[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71640-71641]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25494]


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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, without revision, the 
Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

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, [email protected], (202) 
452-3884.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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, OMB delegated to the Board 
authority under the Paperwork Reduction Act (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. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Collection title: Systemic Risk Report.
    Collection identifier: FR Y-15.
    OMB control number: 7100-0352.
    Frequency: Quarterly.
    Respondents: The FR Y-15 panel is comprised of top-tier U.S. bank 
holding companies (BHCs) and covered savings and loan holding companies 
(SLHCs) with $100 billion or more in total consolidated assets,\1\ 
foreign banking organizations (FBOs) with $100 billion or more in total 
combined U.S. assets, and any U.S. BHC designated as a global 
systemically important bank (GSIB) based on its method 1 score 
calculated under 12 CFR 217.404 as of December 31 of the previous 
calendar year.\2\
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    \1\ Covered SLHCs are those that are not substantially engaged 
in insurance or commercial activities. See 12 CFR 217.2.
    \2\ See 12 CFR 217.402.
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    Estimated number of respondents: 52.
    Estimated average hours per response: Reporting, 404; 
Recordkeeping, 1.
    Estimated annual burden hours: Reporting, 84,032; Recordkeeping, 
208.
    General description of collection: The FR Y-15 quarterly report 
collects systemic risk data from the respondents listed above. The 
Board uses the FR Y-15 data to monitor, on an ongoing basis, the 
systemic risk profile of certain financial institutions that are 
subject to enhanced prudential standards under section 165 of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 
Act).\3\ In addition, the FR Y-15 is used to (i) facilitate the 
implementation of the surcharge for GSIBs, (ii) identify other 
financial institutions which may present significant systemic risk, and 
(iii) analyze the systemic risk implications of proposed mergers and 
acquisitions.
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    \3\ Public Law 111-203 (2010); 12 U.S.C. 5365.
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    Legal authorization and confidentiality: Sections 163 and 165 of 
the Dodd-Frank Act, as amended by the Economic Growth, Regulatory 
Relief, and Consumer Protection Act, authorize the Board to consider 
risk to U.S. financial stability in regulating and examining BHCs with 
$100 billion or more in consolidated assets and nonbank financial 
companies that are under the Board's supervision.\4\ The Board is 
further authorized to impose prudential standards for such entities and 
to differentiate among companies on an individual basis or by category, 
taking into consideration their capital structure, complexity, 
financial activities, size, and any other risk-related factors that the 
Board deems appropriate.\5\ This authorization also covers certain 
foreign banks with U.S. operations under the International Banking Act 
(IBA).\6\ Sections 165(b)(1)(B) and 165(f) of the Dodd-Frank Act 
authorize the Board to establish enhanced public disclosures for 
companies subject to prudential standards under section 165.\7\
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    \4\ 12 U.S.C. 5363; 5365.
    \5\ 12 U.S.C. 5365(a)(2)(C). The Board is required to establish 
prudential standards for BHCs with assets equal to or greater than 
$250 billion and nonbank financial companies supervised by the Board 
that (A) are more stringent than the standards and requirements 
applicable to nonbank financial companies and bank holding companies 
that do not present similar risks to the financial stability of the 
United States; and (B) increase in stringency based on the 
considerations enumerated in section 165(b)(3). 12 U.S.C. 
5365(a)(1).
    \6\ 12 U.S.C. 3106(a). Section 8(a)provides that certain foreign 
banks with U.S. operations will be treated as BHCs for purposes of 
the Bank Holding Company Act (BHC Act), and sections 163 and 165 of 
the Dodd-Frank Act amend the BHC Act.
    \7\ 12 U.S.C. 5365(b)(1)(B) and (f).
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    In addition, the reporting requirements associated with the FR Y-15 
are authorized for BHCs pursuant to section 5 of the BHC Act; \8\ for 
SLHCs pursuant to sections 10(b)(2) and 10(g) of the Home Owners' Loan 
Act; \9\ and for IHCs pursuant to section 5 of the BHC Act and sections 
8(a) and 13(a) of the IBA.\10\
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    \8\ 12 U.S.C. 1844.
    \9\ 12 U.S.C. 1467a(b)(2); 1467a(g).
    \10\ 12 U.S.C. 3106(a); 3108(a).
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    The FR Y-15 report is mandatory. Most information provided on the 
FR Y-15 is made public unless a reporting entity submits a specific 
request for confidentiality, either on the FR Y-15 or on the form from 
which the data item

[[Page 71641]]

is obtained.\11\ Such information may be kept confidential under 
exemption 4 of the Freedom of Information Act (FOIA) if the submitter 
substantiates that it is confidential commercial or financial 
information that is both customarily and actually treated as 
private.\12\ In addition, items 1 through 4 of Schedule G, which 
contain sensitive information regarding the reporting entity's 
liquidity position, may be accorded confidential treatment under 
exemption 4 until the first reporting date after the final liquidity 
coverage ratio disclosure standard has been implemented. Information 
collected on the FR Y-15 may also be considered confidential under FOIA 
exemption 8 if it is obtained as part of an examination or supervision 
of a financial institution.\13\
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    \11\ Several data items in the FR Y-15 are retrieved from the FR 
Y-9C and other items may be retrieved from the FFIEC 101. 
Confidential treatment will also extend to any automatically 
calculated items on the FR Y-15 that have been derived from 
confidential data items and that, if released, would reveal the 
underlying confidential data.
    \12\ 5 U.S.C. 552(b)(4).
    \13\ 5 U.S.C. 552(b)(8).
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    Current actions: On July 6, 2022, the Board published a notice in 
the Federal Register (87 FR 40235) requesting public comment for 60 
days on the extension, without revision, of the FR Y-15. The comment 
period for this notice expired on September 6, 2022. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, November 17, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25494 Filed 11-22-22; 8:45 am]
BILLING CODE 6210-01-P