[Federal Register Volume 80, Number 130 (Wednesday, July 8, 2015)]
[Notices]
[Pages 39117-39118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16631]


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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), 
to approve of and assign OMB numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA 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 number.

DATES: Comments must be submitted on or before September 8, 2015.

ADDRESSES: You may submit comments, identified by FR Y-16, by any of 
the following methods:
     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 
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC 
20006 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 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.

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 is 
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;

[[Page 39118]]

    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 report:
    Report title: Annual Company-Run Stress Test Report for $10-50 
Billion Companies.
    Agency form number: FR Y-16.
    OMB control number: 7100-0356.
    Frequency: Annual.
    Reporters: Bank holding companies (BHCs) and savings and loan 
holding companies (SLHCs) with average total consolidated assets of 
greater than $10 billion but less than $50 billion, and any affiliated 
or unaffiliated state member bank (SMB) with average total consolidated 
assets of more than $10 billion but less than $50 billion excluding SMB 
subsidiaries of covered companies.
    Estimated annual reporting hours: BHCs: 24,388 hours; SLHCs: 3,283 
hours; SMBs: 4,690 hours; One-time implementation: 7,200 hours.
    Estimated average hours per response: BHCs: 469 hours; SLHCs: 469 
hours; SMBs: 469 hours; One-time implementation: 3,600 hours.
    Number of respondents: BHCs: 52; SLHCs: 7; SMBs: 10; One-time 
implementation: 2.
    General description of report: This information collection is 
authorized pursuant section 165(i)(2) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act), which specifically 
authorizes the Board to issue regulations implementing the annual 
stress testing requirements for its supervised institutions (12 U.S.C. 
5365(i)(2)(C)). More generally, with respect to BHCs, section 5(c) of 
the Bank Holding Company Act (12 U.S.C. 1844(c)), authorizes the Board 
to require a BHC and any subsidiary ``to keep the Board informed as 
to--(i) its financial condition, [and] systems for monitoring and 
controlling financial and operating risks . . . .'' Section 9(6) of the 
Federal Reserve Act (12 U.S.C. 324), requires SMBs to make reports of 
condition to their supervising Reserve Bank in such form and containing 
such information as the Board may require. Finally, with respect to 
SLHCs, under section 312 of the Dodd-Frank Act (12 U.S.C. 5412), the 
Board succeeded to all powers and authorities of the Office of Thrift 
Supervision, U.S. Department of the Treasury, and its Director, 
including the authority to require SLHCs to ``file . . . such reports 
as may be required . . . in such form and for such periods as the 
[agency] may prescribe'' (12 U.S.C. 1467a(b)(2)).
    The obligation to respond is mandatory. Section 165(i)(2)(A) 
provides that ``financial companies that have total consolidated assets 
[meeting the asset thresholds] . . . and are regulated by a primary 
Federal financial regulatory agency shall conduct annual stress 
tests.'' Section 165(i)(2)(B) provides that a company required to 
conduct annual stress tests ``shall submit a report to the Board and to 
its primary financial regulatory agency at such time, in such form, and 
containing such information as the primary financial regulatory agency 
shall require'' (12 U.S.C. 5365(i)(2)(B)).
    As noted under section 165(i)(2)(C)(iv), companies conducting 
annual stress tests under these provisions are ``require[d] . . . to 
publish a summary of the results of the required stress tests.'' (12 
U.S.C. 5365(i)(2)(C)(iv)). Regarding the information collected by the 
Board, however, as such information will be collected as part of the 
Board's supervisory process, it may be accorded confidential treatment 
under Exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C. 
552(b)(8)). This information also is the type of confidential 
commercial and financial information that may be withheld under 
Exemption 4 of FOIA (5 U.S.C. 552(b)(4)).
    Abstract: The annual FR Y-16 report collects quantitative 
projections of revenues, losses, assets, liabilities, and capital 
across three scenarios provided by the Board (baseline, adverse, and 
severely adverse) and qualitative supporting information on the 
methodologies and processes used to develop these internal projections. 
The FR Y-16 collects data through two primary schedules: (1) The 
Results Schedule (which includes the quantitative results of the stress 
tests under the baseline, adverse, and severely adverse scenarios for 
each quarter of the planning horizon) and (2) the Scenario Variables 
Schedule. In addition, respondents are required to submit a summary of 
the qualitative information supporting its quantitative projections. 
The qualitative supporting information must include:
     A description of the types of risks included in the stress 
test;
     a summary description of the methodologies used in the 
stress test;
     an explanation of the most significant causes for the 
changes in regulatory capital ratios, and
     the use of the stress test results.
    Current Actions: Board staff proposes the following revisions and 
clarifications to the FR Y-16 report, effective for the 2016 stress 
test cycle: (1) Change the report as-of date from September 30 to 
December 31, (2) change the reporting submission or due date from March 
to July, and (3) modify the reporting instructions to clarify a number 
of items.

    Board of Governors of the Federal Reserve System, July 1, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-16631 Filed 7-7-15; 8:45 am]
 BILLING CODE 6210-01-P