Notice2022-25494
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 23, 2022
Issuing agencies
Federal Reserve System
Abstract
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).
Full Text
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<title>Federal Register, Volume 87 Issue 225 (Wednesday, November 23, 2022)</title>
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[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71640-71641]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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, <a href="/cdn-cgi/l/email-protection#49273c2128672c2524282e213b282b20092f3b2b672e263f"><span class="__cf_email__" data-cfemail="234d564b420d464f4e42444b5142414a634551410d444c55">[email protected]</span></a>, (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 <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> 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
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