[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3145-3146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01150]


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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: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) is adopting a proposal to extend for three years, with 
revision, the following mandatory reports:
    (1) The Financial Statements of U.S. Nonbank Subsidiaries of U.S. 
Holding Companies (FR Y-11; OMB No. 7100-0244),
    (2) the Abbreviated Financial Statements of U.S. Nonbank 
Subsidiaries of U.S. Holding Companies (FR Y-11S; OMB No. 7100-0244),
    (3) the Financial Statements of Foreign Subsidiaries of U.S. 
Banking Organizations (FR 2314; OMB No. 7100-0073), and
    (4) the Abbreviated Financial Statements of Foreign Subsidiaries of 
U.S. Banking Organizations (FR 2314S; OMB No. 7100-0073).

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: 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. 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.
    Final approval under OMB delegated authority of 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 Number of Respondents: FR Y-11 (quarterly): 634; FR Y-11 
(annual): 230; 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.
    Estimated Annual Reporting Hours: FR Y-11 (quarterly): 17,244; FR 
Y-11 (annual): 1,564; FR Y-11S: 299.
    General Description of Information Collection: 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 described 
in the instructions to the reports. 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.
    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.

[[Page 3146]]

    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 described in the instructions to the reports. 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.
    Current Actions: On July 18, 2017, the Board published a notice in 
the Federal Register (82 FR 43367) requesting public comment on the 
extension for three years with revision of the FR Y-11, FR Y-11S, FR 
2314, and the FR 2314S. The Board proposed 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,'' in accordance with revised accounting 
standards issued by the Financial Accounting Standards Board in ASU No. 
2015-01, ``Simplifying Income Statement Presentation by Eliminating the 
Concept of Extraordinary Items.'' In addition, the terms ``Loans net of 
unearned income'' and ``Loans held for investment'' are being used 
interchangeably throughout certain regulatory reports although both 
descriptions are intended to have the same reported amounts. Consistent 
with the Call Report, the Federal Reserve is revising the captions and 
instructions ``Loans net of unearned income'' and replace with ``Loans 
held for investment'' on all reports where applicable for clarity and 
internal consistency. The proposal was amended September 11, 2017, to 
extend the proposed implementation date from September 30, 2017, to 
March 31, 2018. The comment period expired on September 18, 2017, and 
no comments were received. The revisions will be implemented as 
proposed.
    Legal Authorization and Confidentiality: The Board has the 
authority to collect the information requested on the FR Y-11 series of 
reports and the FR 2314 series of reports from bank holding companies, 
savings and loan holding companies (SLHCs), securities holding 
companies, and intermediate holding companies (IHCs) under, 
respectively, section 5(c) of the Bank Holding Company Act (BHC Act), 
(12 U.S.C. 1844(c)) (BHCs and IHCs); the Homeowners' Loan Act, (12 
U.S.C. 1467a(b)(2)) (SLHCs); section 165 of the Dodd-Frank Act, (12 
U.S.C. 5365) (IHCs only); and section 618 of the Dodd-Frank Act, (12 
U.S.C. 850a) (securities holding companies). 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. The Federal Reserve does not consider the data collected 
by the FR Y-11 series of reports or FR 2314 series of reports 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 be determined on a case-by-case basis.

    Board of Governors of the Federal Reserve System, January 18, 
2018.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2018-01150 Filed 1-22-18; 8:45 am]
 BILLING CODE 6210-01-P