[Federal Register Volume 85, Number 85 (Friday, May 1, 2020)]
[Notices]
[Pages 25436-25439]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09342]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of
Temporary Approval by the Board Under Delegated Authority and
Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Temporary approval of information collection activities.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
has temporarily revised the Reports of Deposits (FR 2900 series; OMB
Control Number 7100-0087), the Financial Statements for Holding
Companies (FR Y-9 reports; OMB Control Number 7100-0128), and the
Consolidated Report of Condition and Income for Edge and Agreement
Corporations (FR 2886b; OMB Control Number 7100-0086) pursuant to the
authority delegated to the Board by the Office of Management and Budget
(OMB). The revisions are applicable only to the reports' instructions.
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.
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 instruments are placed into OMB's public docket files.
Pursuant to its delegated authority, the Board may 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.
As discussed below, the Board has made certain temporary revisions
to the instructions of the FR 2900 series, the FR Y-9 reports, and the
FR 2886b in accordance with amendments to
[[Page 25437]]
Regulation D in an interim final rule published on April 28, 2020 (85
FR 23445). The Board's delegated authority requires that the Board,
after temporarily approving a collection, publish a notice soliciting
public comment. Therefore, the Board will publish a separate notice in
the Federal Register to invite comment on a proposal to extend the FR
2900 series, the FR Y-9 reports, and the FR 2886b for three years.
The Board has determined that the temporary revisions to the FR
2900 series, the FR Y-9 reports, and the FR 2886b must be instituted
quickly and that public participation in the approval process would
defeat the purpose of the collections of information, as delaying the
revisions would cause public harm by interfering with financial
institutions' ability to take advantage of the emergency relief
provided by the interim final rule in response to significant financial
industry disruptions from the containment measures adopted in response
to the public health concerns.
The interim final rule also affects the following Federal Financial
Institutions Examination Council (``FFIEC'') reports, which are shared
by the Board, the Federal Deposit Insurance Corporation (``FDIC''), and
the Office of the Comptroller of the Currency (``OCC'') (together,
``the agencies''): The Consolidated Reports of Condition and Income
(``Call Reports'') (Board OMB Control Number: 7100-0036; FDIC OMB
Control Number 3064-0052; and OCC OMB Control Number 1557-0081) and the
Report of Assets and Liabilities of U.S. Branches and Agencies of
Foreign Banks (FFIEC 002; OMB Control Number: 7100-0032). Any
corresponding revisions that should be made to the affected FFIEC
reports as a result of the interim final rule will be addressed in a
separate Federal Register notice.
Approval Under OMB Delegated Authority of the Temporary Revision of the
Following Information Collections
(1) Report title: Reports of Deposits.
Agency form number: FR 2900; FR 2910a; FR 2915; and FR 2930.
OMB control number: 7100-0087.
Applicable date: May 1, 2020.
Frequency: Weekly, quarterly, annually, and on occasion.
Respondents: Depository institutions.
Estimated number of respondents: FR 2900 (Weekly): 949; FR 2900
(Quarterly): 5,453; FR 2910a: 2,941; FR 2915: 122; and FR 2930: 93.
Estimated average hours per response: FR 2900 (Weekly): 1.25 hours;
FR 2900 (Quarterly): 3; FR 2910a: 0.75; FR 2915: 0.5; and FR 2930:
0.25.
Estimated annual burden hours: FR 2900 (Weekly): 130,455; FR 2900
(Quarterly): 52,740; FR 2910a: 2,206; FR 2915: 244; FR 2930: 23.
General description of report: Data from these mandatory reports
are used by the Board for administering Regulation D and for
constructing, analyzing, and monitoring the monetary and reserve
aggregates. The FR 2900 is the primary source of data for the
construction and analysis of the monetary aggregates and was used for
the calculation of required reserves and applied vault cash. Data are
also used for (1) indexing the exemption amount and low reserve tranche
amount each year, as required by statute, and (2) indexing the
nonexempt deposit cutoff and reduced reporting limit each year, as
determined by the Board. The amounts of the deposit cutoff and
reporting limit determine whether depository institutions file the FR
2900 either weekly or quarterly. The FR 2910a is generally submitted by
exempt institutions whose total deposits (as shown on their December
Call Report) are greater than the exemption amount. All FR 2900
respondents, both weekly and quarterly, that offer deposits denominated
in foreign currencies at their U.S. offices file the FR 2915 quarterly
on the same reporting schedule as quarterly FR 2900 respondents.
