Notice2024-12553
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
June 7, 2024
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 89 Issue 111 (Friday, June 7, 2024)</title>
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[Federal Register Volume 89, Number 111 (Friday, June 7, 2024)]
[Notices]
[Pages 48637-48639]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-12553]
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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 August 6, 2024.
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>.
[[Page 48638]]
<bullet> Email: <a href="/cdn-cgi/l/email-protection#1e6c7b796d307d7173737b706a6d5e787b7a7b6c7f726c7b6d7b6c687b30797168"><span class="__cf_email__" data-cfemail="7e0c1b190d501d1113131b100a0d3e181b1a1b0c1f120c1b0d1b0c081b50191108">[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 9:00 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, <a href="/cdn-cgi/l/email-protection#ff918a979ed19a93929e98978d9e9d96bf998d9dd1989089"><span class="__cf_email__" data-cfemail="cda3b8a5ace3a8a1a0acaaa5bfacafa48dabbfafe3aaa2bb">[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 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, most savings and loan holding companies, securities holding
companies, and U.S. intermediate holding companies (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 Consolidated Financial Statements for Holding Companies (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 Parent Company Only Financial Statements for Large Holding
Companies (FR Y-9LP), 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 Parent Company Only Financial Statements for Small Holding
Companies (FR Y-9SP), is 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 Financial Statements for Employee Stock Ownership Plan Holding
Companies (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.
[[Page 48639]]
The Supplement to the Consolidated Financial Statements for Holding
Companies (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 FR Y-9C and FR
Y-9LP to align with the definition of loan modifications to borrowers
experiencing financial difficulty, as described in Accounting Standards
Update 2022-02, ``Financial Instruments--Credit Losses (Topic 326):
Troubled Debt Restructurings and Vintage Disclosures''. Additionally,
the Board proposes to replace, as appropriate, references to ``troubled
debt restructurings'' with ``modifications to borrowers experiencing
financial difficulty'' in the FR Y-9C and FR Y-9LP. All of the proposed
changes to the FR Y-9C and FR Y-9LP would take effect as of the
December 31, 2024, report date. There are no proposed revisions at this
time for the FR Y-9SP, FR Y-9ES, or FR Y-9CS.
The Board invites comment on this proposal and acknowledges that
this proposal to report ``loan modifications to borrowers experiencing
financial difficulty'' may diverge from the proposed changes to the
Call Report.\1\ Therefore, the Board is specifically interested in the
following:
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\1\ See 88 FR 66933 (September 28, 2023)
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1. What challenges, if any, would HCs face if the FR Y-9C and FR Y-
9LP reporting definitions were out of sync with the Call Report?
2. What challenges, if any, would HCs face if loan modifications to
borrowers experiencing financial difficulty were reported on the FR Y-
9C and FR Y-9LP using a 12-month lookback, and different lookback
criteria were used on the Call Report? If the Call Report used
different lookback criteria, would it be preferable for the FR Y-9C and
FR Y-9LP to adopt the same definition?
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: 0.
Total estimated annual burden hours: 114,489.
Board of Governors of the Federal Reserve System, June 4, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-12553 Filed 6-6-24; 8:45 am]
BILLING CODE 6210-01-P
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