Notice2023-06400
Proposed Agency Information Collection Activities; Comment Request
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
March 28, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Financial Statements for Holding Companies (FR Y-9 Reports; OMB No. 7100-0128).
Full Text
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<title>Federal Register, Volume 88 Issue 59 (Tuesday, March 28, 2023)</title>
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[Federal Register Volume 88, Number 59 (Tuesday, March 28, 2023)]
[Notices]
[Pages 18315-18316]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-06400]
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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 Financial Statements for Holding Companies (FR Y-9 Reports; OMB No.
7100-0128).
DATES: Comments must be submitted on or before May 30, 2023.
ADDRESSES: You may submit comments, identified by FR Y-9 reports, by
any of the following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#14667173673a777b7979717a60675472717071667578667167716662713a737b62"><span class="__cf_email__" data-cfemail="384a5d5f4b165b5755555d564c4b785e5d5c5d4a59544a5d4b5d4a4e5d165f574e">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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 a.m. and 5 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, <a href="/cdn-cgi/l/email-protection#3658435e5718535a5b57515e4457545f7650445418515940"><span class="__cf_email__" data-cfemail="29475c4148074c4544484e415b484b40694f5b4b074e465f">[email protected]</span></a>, (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 <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, 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
[[Page 18316]]
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 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: Financial Statements for Holding Companies.
Collection identifier: FR Y-9 reports.
OMB control number: 7100-0128.
General description of collection: The Board requires bank holding
companies (BHCs), most savings and loan holding companies (SLHCs),
securities holding companies, and U.S. intermediate holding companies
(IHCs) (collectively, HCs) to provide standardized financial statements
through one or more of the FR Y-9 reports. The information collected on
the FR Y-9 reports is necessary for the Board to identify emerging
financial risks and monitor the safety and soundness of HC operations.
The FR Y-9C consists of standardized financial statements for HCs
similar to the Call Reports filed by commercial banks. The FR Y-9C
collects consolidated data and is filed quarterly by top-tier HCs with
total consolidated assets of $3 billion or more.
The FR Y-9LP, which collects parent company only financial data,
must be submitted quarterly by each HC that files the FR Y-9C, as well
as by each of its subsidiary HCs. The report consists of standardized
financial statements, including the following schedules: Income
Statement, Cash Flow Statement, Balance Sheet, Investments in
Subsidiaries and Associated Companies, Memoranda, and Notes to the
Parent Company Only Financial Statements.
The FR Y-9SP is a parent company only financial statement filed
semiannually by HCs with total consolidated assets of less than $3
billion. In a banking organization with total consolidated assets of
less than $3 billion that has tiered HCs, each HC in the organization
must submit, or have the top-tier HC submit on its behalf, a separate
FR Y-9SP. This report collects basic balance sheet and income data for
the parent company, as well as data on its intangible assets and
intercompany transactions.
The FR Y-9ES is filed annually by each employee stock ownership
plan (ESOP) that is also an HC. The report collects financial data on
the ESOP's benefit plan activities. The FR Y-9ES consists of four
schedules: Statement of Changes in Net Assets Available for Benefits,
Statement of Net Assets Available for Benefits, Memoranda, and Notes to
the Financial Statements.
The instructions to each of the FR Y-9C, FR Y-9LP, FR Y-9SP, and FR
Y-9ES state that respondent HCs should retain workpapers and other
records used in the preparation of the reports for a period of three
years following submission. In addition, HCs must maintain in their
files a manually signed and attested printout of the data submitted
under each form for a period of three years.
The FR Y-9CS is a voluntary, free-form supplemental report that the
Board may utilize to collect critical additional data deemed to be
needed from HCs in an expedited manner. The FR Y-9CS data collections
are used to assess and monitor emerging issues related to HCs, and the
report is intended to supplement the other FR Y-9 reports. The data
requested by the FR Y-9CS would depend on the Board's data needs in any
given situation. For example, changes made by the Financial Accounting
Standards Board may introduce into generally accepted accounting
principles new data items that are not currently collected by the other
FR Y-9 reports. The Board could use the FR Y-9CS report to collect
these data until the items are implemented into the other FR Y-9
reports.
Proposed revisions: The Board proposes to revise the Consolidated
Financial Statements for Holding Companies (FR Y-9C) to eliminate and
consolidate certain items from the reporting forms and instructions for
burden-reduction purposes and to correspond with proposed revisions to
the Federal Financial Institutions Examination Council (FFIEC)
Consolidated Reports of Condition and Income (Call Reports) (FFIEC 031,
FFIEC 041, and FFIEC 051) related to a statutorily mandated review.
Additionally, the proposal would seek public comment on previously made
clarifications to FR Y-9C reporting instructions related to reporting
securitizations conducted by Federal Home Loan Mortgage Corporation
(FHLMC, also known as Freddie Mac). All of the proposed changes to the
FR Y-9C would take effect as of the June 30, 2023, report date. There
are no proposed revisions at this time for the FR Y-9LP, FR Y-9SP, FR
Y-9ES, or FR Y-9CS.
Frequency: Quarterly, semiannual, annual, and as needed.
Respondents: HCs.
Total estimated number of respondents:
Reporting
FR Y-9C (non-advanced approaches holding companies with less than
$5 billion in total assets): 107; FR Y-9C (non-advanced approaches
holding companies with $5 billion or more in total assets): 236; FR Y-
9C (advanced approaches holding companies): 9; FR Y-9LP: 411; FR Y-9SP:
3,596; FR Y-9ES: 73; FR Y-9CS: 236.
Recordkeeping
FR Y-9C: 352; FR Y-9LP: 411; FR Y-9SP: 3,596; FR Y-9ES: 73; FR Y-
9CS: 236.
Estimated average hours per response:
Reporting
FR Y-9C (non-advanced approaches holding companies with less than
$5 billion in total assets): 35.34; FR Y-9C (non-advanced approaches
holding companies with $5 billion or more in total assets): 44.54; FR
Y-9C (advanced approaches holding companies): 49.76; FR Y-9LP: 5.27; FR
Y-9SP: 5.45; FR Y-9ES: 0.50; FR Y-9CS: 0.50.
Recordkeeping
FR Y-9C: 1; FR Y-9LP: 1; FR Y-9SP: 0.50; FR Y-9ES: 0.50; FR Y-9CS:
0.50.
Total estimated change in burden: (563).
Total estimated annual burden hours: 114,489.\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 <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR Y-9.
Board of Governors of the Federal Reserve System, March 23,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-06400 Filed 3-27-23; 8:45 am]
BILLING CODE 6210-01-P
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