[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Notices]
[Pages 70971-70972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27750]


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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) 
is adopting a proposal to extend for three years, with revision, the 
Financial Statements for Holding Companies (FR Y-9 Reports; OMB No. 
7100-0128). The revisions are applicable as of December 31, 2019.

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.
    Office of Management and Budget (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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Federal Reserve Board's 
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, 
whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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 PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision of the Following Information Collection

    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: December 31, 2019.
    Frequency: Quarterly, semiannually, and annually.
    Respondents: Bank holding companies, savings and loan holding 
companies, securities holding companies, and U.S. intermediate holding 
companies (collectively, HCs).
    Estimated number of respondents: FR Y-9C (non-advanced approaches 
HCs with less than $5 billion in total assets): 155; FR Y-9C (non-
advanced approaches HCs with $5 billion or more in total assets): 189; 
FR Y-9C (advanced approaches HCs): 19; FR Y-9LP: 434; FR Y-9SP: 3,960; 
FR Y-9ES: 83; FR Y-9CS: 236.
    Estimated average hours per response:

Reporting

    FR Y-9C (non-advanced approaches HCs with less than $5 billion in 
total assets): 40.48 hours; FR Y-9C (non-advanced approaches HCs with 
$5 billion or more in total assets): 46.34 hours; FR Y-9C (advanced 
approaches HCs): 47.59 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.

Recordkeeping

    FR Y-9C (non-advanced approaches HCs with less than $5 billion in 
total assets), FR Y-9C (non-advanced approaches HCs with $5 billion or 
more in total assets), FR Y-9C (advanced approaches HCs), and FR Y-9LP: 
1.00 hour; FR Y-9SP, FR Y-9ES, and FR Y-9CS: 0.50 hours.
    Estimated annual burden hours:

Reporting

    FR Y-9C (non-advanced approaches HCs with less than $5 billion in 
total assets): 25,098 hours; FR Y-9C (non-advanced approaches HCs with 
$5 billion or more in total assets): 35,033 hours; FR Y-9C (advanced 
approaches HCs): 3,617 hours; FR Y-9LP: 9,149 hours; FR Y-9SP: 42,768 
hours; FR Y-9ES: 42 hours; FR Y-9CS: 472 hours.

Recordkeeping

    FR Y-9C (non-advanced approaches HCs with less than $5 billion in 
total assets): 620 hours; FR Y-9C (non-advanced approaches HCs with $5 
billion or more in total assets): 756 hours; FR Y-9C (advanced 
approaches HCs): 76 hours; FR Y-9LP: 1,736 hours; FR Y-9SP: 3,960 
hours; FR Y-9ES: 42 hours; FR Y-9CS: 472 hours.
    General description of report: The FR Y-9C consists of standardized 
financial statements similar to the Call Reports filed by commercial 
banks.\1\ The FR Y-9C collects consolidated data from HCs and is filed 
quarterly by top-tier HCs with total consolidated assets of $3 billion 
or more.\2\
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    \1\ The Call Reports consist of the FFIEC 051, as well as the 
Consolidated Reports of Condition and Income for a Bank with 
Domestic Offices Only (FFIEC 041) and the Consolidated Reports of 
Condition and Income for a Bank with Domestic and Foreign Offices 
(FFIEC 031).
    \2\ Under certain circumstances described in the FR Y-9C's 
General Instructions, HCs with assets under $3 billion may be 
required to file the FR Y-9C.
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    The FR Y-9LP, which collects parent company only financial data, 
must be submitted by each HC that files the FR Y-9C, as well as by each 
of its subsidiary HCs.\3\ The report consists of standardized financial 
statements.
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    \3\ A top-tier HC may submit a separate FR Y-9LP on behalf of 
each of its lower-tier HCs.
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    The FR Y-9SP is a parent company only financial statement filed 
semiannually by HCs with total consolidated assets of less than $3 
billion. In a banking organization with total consolidated assets of 
less than $3 billion that has tiered HCs, each HC in the organization 
must submit, or have the top-tier HC submit on its behalf, a separate 
FR Y-9SP. This report is designed to obtain basic balance sheet and 
income data for the parent company, and data on its intangible assets 
and intercompany transactions.
    The FR Y-9ES is filed annually by each employee stock ownership 
plan (ESOP) that is also an HC. The report collects financial data on 
the ESOP's benefit plan activities. The FR Y-9ES consists of four 
schedules: A Statement of Changes in Net Assets Available for Benefits, 
a Statement of Net Assets Available for Benefits, Memoranda, and Notes 
to the Financial Statements.
    The FR Y-9CS is a free-form supplemental report that the Board may 
utilize to collect critical additional data

