[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Notices]
[Pages 38202-38204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16247]


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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. 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, Nuha Elmaghrabi, 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.

SUPPLEMENTARY INFORMATION: Final approval under OMB delegated authority 
of the extension for three years, with revision, of the following 
report:
    Report title: Annual Report of Holding Companies; Annual Report of 
Foreign Banking Organizations; Report of Changes in Organizational 
Structure; Supplement to the Report of Changes in Organizational 
Structure.
    Agency form number: FR Y-6; FR Y-7; FR Y-10.
    OMB Control number: 7100-0297.
    Effective Date: The revisions to the FR Y-6 and FR Y-7 
organizational chart to fiscal year ends will be effective December 31, 
2015. Submission of existing Legal Entity Identifiers (LEI) information 
would follow the normal FR Y-6 and FR Y-7 submission deadlines (90 and 
120 days respectively). The one-time information collection to populate 
existing LEI data

[[Page 38203]]

for all FR Y-10 reportable entities (excluding branches), will be 
effective December 31, 2015, with submissions due no later than January 
30, 2016. LEIs issued after December 31, 2015, should be reported with 
30 days of the event on the appropriate FR Y-10 schedules.
    Frequency: FR Y-6: Annual; FR Y-7: Annual; FR Y-10: Event-
generated.
    Reporters: Bank holding companies (BHCs) and savings and loan 
holding companies (SLHCs) (collectively, holding companies (HCs)), 
securities holding companies, foreign banking organizations (FBOs), 
state member banks unaffiliated with a BHC, Edge Act and agreement 
corporations, and nationally chartered banks that are not controlled by 
a BHC (with regard to their foreign investments only).
    Estimated annual reporting hours: FR Y-6: 26,477 hours; FR Y-7: 972 
hours; FR Y-10 initial: 530 hours; FR Y-10 ongoing: 39,735 hours.
    Estimated average hours per response: FR Y-6: 5.5 hours; FR Y-7: 4 
hours; FR Y-10 initial: 1 hour; FR Y-10 ongoing: 2.5 hours.
    Number of respondents: FR Y-6: 4,814; FR Y-7: 243; FR Y-10 initial: 
530; FR Y-10 ongoing: 5,298.
    General description of report: These information collections are 
mandatory as follows:
    FR Y-6: Section 5(c)(1)(A) of the Bank Holding Company Act (BHC 
Act) (12 U.S.C. 1844(c)(1)(A)), sections 8(a) and 13(a) of the 
International Banking Act (IBA) (12 U.S.C. 3106(a) and 3108(a)), 
sections 11(a)(1), 25, and 25A of the Federal Reserve Act (12 U.S.C. 
248(a)(1), 602, and 611a), and sections 113, 312, 618, and 809 of the 
Dodd-Frank Act (12 U.S.C. 5361, 5412, 1850a(c)(1), and 5468(b)(1), 
respectively).
    FR Y-7: Sections 8(a) and 13(a) of the IBA (12 U.S.C. 3106(a) and 
3108(a)) and sections 113, 312, 618, and 809 of the Dodd-Frank Act (12 
U.S.C. 5361, 5412, 1850a(c)(1), and 5468(b)(1), respectively).
    FR Y-10: Sections 4(k) and 5(c)(1)(A) of the BHC Act (12 U.S.C. 
1843(k), 1844(c)(1)(A)), section 8(a) of the IBA (12 U.S.C. 3106(a)), 
sections 11(a)(1), 25(7), and 25A of the Federal Reserve Act (12 U.S.C. 