Foreign currency deposits are subject to reserve requirements and,
therefore, are included in the FR 2900 data. However, because foreign
currency deposits are not included in the monetary aggregates, the FR
2915 data are used to net foreign currency-denominated deposits from
the FR 2900 data to exclude them from measures of the monetary
aggregates. The FR 2930 data are collected when the low reserve tranche
and reservable liabilities exemption thresholds are adjusted toward the
end of each calendar year or upon the establishment of an office
outside the home state or Federal Reserve District.
Legal authorization and confidentiality: The information collected
on these reports is authorized under sections 11, 25(7), and 25A(17) of
the Federal Reserve Act, and section 7 of the International Banking Act
(IBA). Section 11 of the Federal Reserve Act (12 U.S.C. 248(a))
authorizes the Board to require reports from each member bank as it may
deem necessary and authorizes the Board to prescribe reports of
liabilities and assets from insured depository institutions to enable
the Board to discharge its responsibility to monitor and control
monetary and credit aggregates. Sections 25(7) and 25A(17) of the
Federal Reserve Act (12 U.S.C. 604a and 625) authorize the Board to
require Edge and agreement corporations to make reports to the Board.
Section 7 of the IBA (12 U.S.C. 3105(c)(2)) authorizes the Board to
require reports from U.S. branches and agencies of foreign banks. The
FR 2900, FR 2910a, FR 2915, and FR 2930 are all mandatory. The release
of data collected on these forms would likely cause substantial harm to
the competitive position of the respondent if made publicly available.
The data collected on these forms, therefore, may be kept confidential
under exemption 4 of the Freedom of Information Act (FOIA), which
protects from disclosure trade secrets and commercial or financial
information (5 U.S.C. 552(b)(4)).
Current actions: The Board has temporarily revised the instructions
to the FR 2900 and FR 2910a to update the definition of ``savings
deposits'' in accordance with the amendments to Regulation D in the
interim final rule published on April 28, 2020 (85 FR 23445).
Specifically, the Board has temporarily revised the FR 2900 and FR
2910a instructions to exclude any reference to a numeric transfer or
withdrawal limit from the definition of a savings deposit. Please note
that this revision does not require any changes to the forms
themselves. As a result of the revision, if a depository institution
chooses to suspend enforcement of the six transfer limit on a ``savings
deposit,'' the depository institution may continue to report that
account as a ``savings deposit'' or may instead choose to report that
account as a ``transaction account.''
(2) 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.
Applicable date: May 1, 2020.
Frequency: Quarterly, semiannually, and annually.
Respondents: Bank holding companies, savings and loan holding
companies,\1\ securities holding companies, and U.S. intermediate
holding companies (collectively, HCs).
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\1\ An SLHC must file one or more of the FR Y-9 series 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
community bank leverage ratio (CBLR)
[[Page 25438]]
HCs with less than $5 billion in total assets): 71; FR Y-9C (non-
advanced approaches CBLR HCs with $5 billion or more in total assets):
35; FR Y-9C (non-advanced approaches, non-CBLR, HCs with less than $5
billion in total assets): 84; FR Y-9C (non-advanced approaches, non
CBLR, HCs, with $5 billion or more in total assets): 154; 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 CBLR HCs with less than $5 billion
in total assets): 29.14 hours; FR Y-9C (non-advanced approaches CBLR
HCs with $5 billion or more in total assets): 35.11; FR Y-9C (non-
advanced approaches, non CBLR HCs, with less than $5 billion in total
assets): 40.98; FR Y-9C (non-advanced approaches, non CBLR, HCs with $5
billion or more in total assets): 46.95; FR Y-9C (advanced approaches
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 (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.
Estimated annual burden hours:
Reporting
FR Y-9C (non-advanced approaches CBLR HCs with less than $5 billion
in total assets): 8,276 hours; FR Y-9C (non-advanced approaches CBLR
HCs with $5 billion or more in total assets): 4,915 hours; FR Y-9C
(non-advanced approaches non CBLR HCs with less than $5 billion in
total assets): 13,769 hours; FR Y-9C (non-advanced approaches non CBLR
HCs with $5 billion or more in total assets): 28,921 hours; FR Y-9C
(advanced approaches HCs): 3,693 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-9 reports continue to be
the primary source of financial data on HCs 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.
Legal authorization and confidentiality: The Board has the
authority to impose the reporting and recordkeeping requirements
associated with the FR Y-9 reports on bank holding companies 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)); on U.S. intermediate holding companies 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 Reform 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 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, Schedule HI's memoranda item 7(g),
Schedule HC-P's item 7(a), and Schedule HC-P's item 7(b) are considered
confidential commercial and financial information under exemption 4 of
the FOIA, (5 U.S.C. 552(b)(4)), as is Schedule HC's memorandum item
2.b. for both the FR Y-9C and FR Y-9SP reports.
