[Federal Register Volume 83, Number 147 (Tuesday, July 31, 2018)]
[Notices]
[Pages 36935-36937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16265]


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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.


[[Page 36936]]


SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Financial Statements for Holding Companies (FR Y-9 family of reports) 
(OMB No. 7100-0128).

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 
or by fax to (202) 395-6974.

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. 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 the extension for 
three years, with revision, of the following reports:
    Report title: Financial Statements for Holding Companies.
    Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR 
Y-9CS.
    OMB control number: 7100-0128.
    Effective Date: June 30, 2018.
    Frequency: Quarterly and semiannually.
    Respondents: Bank holding companies, savings and loan holding 
companies, securities holding companies, and U.S. intermediate holding 
companies (collectively, holding companies (HCs)).
    Estimated number of respondents: FR Y-9C (non-advanced approaches 
holding companies): 638; FR Y-9C (advanced approaches holding 
companies): 18; FR Y-9LP: 775; FR Y-9SP: 3,837 FR Y-9ES: 82; FR Y-9CS: 
236.
    Estimated average hours per response: FR Y-9C (non-advanced 
approaches holding companies): 46.29 hours; FR Y-9C (advanced 
approaches holding companies HCs): 47.54 hours; FR Y-9LP: 5.27 hours; 
FR Y-9SP: 5.40 hours; FR Y-9ES: 0.50 hours; FR Y-9CS: 0.50 hours.
    Estimated annual burden hours: FR Y-9C (non-advanced approaches 
holding companies): 118,132 hours; FR Y-9C (advanced approaches holding 
companies): 3,423 hours; FR Y-9LP: 16,337 hours; FR Y-9SP:41,440 hours; 
FR Y-9ES: 41 hours; FR Y-9CS: 472 hours.
    General description of report: The FR Y-9C, FR Y-9LP, and FR Y 9SP 
serve as standardized financial statements for the consolidated holding 
company. The FR Y-9ES is a financial statement for HCs that are 
Employee Stock Ownership Plans. The Board uses the FR Y-9CS (a free-
form supplement) to collect additional information deemed to be 
critical and needed in an expedited manner. The FR Y-9 family of 
reporting forms continues to be the primary source of financial data on 
HCs that examiners rely on between on-site inspections. Financial data 
from these reporting forms is used to detect emerging financial 
problems, review performance, conduct pre-inspection analysis, monitor 
and evaluate capital adequacy, evaluate HC mergers and acquisitions, 
and analyze an HC's overall financial condition to ensure the safety 
and soundness of its operations. The Board requires HCs to provide 
standardized financial statements to fulfill the Board's statutory 
obligation to supervise these organizations. HCs file the FRY-9C on a 
quarterly basis, the FR Y-9LP quarterly, the FR Y-9SP semiannually, the 
FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined 
when this supplement is used.
    Legal authorization and confidentiality: The FR Y-9 family of 
reports is authorized by section 5(c) of the Bank Holding Company Act 
(12 U.S.C. 1844(c)), section 10 of Home Owners' Loan Act (12 U.S.C. 
1467a(b)), section 618 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act'') (12 U.S.C. 1850a(c)(1)), 
and section 165 of the Dodd-Frank Act (12 U.S.C. 5365). The obligation 
of covered institutions to report this information is mandatory. With 
respect to the FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS, as well as 
most items on the FR Y-9C, the information collected would generally 
not be accorded confidential treatment. If confidential treatment is 
requested by a respondent, the Board will review the request to 
determine if confidential treatment is appropriate. With respect to the 
FR Y-9C, Schedule HI's item 7(g) ``FDIC deposit insurance 
assessments,'' Schedule HC-P's item 7(a) ``Representation and warranty 
reserves for 1-4 family residential mortgage loans sold to U.S. 
government agencies and government sponsored agencies,'' and Schedule 
HC-P's item 7(b) ``Representation and warranty reserves for 1-4 family 
residential mortgage loans sold to other parties'' are considered 
confidential. Such treatment is appropriate because the data is not 
publicly available and could cause substantial harm to the competitive 
position of the respondent. The public release of this confidential 
data may impair the Board's future ability to collect similarly 
confidential data. Thus, this information may be kept confidential 
under exemptions (b)(4) of the Freedom of Information Act, which 
exempts from disclosure ``trade secrets and commercial or financial 
information obtained from a person [that is] privileged or 
confidential'' (5 U.S.C. 552(b)(4)), and (b)(8) of the Freedom of 
Information Act, which exempts from disclosure information related to 
examination, operating, or condition reports prepared by, on behalf of, 
or for the use of an agency responsible for the regulation or 
supervision of financial institutions (5 U.S.C. 552(b)(8)). If 
confidential treatment is requested by a respondent for other items in 
the FR Y-9C, the Board will review the request to determine if 
confidential treatment is appropriate.
    Current Actions: On April 30, 2018, the Board published a notice in 
the Federal Register (83 FR 18843) requesting public comment for 60 
days on the extension, with revision, of the FR Y-9C report, and the 
extension, without revision, of the FR Y-9LP, FR Y-9SP, FR Y-9ES, and 
FR Y-9CS report. The Board proposed to implement a number of revisions 
to the FR Y-9C requirements, most of which were consistent with changes 
now implemented on the Federal Financial Institutions Examination 
Council (FFIEC) Consolidated Reports of Condition and Income (Call 
Reports) (FFIEC 031, FFIEC 041, and FFIEC 051; OMB No. 7100-0036). The 
proposed revisions included deleting certain data items and 
consolidating existing data items into new data items, as well as 
adding new or raising existing reporting

[[Page 36937]]

thresholds for certain data items to reduce reporting burden. The 
comment period expired June 29, 2018.

Detailed Discussion of Public Comments

    The Federal Reserve received one comment from a banking 
association. The commenter noted several inconsistencies on the FR Y-9C 
report form and one inconsistency on the instructions when compared to 
the Call Report pertaining to Schedule HC-Q Memoranda items 4.b and 
4.d, column A and Schedule HC-S Column G instructions and requested 
clarification on the proper reporting. The draft report form was 
inadvertently updated to reflect the removal of items 4.b and 4.d and a 
line item reference on the instructions for Schedule HC-S Column G was 
also inadvertently struck through. The Board has revised these items so 
that both the report form and instructions align with the Call Report. 
Additionally, the commenter noted an inconsistency between the caption 
on the report form and the caption on the instructions pertaining to 
Equity investments without readily determinable fair values on Schedule 
HC-F line item 4 on the FR Y-9C report. The Board has updated the 
instructions so that the report form and instructions align.
    The revisions will be implemented as proposed, with the 
modifications described above, effective for the June 30, 2018, report 
date.

    Board of Governors of the Federal Reserve System, July 25, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-16265 Filed 7-30-18; 8:45 am]
 BILLING CODE 6210-01-P