[Federal Register Volume 85, Number 62 (Tuesday, March 31, 2020)]
[Notices]
[Pages 17888-17890]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06751]


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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: Temporary approval of information collection.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
has temporarily revised the Financial Statements for Holding Companies 
pursuant to the authority delegated to the Board by the Office of 
Management and Budget (OMB). The revisions are applicable only to 
reports reflecting the March 31, 2020, as of date.

FOR FURTHER INFORMATION CONTACT: 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, if approved. These documents will also be made 
available on the 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 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the 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, solicit public comment on a 
proposal to extend the temporary collection for a period not to exceed 
three years. However, as discussed below, the Board does not intend to 
solicit comment on such a proposal with respect to these temporary 
revisions, as the Board, after soliciting comment, has separately 
approved identical revisions that would apply to reports subsequent to 
those affected by the temporary revisions.

Final Approval Under OMB Delegated Authority of the Temporary 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; FR Y-
9CS.
    OMB control number: 7100-0128.
    Effective date: March 31, 2020.
    Frequency: Quarterly, semiannually, and annually.
    Affected public: Businesses or other for-profit.
    Respondents: Bank holding companies (BHCs), savings and loan 
holding companies (SLHCs),\1\ securities holding companies (SHCs), and 
U.S. intermediate holding companies (IHCs) (collectively, holding 
companies (HCs)).
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    \1\ An SLHC must file one or more of the FR Y-9 family of 
reports unless it is: (1) A grandfathered unitary SLHC with 
primarily commercial assets and thrifts that make up less than 5 
percent of its consolidated assets; or (2) a SLHC that primarily 
holds insurance-related assets and does not otherwise submit 
financial reports with the SEC pursuant to section 13 or 15(d) of 
the Securities Exchange Act of 1934.
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    Estimated number of respondents:
    FR Y-9C (non-advanced approaches (AA) HCs community bank leverage 
ratio (CBLR)) with less than $5 billion in total assets--71,
    FR Y-9C (non AA HCs CBLR) with $5 billion or more in total assets--
35,
    FR Y-9C (non AA HCs non-CBLR) with less than $5 billion in total 
assets--84,
    FR Y-9C (non AA HCs non-CBLR) with $5 billion or more in total 
assets--154,
    FR Y-9C (AA HCs)--19,
    FR Y-9LP--434,
    FR Y-9SP--3,960,
    FR Y-9ES--83,
    FR Y-9CS--236.
    Estimated average hours per response:

[[Page 17889]]

Reporting

    FR Y-9C (non AA HCs CBLR) with less than $5 billion in total 
assets--29.14,
    FR Y-9C (non AA HCs CBLR) with $5 billion or more in total assets--
35.11,
    FR Y-9C (non AA HCs non-CBLR) with less than $5 billion in total 
assets--40.98,
    FR Y-9C (non AA HCs non-CBLR) with $5 billion or more in total 
assets--46.95,
    FR Y-9C (AA HCs)--48.59,
    FR Y-9LP--5.27,
    FR Y-9SP--5.40,
    FR Y-9ES--0.50,
    FR Y-9CS--0.50.

Recordkeeping

    FR Y-9C--1,
    FR Y-9LP--1,
    FR Y-9SP--0.50,
    FR Y-9ES--0.50,
    FR Y-9CS--0.50.
    Estimated annual burden hours:

Reporting

    FR Y-9C (non AA HCs CBLR) with less than $5 billion in total 
assets--8,276,
    FR Y-9C (non AA HCs CBLR) with $5 billion or more in total assets--
4,915,
    FR Y-9C (non AA HCs non-CBLR) with less than $5 billion in total 
assets--13,769,
    FR Y-9C (non AA HCs non-CBLR) with $5 billion or more in total 
assets--28,921,
    FR Y-9C (AA HCs)--3,693,
    FR Y-9LP--9,149,
    FR Y-9SP--42,768,
    FR Y-9ES--42,
    FR Y-9CS--472.

Recordkeeping

    FR Y-9C--1,452,
    FR Y-9LP--1,736,
    FR Y-9SP--3,960,
    FR Y-9ES--42,
    FR Y-9CS--472.
    General description of report: The FR Y-9 family of reporting forms 
continues to be the primary source of financial data on holding 
companies that examiners rely on in the intervals between on-site 
inspections. Financial data from these reporting forms are used to 
detect emerging financial problems, to review performance and conduct 
pre-inspection analysis, to monitor and evaluate capital adequacy, to 
evaluate holding company mergers and acquisitions, and to analyze a 
holding company'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 voluntary FR Y-
9CS (a free-form supplement) to collect additional information deemed 
to be critical and needed in an expedited manner. HCs file the FR Y-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.
    Current actions: The Board has temporarily revised the instructions 
for the FR Y-9C to permit banking organizations to report data in a 
manner consistent with the final rule titled Standardized Approach for 
Calculating the Exposure Amount of Derivative Contracts (SA-CCR rule) 
\2\ beginning with the FR Y-9C report as of March 31, 2020, rather than 
the report as of June 30, 2020, as separately approved by the Board. 
For the FR Y-9C report as of March 31, 2020, respondents may report 
data affected by the SA-CCR rule on a best efforts basis. Because the 
temporary revision applies only to reports as of March 31, 2020, and 
because the Board, after soliciting public comment, has separately 
approved SA-CCR-related revisions to the FR Y-9C beginning with reports 
as of June 30, 2020, the Board believes that further public comment 
would not serve any regulatory purpose.
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    \2\ See 85 FR 4362 (January 24, 2020).
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    The Board has determined that this revision to the FR Y-9C must be 
instituted quickly and that public participation in the approval 
process would defeat the purpose of the collection of information, as 
delaying the revisions would result in the collection of inaccurate 
information and would interfere with the Board's ability to perform its 
statutory duties.
    Legal authorization and confidentiality: The Board has the 
authority to impose the reporting and recordkeeping requirements 
associated with the FR Y-9 family of reports on BHCs pursuant to 
section 5 of the Bank Holding Company Act of 1956 (BHC Act) (12 U.S.C. 
1844); on SLHCs pursuant to section 10(b)(2) and (3) of the Home 
Owners' Loan Act (12 U.S.C. 1467a(b)(2) and (3)); on 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 Wall Street and Consumer 
Protection Act (Dodd-Frank Act) (12 U.S.C. 511(a)(1) and 5365); 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, except for the 
FR Y-9CS, which is voluntary.
    With respect to the FR Y-9C report, Schedule HI's memoranda data 
item 7(g) ``FDIC deposit insurance assessments,'' Schedule HC-P's data 
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 data 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 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

[[Page 17890]]

such request to determine if confidential treatment is appropriate and 
will inform the respondent if the request for confidential treatment 
has been denied.
    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 is 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)).

Board of Governors of the Federal Reserve System.
Ann Misback,
Secretary of the Board.
[FR Doc. 2020-06751 Filed 3-30-20; 8:45 am]
BILLING CODE 6210-01-P