Such treatment is appropriate under exemption 4 of the 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 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 that the instructions to the FR Y-9C, FR Y-9LP, FR Y-
9SP, and FR Y-9ES reports each respectively direct a 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 financial institution's workpapers and related
materials may also be protected by exemption 4 of the FOIA, to the
extent such financial information is treated as
[[Page 25439]]
confidential by the respondent (5 U.S.C. 552(b)(4)).
Current actions: The Board has temporarily revised the instructions
to the FR Y-9C report to accurately reflect the revised definition of
``savings deposits'' in accordance with the amendments to Regulation D
in the interim final rule published on April 28, 2020 (85 FR 23445).
Specifically, the Board has temporarily revised the instructions on the
FR Y-9C, Schedule HC-E, items 1(b), 1(c), 2(c) and glossary content to
remove the transfer or withdrawal limit. As a result of the revision,
if a depository institution chooses to suspend enforcement of the six
transfer limit on a ``savings deposit,'' the depository institution may
continue to report that account as a ``savings deposit'' or may instead
choose to report that account as a ``transaction account.''
(3) Report title: Consolidated Report of Condition and Income for
Edge and Agreement Corporations.
Agency form number: FR 2886b.
OMB control number: 7100-0086.
Applicable date: May 1, 2020.
Frequency: Quarterly and annually.
Respondents: Banking Edge and agreement corporations and investment
(nonbanking) Edge and agreement corporations.
Estimated number of respondents: Banking Edge and agreement
corporations (quarterly): 9; banking Edge and agreement corporations
(annually): 1; investment Edge and agreement corporations (quarterly):
21; investment Edge and agreement corporations (annually): 7.
Estimated average hours per response: Banking Edge and agreement
corporations (quarterly): 15.77 hours; banking Edge and agreement
corporations (annually): 15.87; investment Edge and agreement
corporations (quarterly): 11.81; investment Edge and agreement
corporations (annually): 10.82.
Estimated annual burden hours: Banking Edge and agreement
corporations (quarterly): 568; banking Edge and agreement corporations
(annually): 16; investment Edge and agreement corporations (quarterly):
992; investment Edge and agreement corporations (annually): 76.
General description of report: The FR 2886b reporting form is filed
quarterly and annually by banking Edge and agreement corporations and
investment (nonbanking) Edge and agreement corporations (collectively,
Edges or Edge corporations). The mandatory FR 2886b comprises an income
statement with two schedules reconciling changes in capital and reserve
accounts and a balance sheet with 11 supporting schedules. Other than
examination reports, it provides the only financial data available for
these corporations. The Federal Reserve is solely responsible for
authorizing, supervising, and assigning ratings to Edges. The Federal
Reserve uses the data collected on the FR 2886b to identify present and
potential problems and monitor and develop a better understanding of
activities within the industry.
Legal authorization and confidentiality: Sections 25 and 25A of the
Federal Reserve Act authorize the Federal Reserve to collect the FR
2886b (12 U.S.C. 602, 625). The obligation to report this information
is mandatory. The information collected on the FR 2886b is generally
not considered confidential, but certain data may be exempt from
disclosure pursuant to exemptions (b)(4) and (b)(7)(C) of FOIA, (5
U.S.C. 552(b)(4) and (b)(7)(C)). The information exempt from disclosure
pursuant to (b)(4) consists of information provided on Schedule RC-M
(with the exception for item 3) and on Schedule RC-V, both of which
pertain to claims on and liabilities to related organizations. The
information exempt from disclosure pursuant to exemption (b)(7)(C) is
information provided in the Patriot Act Contact Information section of
the reporting form.
Current actions: The Board has temporarily revised the instructions
to the FR 2886b to update the definition of ``savings deposits'' in
accordance with the amendments to Regulation D in the interim final
rule published on April 28, 2020 (85 FR 23445). Specifically, the Board
has temporarily revised the instructions on Schedule RC-E to remove the
transfer and withdrawal limit from the definition of a savings deposit.
Please note that this revision does not require any changes to the form
itself. As a result of the revision, if a depository institution
chooses to suspend enforcement of the six transfer limit on a ``savings
deposit,'' the depository institution may continue to report that
account as a ``savings deposit'' or may instead choose to report that
account as a ``transaction account.''
Board of Governors of the Federal Reserve System, April 28,
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-09342 Filed 4-30-20; 8:45 am]
BILLING CODE 6210-01-P