[Federal Register Volume 83, Number 177 (Wednesday, September 12, 2018)]
[Notices]
[Pages 46162-46163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19676]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Notice is hereby given of temporary approval of revisions to
the mandatory Consolidated Financial Statements for Holding Companies
(FR Y-9C; OMB No. 7100-0128) by the Board of Governors of the Federal
Reserve System (Board) pursuant to the authority delegated to the Board
by the Office of Management and Budget (OMB), per OMB Regulations on
Controlling Paperwork Burdens on the Public. The temporary approval is
valid until March 31, 2019.
DATES: The revisions are applicable as of June 30, 2018.
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 OMB delegated to the
Board authority under the Paperwork Reduction Act (PRA) to temporarily
approve a revision to a collection of information without providing
opportunity for public comment if the Board determines that a change in
an existing collection must be instituted quickly and that public
participation in the approval process would defeat the purpose of the
collection or substantially interfere with the Board's ability to
perform its statutory obligation.
The Board's delegated authority requires that the Board, after
temporarily approving a collection, publish a notice soliciting public
comment. The Board will publish a notice in the future inviting comment
on these actions.
Final approval under OMB delegated authority of the temporary
revision of the following reports:
Report title: Consolidated 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-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 FR Y-9C, FR Y-9LP, and FR Y-9SP serve
as standardized financial statements for the consolidated holding
company. The Board requires HCs to provide standardized financial
statements to fulfill the Board's statutory obligation to supervise
these organizations. 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. 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)) and 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 FR Y-9LP, FR Y-9SP, FR Y-ES, and FR Y-9CS, 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 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 the public release of this data is likely
to impair the Board's ability to collect necessary information in the
future and could cause substantial harm to the competitive position of
the respondent. 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 and 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)).
Current Actions: The Economic Growth, Regulatory Relief, and
Consumer Protection Action (EGRRCPA), enacted on May 24, 2018, amended
various provisions of banking law to eliminate or reduce statutory and
regulatory requirements on certain banking organizations. EGRRCPA,
among other things, provides that state member banks and other
depository institutions may only be required to assign a heightened
risk weight to a ``high volatility commercial real estate'' (HVCRE)
exposure if such exposure is
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an ``HVCRE ADC Loan,'' as defined in section 214 of EGRRCPA. Section
202 of EGRRCPA also amended the statutory definition of ``brokered
deposits.'' The current instructions for reporting HVCRE and brokered
deposits in the FR Y-9C are inconsistent with these provisions of
EGRRCPA.
In order to avoid the regulatory burden associated with different
definitions for HVCRE exposures and brokered deposits within a single
organization, the Board has amended the FR Y-9C instructions to permit
bank holding companies, savings and loan holding companies, and
intermediate holding companies of foreign banks to report HVCRE and
brokered deposits on the FR Y-9C report in a manner consistent with
their subsidiary depository institution(s).
In order for the FR Y-9C to reflect sections 202 and 214 of
EGRRCPA, which became effective immediately when EGRRCPA was signed on
May 24, 2018, the Board cannot comply with the normal clearance process
and still receive the June 30, 2018, financial data in a timely manner.
Therefore, the Board has determined that the revisions to the FR Y-9C
described above must be instituted quickly and public participation in
the approval process would substantially interfere with the Board's
ability to perform its statutory obligations arising from EGRRCPA.
Board of Governors of the Federal Reserve System, September 6,
2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-19676 Filed 9-11-18; 8:45 am]
BILLING CODE 6210-01-P