Notice2024-12554
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 Reports of Foreign Banking Organizations (FR Y-7N, FR Y-7NS, and FR Y-7Q; OMB No. 7100-0125).
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 48641-48642]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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:
<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#dba9bebca8f5b8b4b6b6beb5afa89bbdbebfbea9bab7a9bea8bea9adbef5bcb4ad"><span class="__cf_email__" data-cfemail="1e6c7b796d307d7173737b706a6d5e787b7a7b6c7f726c7b6d7b6c687b30797168">[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#335d465b521d565f5e52545b4152515a735541511d545c45"><span class="__cf_email__" data-cfemail="711f0419105f141d1c10161903101318311703135f161e07">[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
[[Page 48642]]
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. 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 <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 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
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