Notice2024-22638
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
October 2, 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; OMB No. 7100- 0128) and to revise, without extension, the Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M; OMB No. 7100-0341).
Full Text
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<title>Federal Register, Volume 89 Issue 191 (Wednesday, October 2, 2024)</title>
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[Federal Register Volume 89, Number 191 (Wednesday, October 2, 2024)]
[Notices]
[Pages 80244-80246]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-22638]
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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; OMB No. 7100-
0128) and to revise, without extension, the Capital Assessments and
Stress Testing Reports (FR Y-14A/Q/M; OMB No. 7100-0341).
DATES: Comments must be submitted on or before December 2, 2024.
ADDRESSES: You may submit comments, identified by FR Y-9 or FR Y-14A/Q/
M, 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#44362123376a272b2929212a30370422212021362528362137213632216a232b32"><span class="__cf_email__" data-cfemail="2c5e494b5f024f4341414942585f6c4a4948495e4d405e495f495e5a49024b435a">[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
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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#600e1508014e050c0d01070812010209200612024e070f16"><span class="__cf_email__" data-cfemail="c1afb4a9a0efa4adaca0a6a9b3a0a3a881a7b3a3efa6aeb7">[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. On the page displayed at the link above, you can
find the supporting information by referencing the collection
identifier, FR Y-9 or FR Y-14A/Q/M. 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.\1\
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\1\ In addition to the FR Y-9, the Board proposes to revise
without extension the Capital Assessments and Stress Testing Reports
(FR Y-14A/Q/M; OMB No. 7100-0341) as a part of this clearance
package. The revisions are explained below.
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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.
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
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data until the items are implemented into the other FR Y-9 reports.
Proposed revisions:
The Board proposes to revise the FR Y-9C by (1) adding new line
items to gather additional information regarding loans to nondepository
financial institutions (NDFIs), (2) revising the instructions to
include additional detail on the types of loans that should be reported
as loans to NDFIs, (3) adding a new line item to capture the amount of
structured financial products guaranteed by U.S. Government or
sponsored agencies, (4) revising the instructions to permit HCs to use
electronic signatures to comply with the FR Y-9C signature and
attestation requirement, and (5) making other minor clarifications and
conforming edits to the form and instructions. These revisions would
also be consistent with proposed revisions \2\ to the Federal Financial
Institutions Examination Council (FFIEC) Consolidated Reports of
Condition and Income (Call Reports) (FFIEC 031, FFIEC 041, and FFIEC
051; OMB No. 7100-0036).
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\2\ See 89 FR 45046 (May 22, 2024).
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The Board also proposes to revise the FR Y-9LP to instruct holding
companies to report leases in accordance with Accounting Standards
Update 2016-02, ``Leases'' (ASU 2016-02). There are no proposed
revisions at this time for the FR Y-9SP, FR Y-9ES, or FR Y-9CS.
The Board also proposes to revise the Capital Assessments and
Stress Testing Reports (FR Y-14A/Q/M; OMB No. 7100 0341) FR Y-14Q to
align Schedule H.1, item 26, with the FR Y-9C proposed line items
related to NDFIs. This change would have no effect on the hourly burden
for the FR Y-14Q. There are no proposed revisions to the FR Y-14A/M as
a part of this clearance. There is a separate notice for comment on the
extension, with revision, of the FR Y-14A/Q/M, which published in the
Federal Register on June 21, 2024 (89 FR 52042), and contains a full
description of the FR Y-14A/Q/M information collection, including
respondent burden estimates. The revisions proposed in that notice are
unrelated to this revision. After considering any comments received
related to all proposed revisions of the FR Y-14A/Q/M, the Board may
finalize all FR Y-14A/Q/M revisions in a single Federal Register notice
and supporting statement, separate from any Federal Register notice and
supporting statement related to the FR Y-9.
All proposed changes mentioned above would take effect as of the
December 31, 2024, report date.
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): 35.59; FR Y-9C (non-advanced approaches
holding companies with $5 billion or more in total assets): 44.23; FR
Y-9C (advanced approaches holding companies): 50.76; 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: 794.
Total estimated annual burden hours: 115,283.
Board of Governors of the Federal Reserve System, Sepetember 27,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-22638 Filed 10-1-24; 8:45 am]
BILLING CODE 6210-01-P
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