[Federal Register Volume 83, Number 84 (Tuesday, May 1, 2018)]
[Notices]
[Pages 19062-19064]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09083]


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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) 
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, and the Abbreviated Financial Statements of U.S. Nonbank 
Subsidiaries of U.S. Holding Companies (FR Y-11 and FR Y-11S; OMB No. 
7100-0244); the Financial Statements of Foreign Subsidiaries of U.S. 
Banking Organizations and the Abbreviated Financial Statements of 
Foreign Subsidiaries of U.S. Banking Organizations (FR 2314 and FR 
2314S; OMB No. 7100-0073); and the Financial Statements of U.S. Nonbank 
Subsidiaries Held by Foreign Banking Organizations, Abbreviated 
Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign 
Banking Organizations, and the Capital and Asset Report of Foreign 
Banking Organizations (FR Y-7N, FR Y-7NS, and FR Y-Q; OMB No. 7100-
0125).

DATES: Comments must be submitted on or before July 2, 2018.

ADDRESSES: You may submit comments, identified by FR Y-11, FR 2314, or 
FR Y-7N by any of the following methods:
     Agency Website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     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 website 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. For security 
reasons, the Board requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 452-3684. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    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 website 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 June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve 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 provide the public with reasonable opportunity to 
comment. In determining whether to approve a collection of information, 
the Board will consider all comments received from the public and other 
agencies.

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

[[Page 19063]]

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 proposal.
    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: Domestic bank holding companies, savings and loan 
holding companies, securities holding companies, and intermediate 
holding companies (collectively, ``holding companies'').
    Estimated annual reporting hours: FR Y-11 (quarterly): 12,539; FR 
Y-11 (annual): 1,299; FR Y-11S: 287.
    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): 461; FR Y-11 (annual): 
191; FR Y-11S: 287.
    General Description of Report: The FR Y-11 family of reports 
collects financial information for individual U.S. nonbank subsidiaries 
of domestic holding companies, which is essential for monitoring the 
subsidiaries' potential impact on the condition of the holding company 
or its subsidiary banks. 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.
    Legal authorization and confidentiality: The Board has the 
authority to require BHCs and any subsidiary thereof, savings and loan 
holding companies and any subsidiary thereof, and securities holding 
companies and any affiliate thereof to file the FR Y-11 pursuant to, 
respectively, 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)), and section 618 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (``Dodd-Frank Act'') (12 U.S.C. 
1850a). With respect to FBOs and their subsidiary IHCs, section 5(c) of 
the BHC Act, in conjunction with section 8 of the International Banking 
Act (12 U.S.C. 3106), authorizes the board to require FBOs and any 
subsidiary thereof to file the FR Y-11 reports. These reports are 
mandatory.
    Information collected in these reports generally is not considered 
confidential. However, because the information is collected as part of 
the Board's supervisory process, certain information may be afforded 
confidential treatment pursuant to exemption 8 of the Freedom of 
Information Act (``FOIA''). (5 U.S.C. 552(b)(8)). Individual 
respondents may request that certain data be afforded confidential 
treatment pursuant to exemption 4 of FOIA if the data has not 
previously been publically disclosed and the release of the data would 
likely cause substantial harm to the competitive position of the 
respondent. (5 U.S.C. 552(b)(4)). Additionally, individual respondents 
may request that personally identifiable information be afforded 
confidential treatment pursuant to exemption 6 of FOIA if the release 
of the information would constitute a clearly unwarranted invasion of 
personal privacy. (5 U.S.C. 552(b)(6)). The applicability of FOIA 
exemptions 4 and 6 would be determined on a case-by-case basis.
    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, BHCs, SLHCs, IHCs, and Edge or 
agreement corporations.
    Estimated annual reporting hours: FR 2314 (quarterly): 12,514; FR 
2314 (annual): 1,485; FR 2314S: 297.
    Estimated average hours per response: FR 2314 (quarterly): 6.8; FR 
2314 (annual): 6.8; FR 2314S: 1.
    Number of respondents: FR 2314 (quarterly): 474; FR 2314 (annual): 
225; FR 2314S: 297.
    General description of report: The FR 2314 family of reports is the 
only source of comprehensive and systematic data on the assets, 
liabilities, and earnings of the foreign nonbank subsidiaries of U.S. 
banking organizations, and the data are used to monitor the growth, 
profitability, and activities of these foreign companies. The data help 
the Federal Reserve identify present and potential problems of these 
companies, monitor their activities in specific countries, and develop 
a better understanding of activities within the industry and within 
specific institutions. 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.
    Legal authorization and confidentiality: The Board has the 
authority to require BHCs and any subsidiary thereof, savings and loan 
holding companies and any subsidiary thereof, and securities holding 
companies and any affiliate thereof to file the FR 2314 pursuant to, 
respectively, 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)), and section 618 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (``Dodd-Frank Act'') (12 U.S.C. 
1850a). The Board has the authority to require SMBs, agreement 
corporations, and Edge corporations to file the FR 2314 pursuant to, 
respectively, sections 9(6), 25(7), and 25A(17) of the Federal Reserve 
Act (12 U.S.C. 324, 602, and 625). With respect to FBOs and their 
subsidiary IHCs, section 5(c) of the BHC Act, in conjunction with 
section 8 of the International Banking Act (12 U.S.C. 3106), authorizes 
the board to require FBOs and any subsidiary thereof to file the FR 
2314 reports. These reports are mandatory.
    Information collected in these reports generally is not considered 
confidential. However, because the information is collected as part of 
the Board's supervisory process, certain information may be afforded 
confidential treatment pursuant to exemption 8 of FOIA. (5 U.S.C. 
552(b)(8)). Individual respondents may request that certain data be 
afforded confidential treatment pursuant to exemption 4 of FOIA if the 
data has not previously been publically disclosed and the release of 
the data