[[Page 70972]]

deemed to be needed in an expedited manner from HCs. The data are used 
to assess and monitor emerging issues related to HCs, and the report is 
intended to supplement the other FR Y-9 reports. The data items 
included on the FR Y-9CS may change as needed.
    Legal authorization and confidentiality: The Board has the 
authority to impose the reporting and recordkeeping requirements 
associated with the Y-9 family of reports on bank holding companies 
(``BHCs'') pursuant to section 5 of the Bank Holding Company Act (``BHC 
Act''), (12 U.S.C. 1844); on savings and loan holding companies 
pursuant to section 10(b)(2) and (3) of the Home Owners' Loan Act, (12 
U.S.C. 1467a(b)(2) and (3)), as amended by sections 369(8) and 
604(h)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (``Dodd-Frank Act''); on U.S. intermediate holding companies 
(``U.S. IHCs'') pursuant to section 5 of the BHC Act, (12 U.S.C 1844), 
as well as pursuant to sections 102(a)(1) and 165 of the Dodd-Frank 
Act, (12 U.S.C. 511(a)(1) and 5365); \4\ and on securities holding 
companies pursuant to section 618 of the Dodd-Frank Act, (12 U.S.C. 
1850a(c)(1)(A)). The obligation to submit the FR Y-9 series of reports, 
and the recordkeeping requirements set forth in the respective 
instructions to each report, are mandatory.
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    \4\ Section 165(b)(2) of Title I of the Dodd-Frank Act, (12 
U.S.C. 5365(b)(2)), refers to ``foreign-based bank holding 
company.'' Section 102(a)(1) of the Dodd-Frank Act, (12 U.S.C. 
5311(a)(1)), defines ``bank holding company'' for purposes of Title 
I of the Dodd-Frank Act to include foreign banking organizations 
that are treated as bank holding companies under section 8(a) of the 
International Banking Act, (12 U.S.C. 3106(a)). The Board has 
required, pursuant to section 165(b)(1)(B)(iv) of the Dodd-Frank 
Act, (12 U.S.C. 5365(b)(1)(B)(iv)), certain foreign banking 
organizations subject to section 165 of the Dodd-Frank Act to form 
U.S. intermediate holding companies. Accordingly, the parent 
foreign-based organization of a U.S. IHC is treated as a BHC for 
purposes of the BHC Act and section 165 of the Dodd-Frank Act. 
Because Section 5(c) of the BHC Act authorizes the Board to require 
reports from subsidiaries of BHCs, section 5(c) provides additional 
authority to require U.S. IHCs to report the information contained 
in the FR Y-9 series of reports.
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    With respect to the FR Y-9C report, 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 commercial and financial 
information. Such treatment is appropriate under exemption 4 of the 
Freedom of Information Act (``FOIA''), (5 U.S.C. 552(b)(4)), because 
these data items reflect commercial and financial information that is 
both customarily and actually treated as private by the submitter, and 
which the Board has previously assured submitters will be treated as 
confidential. It also appears that disclosing these data items may 
reveal confidential examination and supervisory information, and in 
such instances, this information would also be withheld pursuant to 
exemption 8 of the FOIA, (5 U.S.C. 552(b)(8)), which protects 
information related to the supervision or examination of a regulated 
financial institution.
    In addition, for both the FR Y-9C report and the FR Y-9SP report, 
Schedule HC's memorandum item 2.b., the name and email address of the 
external auditing firm's engagement partner, is considered confidential 
commercial information and protected by exemption 4 of the FOIA, (5 
U.S.C. 552(b)(4)), if the identity of the engagement partner is treated 
as private information by HCs. The Board has assured respondents that 
this information will be treated as confidential since the collection 
of this data item was proposed in 2004.
    Aside from the data items described above, the remaining data items 
on the FR Y-9C report and the FR Y-9SP report are generally not 
accorded confidential treatment. The data items collected on FR Y-9LP, 
FR Y-9ES, and FR Y-9CS \5\ reports, are also generally not accorded 
confidential treatment. As provided in the Board's Rules Regarding 
Availability of Information (12 CFR part 261), however, a respondent 
may request confidential treatment for any data items the respondent 
believes should be withheld pursuant to a FOIA exemption. The Board 
will review any such request to determine if confidential treatment is 
appropriate, and will inform the respondent if the request for 
confidential treatment has been denied.
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    \5\ The FR Y-9CS is a supplemental report that may be utilized 
by the Board to collect additional information that is needed in an 
expedited manner from HCs. The information collected on this 
supplemental report is subject to change as needed. Generally, the 
FR Y-9CS report is treated as public. However, where appropriate, 
data items on the FR Y-9CS report may be withheld under exemptions 4 
and/or 8 of the Freedom of Information Act, (5 U.S.C. 552(b)(4) and 
(8)).
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    To the extent the instructions to the FR Y-9C, FR Y-9LP, FR Y-9SP, 
and FR Y-9ES reports each respectively direct the financial institution 
to retain the workpapers and related materials used in preparation of 
each report, such material would only be obtained by the Board as part 
of the examination or supervision of the financial institution. 
Accordingly, such information may be considered confidential pursuant 
to exemption 8 of the FOIA (5 U.S.C. 552(b)(8)). In addition, the 
workpapers and related materials may also be protected by exemption 4 
of the FOIA, to the extent such financial information is treated as 
confidential by the respondent (5 U.S.C. 552(b)(4)).
    Current actions: On September 26, 2019, the Board published an 
initial notice in the Federal Register (84 FR 50840) requesting public 
comment for 60 days on the extension, with revision, of the FR Y-9 
reports. The comment period for this notice expired on November 25, 
2019. The Board did not receive any comments. The revisions will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, December 18, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-27750 Filed 12-23-19; 8:45 am]
 BILLING CODE 6210-01-P