[Federal Register Volume 89, Number 111 (Friday, June 7, 2024)]
[Notices]
[Pages 48641-48642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12554]


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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 Reports of Foreign Banking Organizations (FR Y-7N, FR Y-7NS, and FR 
Y-7Q; OMB No. 7100-0125).

DATES: Comments must be submitted on or before August 6, 2024.

ADDRESSES: You may submit comments, identified by FR Y-7N, FR Y-7NS, 
and FR Y-7Q, 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

[[Page 48642]]

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. On the page displayed at 
the link above, you can find the supporting information by referencing 
the collection identifier, FR Y-7N, FR Y-7NS, and FR Y-7Q. 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 Proposals

    The Board invites public comment on the following information 
collections, which are being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collections of information are necessary 
for the proper performance of the Board's functions, including whether 
the information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collections, 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 Collections

    Collection title: Reports of Foreign Banking Organizations.
    Collection identifier: FR Y-7N, FR Y-7NS, and FR Y-7Q.
    OMB control number: 7100-0125.
    General description of collection: The FR Y-7N and FR Y-7NS collect 
financial information for certain non-functionally regulated U.S. 
nonbank subsidiaries held by foreign banking organizations (FBOs) other 
than through a U.S. bank holding company, financial holding company 
(FHC), or U.S. bank. For purposes of these reports, an FBO is a foreign 
bank that operates a branch, agency, or commercial lending company 
subsidiary in the United States; controls a bank in the United States; 
or controls an Edge corporation acquired after March 5, 1987. FBOs file 
the FR Y-7N quarterly or annually or the FR Y-7NS annually, 
predominantly based on asset size thresholds. The Federal Reserve uses 
the data collected on the FR Y-7N, FR Y-7NS, and FR Y-7Q to assess an 
FBO's ability to be a continuing source of strength to its U.S. 
operations and to determine compliance with applicable U.S. laws and 
regulations. In addition, the FR Y-7Q collects consolidated regulatory 
capital information from all FBOs, which the Federal Reserve uses to 
assess the FBO's ability to be a continuing source of strength to its 
U.S. banking operations and to determine compliance with U.S. laws and 
regulations.
    Proposed revisions: The Board proposes to revise the FR Y-7N forms 
and instructions to be consistent with adopted changes to U.S. 
generally accepted accounting principles (GAAP) related to troubled 
debt restructurings (TDRs), provisions for credit losses on off-balance 
sheet credit exposures, and expected recoveries of amounts previously 
charged off included within the allowances for credit losses. The Board 
also proposes to revise the FR Y-7N and FR Y-7NS instructions by 
modifying and clarifying the recordkeeping requirements of the 
submitted form. Lastly, the Board proposes to remove the FR Y-7N and Y-
7NS from OMB No. 7100-0125 and transfer to the OMB No. for the 
Financial Statement of Foreign Subsidiaries of U.S. Banking 
Organizations, Financial Statement of U.S. Nonbank Subsidiaries of U.S. 
Holding Companies (FR 2314, FR 2314S, FR Y-11, FR Y-11S; OMB No. 7100-
0073). The revisions are proposed to take effect for the December 31, 
2024, as-of date. There are no proposed revisions to the FR Y-7Q at 
this time.
    Frequency: Quarterly, annually.
    Respondents: FBOs.
    Total estimated number of respondents: 197.
    Total estimated change in burden: 221.
    Total estimated annual burden hours: 2,856.

    Board of Governors of the Federal Reserve System, June 4, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-12554 Filed 6-6-24; 8:45 am]
BILLING CODE 6210-01-P