[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Pages 22145-22147]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06717]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the Structure Reporting and Recordkeeping Requirements for Domestic and 
Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E; 
OMB No. 7100-0297).

DATES: Comments must be submitted on or before May 28, 2024.

ADDRESSES: You may submit comments, identified by FR Y-6, FR Y-7, FR Y-
10, and FR Y-10E, by any of the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00 
p.m. on weekdays, except for Federal holidays. For security reasons, 
the Board requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 452-3684. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and to submit to security screening in order to inspect 
and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
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.

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.

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. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions,

[[Page 22146]]

including whether the information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Collection title: Structure Reporting and Recordkeeping 
Requirements for Domestic and Foreign Banking Organizations.
    Collection identifier: FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.
    OMB control number: 7100-0297.
    General description of collection: This information collection 
comprises the following four reports:
    Annual Report of Holding Companies (FR Y-6), which collects 
financial and organizational information from holding companies (HCs) 
and foreign banking organizations (FBOs) that are not ``qualifying'' 
FBOs under section 211.23 of the Board's Regulation K--International 
Banking Operations (12 CFR part 211),
    Annual Report of Foreign Banking Organizations (FR Y-7), which 
collects financial and organizational information from qualifying FBOs,
    Report of Changes in Organizational Structure (FR Y-10), which is 
an event-generated report that captures changes in organizational 
structure or regulated investments and activities of various Board-
supervised entities, and
    Supplement to the Report of Changes in Organizational Structure (FR 
Y-10E), which is a formless supplement to the FR Y-10 that the Board 
may use to collect additional structural information on an emergency 
basis.
    Proposed revisions: The Board proposes to revise the FR Y-7 report 
as described below. There are no proposed changes to the FR Y-6, FR Y-
10, or FR Y-10E. The proposed effective date for the changes is 
December 31, 2024.

FR Y-7 Report Due Date

    The Board proposes to change the due date of the FR Y-7 report from 
four months after the reporter's fiscal year end to 120 calendar days. 
This change provides more clarity around the actual due date of the 
report for respondents and end users of the data. The use of the actual 
number of days is also consistent with most other Federal Reserve 
reports, including the FR Y-6 report.

FR Y-7 Report Form Standard Templates

    The Board proposes to add an electronic filing option for the FR Y-
7, and to automate and add standard templates for a portion of 
reporting item one, financial statements; a portion of item two, 
organization chart; all of item three, shares and shareholders; all of 
item four, eligibility as a qualified foreign banking organization; and 
all of item five, prudential standards compliance. Unlike other Board 
reports, the FR Y-7 is not currently submitted electronically. Instead, 
respondents mail their initial report and any subsequent revisions to 
the appropriate Reserve Bank. The manual processes around the 
collection and maintenance of this report can be costly and burdensome 
for respondents. Adding the capability to submit and maintain the 
report electronically would reduce reporter burden and support costs 
over time. Moreover, an electronic filing option would streamline the 
report submission process and make it easier to revise reports.
    Additionally, the FR Y-7 form, which primarily consists of a 
checklist, is in a relatively unstructured format that allows 
respondents to submit required data items in different formats. For 
example, respondents may submit shareholder information in a Microsoft 
Word document or in an Excel spreadsheet. In other cases, respondents 
submit their annual report with an attached cover memo referencing the 
appropriate page numbers where Federal Reserve analysts can locate the 
relevant FR Y-7 report information. The proposed templates would 
outline the specific information required and would eliminate the need 
for respondents to create multiple documents to submit data. It would 
also provide more clarity around reporting requirements and help 
eliminate extraneous information, which is often submitted along with 
the required data.

FR Y-7 Clarifications and Conforming Edits

    Lastly, the Board proposes to make other minor clarifications and 
conforming edits to the FR Y-7 forms and instructions
    Frequency: Annual, event-generated.
    Respondents: The FR Y-6 panel comprises top-tier bank holding 
companies (BHCs), savings and loan holding companies (SLHCs), employee 
stock ownership plans (ESOPs) and employee share ownership trusts 
(ESOTs) or trusts that are BHCs or SLHCs, securities holding companies, 
intermediate holding companies (IHCs), and any FBO that does not meet 
the requirements of and is not treated as a qualifying FBO under 
Regulation K.
    The FR Y-7 panel comprises all qualifying FBOs that engage in 
banking in the United States, either directly or indirectly.
    The FR Y-10 and FR Y-10E panels comprise top-tier BHCs (including 
ESOPs or ESOTs that are BHCs and financial holding companies); top-tier 
SLHCs, including ESOPs, ESOTs, or trusts that are SLHCs pursuant to 
Regulation LL; FBOs; state member banks that are not controlled by an 
HC; Edge and agreement corporations that are not controlled by a member 
bank, a domestic HC, or an FBO; and nationally chartered banks that are 
not controlled by a BHC or an FBO (with regard to their foreign 
investments only); and securities holding companies.
    Total estimated number of respondents:
    FR Y-6--3,760.
    FR Y-7--205.
    FR Y-10 and FR Y-10E--3,790.
    Estimated average hours per response:
Reporting
    FR Y-6--2.5.
    FR Y-7 Initial--10.10.
    FR Y-7 Ongoing--4.63.
    FR Y-10--2.5.
    FR Y-10E--0.5.
Recordkeeping
    FR Y-6--0.5.
    FR Y-10--0.5.
    Total estimated change in burden: 1,284.
    Total estimated annual burden hours:
Reporting
    FR Y-6--9,400.
    FR Y-7 Initial--2,071.
    FR Y-7 Ongoing--949.
    FR Y-10--33,153.
    FR Y-10E--1,895.
Recordkeeping
    FR Y-6--1,880.

[[Page 22147]]

    FR Y-10--6,631.\1\
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    \1\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.

    Board of Governors of the Federal Reserve System, March 26, 
2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024-06717 Filed 3-28-24; 8:45 am]
BILLING CODE 6210-01-P