[Federal Register Volume 83, Number 153 (Wednesday, August 8, 2018)]
[Notices]
[Pages 39091-39093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16916]


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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.

ACTION: Notice.

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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 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: The revisions became effective for reports reflecting the June 
30, 2018, report date.

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 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 Board 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, of the Following Reports:

    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 (BHCs), savings and loan 
holding companies (SLHCs), securities holding companies, and 
intermediate holding companies (IHCs) (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, SLHCs 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 foreign banking 
organizations (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

[[Page 39092]]

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 the 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 the 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 (SMBs), 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, SLHCs 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 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 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 the FOIA (5 U.S.C. 552(b)(8)). Individual 
respondents may request that certain data be afforded confidential 
treatment pursuant to exemption 4 of the 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 the 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: 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 the 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 the 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.
    Current actions: On May 1, 2018, the Board published an initial 
notice in the Federal Register (83 FR 19062) requesting public comment 
for 60 days

[[Page 39093]]

on the extension, with revision, of these reports. The Board is 
adopting revisions to the FR Y-11, FR 2314, and FR Y-7N report forms 
and instructions that are consistent with certain recent changes to the 
FR Y-9 family of reports (OMB No. 7100-0128)\1\ 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).\2\ Specifically, the changes (1) add a new data item to 
the balance sheet to separate and reclassify equity securities with 
readily determinable fair values not held for trading from the 
``available for sale'' category in accordance with Financial Accounting 
Standards Board's (FASB) 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 are effective for reports reflecting the 
June 30, 2018, report date. The comment period for this notice expired 
on July 2, 2018, and the Board did not receive any comments.
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    \1\ See 83 FR 12395 (March 21, 2018).
    \2\ See 83 FR 939 (January 08, 2018).

    Board of Governors of the Federal Reserve System, August 2, 
2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-16916 Filed 8-7-18; 8:45 am]
 BILLING CODE 6210-01-P