[Federal Register Volume 82, Number 136 (Tuesday, July 18, 2017)]
[Notices]
[Pages 32814-32816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-15044]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) invites comment on a proposal to extend for three 
years, with revision, the Financial Statements of U.S. Nonbank 
Subsidiaries of U.S. Holding Companies (FR Y-11; OMB No. 7100-0244), 
the Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of 
U.S. Holding Companies (FR Y-11S; OMB No. 7100-0244), the Financial 
Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 
2314; OMB No. 7100-0073), and the Abbreviated Financial Statements of 
Foreign Subsidiaries of U.S. Banking Organizations (FR 2314S; OMB No. 
7100-0073).
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to approve of and assign OMB control numbers to collection of 
information requests and requirements conducted or sponsored by the 
Board. In exercising this delegated authority, the Board is directed to 
take every reasonable step to solicit comment. In determining whether 
to approve a collection of information, the Board will consider all

[[Page 32815]]

comments received from the public and other agencies.

DATES: Comments must be submitted on or before September 18, 2017.

ADDRESSES: You may submit comments, identified by FR Y-11, FR Y-11S, FR 
2314, or FR 2314S, 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: Ann E. Misback, 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 Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on all aspects of the proposal, 
including:
    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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposed revisions prior to giving final 
approval.

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

    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): 17,244; FR 
Y-11 (annual): 1,564; FR Y-11S: 299.
    Estimated average hours per response: FR Y-11 (quarterly): 6.8; FR 
Y-11 (annual): 6.8; FR Y-11S: 1.
    Number of respondents: FR Y-11 (quarterly): 634; FR Y-11 (annual): 
230; FR Y-11S: 299.
    General Description of Report: 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, securities holding 
companies, and intermediate holding companies). Holding companies file 
the FR Y-11 on a quarterly or annual basis or the FR Y-11S on an annual 
basis, predominantly based on whether the organization meets certain 
asset size thresholds. 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.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that the FR Y-11 series of reports are mandatory and the 
collection of these reports from bank holding companies, savings and 
loan holding companies, securities holding companies, and intermediate 
holding companies (IHCs) is authorized under: Section 5(c) of the Bank 
Holding Company Act (BHC Act) (12 U.S.C. 1844(c)); section 10(b) of the 
Homeowners' Loan Act (12 U.S.C. 1467a(b)(2)); section 165 of the Dodd-
Frank Act (12 U.S.C. 5365)(IHCs only); sections 8 and 13 of the 
International Banking Act (12 U.S.C. 3106, 3108); and section 618 of 
the Dodd-Frank Act, (12 U.S.C. 1850a). 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.
    Proposed revisions: The Federal Reserve is proposing to revise the 
instructions for Schedule IS and related line item captions on the 
reporting form to remove the term ``extraordinary items'' and replace 
it with ``discontinued operations'' on the Financial Statements of U.S. 
Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11), effective for 
reports submitted on or after October 1, 2017, beginning with the 
reports reflecting the September 30, 2017 report date. This reflects 
ASU No. 2015-01, ``Simplifying Income Statement Presentation by 
Eliminating the Concept of Extraordinary Items,'' issued by the 
Financial Accounting Standards Board in 2015. Additionally, the Federal 
Reserve proposes to replace report form captions and instructions 
referencing ``Loans net of unearned income'' with

[[Page 32816]]

``Loans held for investment'' where applicable.
    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.
    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): 13,807; FR 
2314 (annual): 1,690; FR 2314S: 322.
    Estimated average hours per response: FR 2314 (quarterly): 6.6; FR 
2314 (annual): 6.6; FR 2314S: 1.
    Number of respondents: FR 2314 (quarterly): 523; FR 2314 (annual): 
256; FR 2314S: 322.
    General Description of Report: 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, securities holding 
companies, and intermediate 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 on an annual 
basis, predominantly based on whether the organization meets certain 
asset size thresholds. 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.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that the FR 2314 series of reports is mandatory and the 
collection of these reports from bank holding companies, savings and 
loan holding companies, securities holding companies, and intermediate 
holding companies (IHCs) is authorized under: Section 5(c) of the Bank 
Holding Company Act (BHC Act) (12 U.S.C. 1844(c)); section 10(b) of the 
Homeowners' Loan Act, (12 U.S.C. 1467a(b)(2)); section 165 of the Dodd-
Frank Act, (12 U.S.C. 5365)(IHCs only); sections 8 and 13 of the 
International Banking Act (12 U.S.C. 3106, 3108); and section 618 of 
the Dodd-Frank Act, (12 U.S.C. 1850a). Collection of information from 
non-functionally regulated direct or indirect foreign subsidiaries of 
U.S. state member banks, Edge and agreement corporations filing the FR 
2314 series of reports is authorized under sections 9(6), 25(7) and 
25A(17) of the Federal Reserve Act, (12 U.S.C. 324, 602, and 625), 
respectively. 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.
    Proposed revisions: The Federal Reserve is proposing to revise the 
instructions for Schedule IS and related line item captions on the 
reporting form to remove the term ``extraordinary items'' and replace 
it with ``discontinued operations'' on the Financial Statements of 
Foreign Subsidiaries of U.S. Banking Organizations (FR 2314), effective 
for reports submitted on or after October 1, 2017, beginning with the 
reports reflecting the September 30, 2017 report date. This reflects 
ASU No. 2015-01, ``Simplifying Income Statement Presentation by 
Eliminating the Concept of Extraordinary Items,'' issued by the 
Financial Accounting Standards Board in 2015. Additionally, the Federal 
Reserve proposes to replace report form captions and instructions 
referencing ``Loans net of unearned income'' with ``Loans held for 
investment'' where applicable.

    Board of Governors of the Federal Reserve System, July 12, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-15044 Filed 7-17-17; 8:45 am]
BILLING CODE 6210-01-P