory needs change to carry out effective 
continuous liquidity monitoring. The Federal Reserve anticipates 
frequency adjustments to be a rare occurrence.
    \9\ These FBOs would be required to have the ability to report 
on each business day. If the FBO consolidates a U.S. chartered firm 
that would independently have to report daily, then the FBO must 
report daily. The Federal Reserve would test these FBOs for their 
ability to report daily.
    \10\ FR 2052b will not change for U.S. BHCs (not controlled by 
FBOs) with total consolidated assets of between $10 billion and $50 
billion, so the frequency and as-of date will be the same as it is 
currently.
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    The parent company for those firms with less than $250 billion in 
total consolidated assets and with less than $10 billion of on-balance 
sheet foreign exposure would submit data for the following entities: 
The global consolidated entity and the parent only (ignoring 
consolidated subsidiaries). Respondents should consult their 
supervisory teams to determine if the parent company should also 
separately report any consolidated banks or non-banks that are material 
contributors to the firm's funding and liquidity operations.
    The parent company for those firms with $250 billion or more in 
total consolidated assets or $10 billion or more of on-balance sheet 
foreign exposure would submit data for the following entities: The 
global consolidated entity, the parent only (ignoring consolidated 
subsidiaries), and, separately, each consolidated bank and non-bank 
entity that is a material contributor to the firm's funding and 
liquidity operations. For these firms, all bank entities with total 
consolidated assets of $10 billion or more would be considered material 
legal entities. Respondents should consult their supervisory teams to 
determine other material legal entities that should also be reported.
    FBOs with U.S. assets of $50 billion or more would report for their 
consolidated U.S. assets, as well as for all material entities managed 
within the U.S. For FBOs that own U.S. entities subject to the LCR, 
material entities include at least those entities subject to the LCR. 
Respondents should consult their supervisory teams to determine other 
material entities that should also be reported.
    Some firms that are currently filing on FR 2052b would be required 
to file on the updated 2052a, pursuant to the proposed schedule set 
forth in the transition table. The firms currently filing on FR 2052b 
would cease filing the 2052b once they begin filing the updated 2052a.
    Firms currently filing the FR 2052a would be required to file the 
updated 2052a, pursuant to the proposed schedule set forth in the 
transition table. The firms currently filing on FR 2052a would cease 
filing on the current 2052a once they are filing daily on the updated 
2052a.
    Additionally, there are some firms that are not currently filing 
either the 2052a or 2052b, but would be required to file the updated 
2052a, pursuant to the proposed schedule set forth in the transition 
table. Among these companies are SLHCs that are subject to the LCR and 
nonbank financial companies that the Financial Stability Oversight 
Council has determined under section 113 of the Dodd-Frank Act (12 
U.S.C. 5323) shall be supervised by the Board and for which such 
determination is still in effect, where the Board has applied the 
requirements of the LCR to such company by rule or order.
    The Board consulted outside the Federal Reserve System with other 
U.S. regulatory authorities including the Office of the Comptroller of 
the Currency and Federal Deposit Insurance Corporation in the 
development of FR 2052a. In addition, data sharing agreements will be 
constituted with other U.S. regulatory agencies with supervisory 
responsibilities over subject institutions to monitor compliance with 
the LCR and to ensure there are no redundant data collections. Also, 
the Federal Reserve has held general discussions with financial 
institutions regarding the proposed revisions.

    Board of Governors of the Federal Reserve System, November 26, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-28351 Filed 12-1-14; 8:45 am]
BILLING CODE 6210-01-P