[[Page 19064]]

would likely cause substantial harm to the competitive position of the 
respondent. (5 U.S.C. 552(b)(4)). Additionally, individual respondents 
may request that personally identifiable information be afforded 
confidential treatment pursuant to exemption 6 of FOIA if the release 
of the information would constitute a clearly unwarranted invasion of 
personal privacy. (5 U.S.C. 552(b)(6)). The applicability of FOIA 
exemptions 4 and 6 would be determined on a case-by-case basis.
    3. Report title: The Financial Statements of U.S. Nonbank 
Subsidiaries Held by Foreign Banking Organizations, Abbreviated 
Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign 
Banking Organizations, and the Capital and Asset Report of Foreign 
Banking Organizations.
    Agency form number: FR Y-7N, FR Y-7NS, and FR Y-7Q.
    OMB control number: 7100-0125.
    Frequency: Quarterly and annually.
    Reporters: Foreign bank organizations (FBOs).
    Estimated annual reporting hours: FR Y-7N (quarterly): 1,224; FR Y-
7N (annual): 156; FR Y-7NS: 31; FR Y-7Q (quarterly): 1,632; FR Y-7Q 
(annual): 48.
    Estimated average hours per response: FR Y-7N (quarterly): 6.8; FR 
Y-7N (annual): 6.8; FR Y-7NS: 1; FR Y-7Q (quarterly): 3; FR Y-7Q 
(annual): 1.5.
    Number of respondents: FR Y-7N (quarterly): 45; FR Y-7N (annual): 
23 FR Y-7NS: 31; FR Y-7Q (quarterly): 136; FR Y-7Q (annual): 32.
    General Description of Report: The FR Y-7N and the FR Y-7NS are 
used 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. FBOs file the FR Y- 7N quarterly or annually or the FR Y- 
7NS annually predominantly based on asset size thresholds. The FR Y-7Q 
is used to assess consolidated regulatory capital and asset information 
from all FBOs. The FR Y-7Q is filed quarterly by FBOs that have 
effectively elected to become or be treated as a U.S. financial holding 
company (FHC) and by FBOs that have total consolidated assets of $50 
billion or more, regardless of FHC status. All other FBOs file the FR 
Y-7Q annually.
    Legal authorization and confidentiality: With respect to FBOs and 
their subsidiary IHCs, section 5(c) of the BHC Act, in conjunction with 
section 8 of the International Banking Act (12 U.S.C. 3106), authorizes 
the board to require FBOs and any subsidiary thereof to file the FR Y-
7N reports, and the FR Y-7Q.
    Information collected in these reports generally is not considered 
confidential. However, because the information is collected as part of 
the Board's supervisory process, certain information may be afforded 
confidential treatment pursuant to exemption 8 of FOIA. (5 U.S.C. 
552(b)(8)). Individual respondents may request that certain data be 
afforded confidential treatment pursuant to exemption 4 of FOIA if the 
data has not previously been publically disclosed and the release of 
the data would likely cause substantial harm to the competitive 
position of the respondent. (5 U.S.C. 552(b)(4)). Additionally, 
individual respondents may request that personally identifiable 
information be afforded confidential treatment pursuant to exemption 6 
of FOIA if the release of the information would constitute a clearly 
unwarranted invasion of personal privacy. (5 U.S.C. 552(b)(6)). The 
applicability of FOIA exemptions 4 and 6 would be determined on a case-
by-case basis.
    Proposed revisions: Under the proposal, revisions would be made to 
the FR Y-11, FR 2314, and FR Y-7N report forms and instructions that 
are consistent with certain changes to the FR Y-9 family of reports 
(OMB No. 7100-0128) and the Federal Financial Institutions Examination 
Council (FFIEC) Consolidated Reports of Condition and Income (Call 
Reports) (FFIEC 031, 041, and 051; OMB No. 7100-0036).\1\ Specifically, 
the proposed changes would (1) add a new data item to the balance sheet 
to separate and reclassify equity securities with readily determinable 
fair values from the ``available for sale'' category in accordance with 
Accounting Standards update (ASU) No. 2016-01, ``Recognition and 
Measurement of Financial Assets and Financial Liabilities,'' and (2) 
add new data items to the income statement to reflect the proper 
reporting of income associated with these securities. These revisions 
would be effective for reports reflecting the June 30, 2018, report 
date. The Board is not proposing any revisions to the Abbreviated 
Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding 
Companies (FR Y-11S), the Abbreviated Financial Statements of Foreign 
Subsidiaries of U.S. Banking Organizations (FR 2314S), the Abbreviated 
Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign 
Banking Organizations (FR Y-7NS), and the Capital and Asset Report for 
Foreign Banking Organizations (FR Y-7Q).
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    \1\ See 83 Federal Register 939 (January 08, 2018).

     Board of Governors of the Federal Reserve System, April 25, 
2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-09083 Filed 4-30-18; 8:45 am]
BILLING CODE 6210-01-P