[Federal Register Volume 82, Number 178 (Friday, September 15, 2017)]
[Notices]
[Pages 43367-43368]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19568]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Revision to proposal.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) has modified its proposal to extend for three years, 
with revision, the Consolidated Financial Statements for Holding 
Companies (FR Y-9C) (OMB No. 7100-0128), the Parent Company Only 
Financial Statements for Large Holding Companies (FR Y-9LP) (OMB No. 
7100-0128), the Parent Company Only Financial Statements for Small 
Holding Companies (FR Y-9SP) (OMB No. 7100-0128), the Financial 
Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking 
Organizations (FR Y-7N) (OMB No. 7100-0125), the Consolidated Report of 
Condition and Income for Edge and Agreement Corporations (FR 2886b) 
(OMB No. 7100-0086), the Financial Statements of U.S. Nonbank 
Subsidiaries of U.S. Holding Companies (FR Y-11) (OMB No. 7100-0244), 
and the Financial Statements of Foreign Subsidiaries of U.S. Banking 
Organizations (FR 2314) (OMB No. 7100-0073). The Board has changed the 
implementation date for reporting the proposed revisions from September 
30, 2017, to March 31, 2018.

DATES: The proposed collection of information is amended effective 
September 11, 2017, however the public comment period shall terminate 
on September 18, 2017.

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: On July 18, 2017, the Federal Reserve 
requested comment on two proposals. The first proposed to (1) extend 
for three years the FR Y-9 family of reports (FR Y-9C, FR Y-9LP, FR Y-
9SP, FR Y-9ES, and FR Y-9CS), the FR Y-7N family of reports (FR Y-7N, 
FR Y-7NS, and FR Y-7Q), and the FR 2886b report; \1\ (2) delete certain 
existing data items and make other targeted revisions to the FR Y-9C 
report; (3) remove from the FR Y-9LP, the FR Y-7N, and the FR 2886b 
reports the term ``extraordinary items'' and replace it with 
``discontinued operations'' to be consistent with recent accounting 
changes; (4) reclassify and clarify the reporting for certain tax 
benefits on all applicable reports; (5) add one new data item to the FR 
Y-9SP report; and (6) replace references to ``loans net of unearned 
income'' with ``loans held for investment'' on all applicable 
reports.\2\ The second proposal would (1) extend for three years the FR 
Y-11 family of reports (FR Y-11 and the FR Y-11S) and the FR 2314 
family of reports (FR 2314 and the FR 2314S); \3\ (2) remove from these 
reports the term ``extraordinary items'' and replace it with 
``discontinued operations'' to be consistent with recent accounting 
changes and (3) replace references to ``loans net of unearned income'' 
with ``loans held for

[[Page 43368]]

investment'' on all applicable reports.\4\ As originally proposed, both 
proposals would be effective for reports submitted on or after October 
1, 2017, beginning with the reports reflecting the September 30, 2017, 
report date. The comment period for both proposals ends September 18, 
2017.
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    \1\ The FR Y-9 family of reporting forms are the primary source 
of financial data on bank holding companies (BHCs), savings and loan 
holding companies (SLHCs), securities holding companies (SHCs), and 
U.S. Intermediate Holding Companies (IHCs) (collectively, holding 
companies (HCs)). The FR Y-7N family of reporting forms collect 
financial information for non-functionally regulated U.S. nonbank 
subsidiaries held by foreign banking organizations (FBOs) other than 
through a BHC, IHC, or U.S. bank. The FR 2886b reporting form 
collects financial data from banking Edge and agreement corporations 
and investment (nonbanking) Edge and agreement corporations 
(collectively, Edges or Edge corporations).
    \2\ See 82 FR 32812 (July 18, 2017).
    \3\ The FR Y-11 reporting forms collect financial information 
for individual non-functionally regulated U.S. nonbank subsidiaries 
of domestic holding companies. The FR 2314 reporting forms collect 
financial information for non-functionally regulated direct or 
indirect foreign subsidiaries of U.S. state member banks, Edge and 
agreement corporations, and holding companies.
    \4\ See 82 FR 32814 (July 18, 2017).
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    The Federal Reserve received a comment letter from a banking 
association that, while expressing support for the FR Y-9C proposed 
changes, urged the Federal Reserve to have the FR Y-9C revisions 
incorporated into the March 31, 2018, report date (rather than the 
September 30, 2017, report date) to harmonize the proposed changes with 
the proposed changes to the Federal Financial Institutions Examination 
Council (FFIEC) Consolidated Reports of Condition and Income (Call 
Reports) (FFIEC 031 & 041; OMB No. 7100-0036) that are filed by insured 
depository institutions.
    The Federal Reserve agrees with the commenter's suggestion. The 
Federal Reserve also believes that making the proposed changes 
effective with the reports reflecting the March 31, 2018, report date, 
which are submitted on or after April 1, 2018, would give institutions 
ample notice to prepare for the revisions and would minimize burden by 
allowing institutions to prepare their systems once for these proposed 
changes and any future burden reducing changes targeted for that report 
date. Finally, the Federal Reserve believes that notifying the public 
of this deferral prior to the end of the comment period would minimize 
the burden on institutions associated with system changes and other 
processes necessary to implement the reporting changes.
    Consequently, in order to avoid any undue hardships to holding 
companies in meeting the October 1, 2017, implementation date, the 
Federal Reserve recommends amending the proposals to extend, with 
revision, the FR Y-9 family of reports, the FR Y-7N family of reports, 
and the FR 2886b report to make the proposed changes effective for 
reports submitted on or after April 1, 2018, beginning with the reports 
reflecting the March 31, 2018, report date. Because the proposed 
revisions to the FR Y-11 family of reports and the FR 2314 family of 
reports align with the FR Y-9C reporting changes, the Federal Reserve 
also recommends deferring the proposed implementation date for these 
revisions. These modifications also would be effective for reports 
reflecting the March 31, 2018, report date, which are submitted on or 
after April 1, 2018. Amending the proposals would not require an 
extension of the proposals' comment period, the end of which would 
continue to be September 18, 2017.

    Board of Governors of the Federal Reserve System, September 11, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-19568 Filed 9-14-17; 8:45 am]
 BILLING CODE 6210-01-P