248(a)(1), 321, 601, 602, 611a, 615, and 625), and sections 113, 312, 
618, and 809 of the Dodd-Frank Act (12 U.S.C. 5361, 5412, 1850a(c)(1), 
and 5468(b)(1), respectively).
    The data collected in the FR Y-6, FR Y-7, and FR Y-10 are not 
considered confidential. With regard to information that a banking 
organization may deem confidential, the institution may request 
confidential treatment of such information under one or more of the 
exemptions in the Freedom of Information Act (FOIA) (5 U.S.C. 552). The 
most likely case for confidential treatment will be based on FOIA 
exemption 4, which permits an agency to exempt from disclosure ``trade 
secrets and commercial or financial information obtained from a person 
and privileged and confidential,'' (5 U.S.C. 552(b)(4)). To the extent 
an institution can establish the potential for substantial competitive 
harm, such information would be protected from disclosure under the 
standards set forth in National Parks & Conservation Association v. 
Morton, 498 F.2d 765 (D.C. Cir. 1974). Exemption 6 of FOIA might also 
apply with regard to the respondents' submission of non-public personal 
information of owners, shareholders, directors, officers and employees 
of respondents. Exemption 6 covers ``personnel and medical files and 
similar files the disclosure of which would constitute a clearly 
unwarranted invasion of personal privacy,'' (5 U.S.C. 552(b)(6)). All 
requests for confidential treatment would need to be reviewed on a 
case-by-case basis and in response to a specific request for 
disclosure.
    Abstract: The FR Y-6 is an annual information collection submitted 
by top-tier HCs and non-qualifying 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), the Home Owners' Loan Act (HOLA), and Regulation LL (12 CFR 238).
    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 FR Y-7 collects financial, 
organizational, and managerial information. 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.
    The FR Y-10 is an event-generated information collection submitted 
by FBOs; top-tier HCs; security holding companies as authorized under 
Section 618 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (12 U.S.C. 1850a(c)(1)); state member banks 
unaffiliated with a BHC; Edge Act and agreement corporations that are 
not controlled by a member bank, a domestic BHC, or a 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.
    Current Actions: On March 20, 2015, the Federal Reserve published a 
notice in the Federal Register (80 FR 15009) requesting public comment 
for 60 days on the revision, with extension, of the FR Y-6, FR Y-7, and 
FR Y-10. The comment period for this notice expired on May 19, 2015. 
The Federal Reserve received three comment letters regarding the 
proposed revision to the FR Y-6, FR Y-7, and FR Y-10 from one industry 
association and two banking associations. All commenters expressed 
support for the proposal. One commenter urged the Federal Reserve to 
expand the LEI collection to require an LEI from all entities even if 
an LEI had not already been assigned. Two commenters requested 
clarification of the method to collect the one-time submission and also 
requested the effective date for the revisions be delayed to December 
31, 2015.

Detailed Discussion of Comments

    In March 2015, the Federal Reserve proposed to collect the LEI for 
all banking and nonbanking legal entities reportable on the Banking, 
Non-Banking, SLHC, and 4K schedules (not the Branch schedules) of the 
FR Y-10 and on the Organization Chart section of the FR Y-6 and FR Y-7 
if one has already been issued for the reportable entity at the time of 
collection. The Federal Reserve did not propose to require an LEI to be 
obtained for the sole purpose of reporting the LEI on the FR Y-6, FR Y-
7, and FR Y-10. One commenter urged the Federal Reserve to expand the 
LEI collection to require an LEI from all entities even if an LEI had 
not already been assigned. The Federal Reserve understands the benefit 
of the LEI to uniquely identify parties to financial transactions, but 
will not mandate it at this time due to the burden on institutions, and 
especially small institutions.
    Two commenters also requested clarification of the format for the 
submission of the one-time collection of the LEI. One commenter asked 
that the Federal Reserve provide an Excel spreadsheet listing all 
eligible legal entities. The appropriate Reserve Bank will provide each 
top-tier institution with an Excel spreadsheet populated with the legal 
name and RSSD number for each entity within an organization's tier 
structure. Institutions will be able to

[[Page 38204]]

enter the LEI for those entities that already have one.
    Two commenters requested a delay of the implementation of the 
proposed collection of the LEI from the top-tier holding company and 
any of its subsidiaries that already have an LEI due to the complex and 
manual validation process. One commenter stated that reporters are 
often not the majority interest holders for a reportable entity, and 
thus not responsible for registering the LEI for these entities. 
Obtaining LEI's for these legal entities would require contacting each 
majority interest holder separately to ascertain if the entity has an 
LEI. Therefore, they requested that the effective date be delayed from 
June 30, 2015, to December 31, 2015. After consideration of these 
comments, the Federal Reserve will delay the effective date of the 
revisions to the FR Y-6 and FR Y-7 organizational chart to fiscal year 
ends beginning December 31, 2015. Submission of existing LEI 
information will follow the normal FR Y-6 and FR Y-7 submission 
deadlines (90 and 120 days respectively). The one-time information 
collection to populate existing LEI data for all FR Y-10 reportable 
entities (excluding branches), will also be effective December 31, 
2015, with submissions due no later than January 30, 2016. LEIs issued 
after December 31, 2015, should be reported with 30 days of the event 
on the appropriate FR Y-10 schedules.
    One commenter provided additional comments outside the scope of the 
current proposal. The Federal Reserve will investigate each comment and 
give consideration to these comments when the Federal Reserve next 
revises the reports.
    Final approval under OMB delegated authority of 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: Bank holding companies (BHCs) and savings and loan 
holding companies (SLHCs) (collectively, holding companies (HCs)), 
securities holding companies, foreign banking organizations (FBOs), 
state member banks unaffiliated with a BHC, Edge Act and agreement 
corporations, and nationally chartered banks that are not controlled by 
a BHC (with regard to their foreign investments only).
    Estimated annual reporting hours: 2,649 hours.
    Estimated average hours per response: 0.5 hours.
    Number of respondents: 5,298.
    General description of report: These information collections are 
mandatory as follows: Sections 4(k) and 5(c)(1)(A) of the BHC Act (12 
U.S.C. 1843(k), 1844(c)(1)(A)), section 8(a) of the IBA (12 U.S.C. 
3106(a)), sections 11(a)(1), 25(7), and 25A of the Federal Reserve Act 
(12 U.S.C. 248(a)(1), 321, 601, 602, 611a, 615, and 625), and sections 
113, 312, 618, and 809 of the Dodd-Frank Act (12 U.S.C. 5361, 5412, 
1850a(c)(1), and 5468(b)(1), respectively).
    The data collected in the FR Y-10E are not considered confidential. 
With regard to information that a banking organization may deem 
confidential, the institution may request confidential treatment of 
such information under one or more of the exemptions in the Freedom of 
Information Act (FOIA) (5 U.S.C. 552). The most likely case for 
confidential treatment will be based on FOIA exemption 4, which permits 
an agency to exempt from disclosure ``trade secrets and commercial or 
financial information obtained from a person and privileged and 
confidential,'' (5 U.S.C. 552(b)(4)). To the extent an institution can 
establish the potential for substantial competitive harm, such 
information would be protected from disclosure under the standards set 
forth in National Parks & Conservation Association v. Morton, 498 F.2d 
765 (D.C. Cir. 1974). Exemption 6 of FOIA might also apply with regard 
to the respondents' submission of non-public personal information of 
owners, shareholders, directors, officers and employees of respondents. 
Exemption 6 covers ``personnel and medical files and similar files the 
disclosure of which would constitute a clearly unwarranted invasion of 
personal privacy,'' (5 U.S.C. 552(b)(6)). All requests for confidential 
treatment would need to be reviewed on a case-by-case basis and in 
response to a specific request for disclosure.
    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 March 20, 2015, the Federal Reserve published a 
notice in the Federal Register (80 FR 15009) requesting public comment 
for 60 days on the extension, without revision, of the FR Y-10E. The 
comment period for this notice expired on May 19, 2015. The Federal 
Reserve did not receive any comments. The information collection will 
be extended for three years, without revision, as proposed.

    Board of Governors of the Federal Reserve System: June 26, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-16247 Filed 7-1-15; 8:45 am]
 BILLING CODE 6210-01-P