Notice2024-28526
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
December 6, 2024
Effective
December 31, 2024
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, with revision, the Structure Reporting and Recordkeeping Requirements for Domestic and Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E; OMB No. 7100-0297).
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 235 (Friday, December 6, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 235 (Friday, December 6, 2024)]
[Notices]
[Pages 96978-96979]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28526]
-----------------------------------------------------------------------
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, with revision, the
Structure Reporting and Recordkeeping Requirements for Domestic and
Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E;
OMB No. 7100-0297).
DATES: The revisions for the option of electronic submission and the
due date change are effective December 31, 2024; the standard templates
is December 31, 2025; and the automation of the FR Y-7 report is
December 31, 2026.
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#5e302b363f703b32333f39362c3f3c371e382c3c70393128"><span class="__cf_email__" data-cfemail="6c0219040d420900010d0b041e0d0e052c0a1e0e420b031a">[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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/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-
6, FR Y-7, FR Y-10, and FR Y-10E.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Structure Reporting and Recordkeeping
Requirements for Domestic and Foreign Banking Organizations.
Collection identifier: FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.
OMB control number: 7100-0297.
General description of collection: This information collection
comprises the following four reports:
Annual Report of Holding Companies (FR Y-6), which collects
financial and organizational information from holding companies (HCs)
and foreign banking organizations (FBOs) that are not ``qualifying''
FBOs under section 211.23 of the Board's Regulation K--International
Banking Operations (12 CFR part 211),
Annual Report of Foreign Banking Organizations (FR Y-7), which
collects financial and organizational information from qualifying FBOs,
Report of Changes in Organizational Structure (FR Y-10), which is
an event-generated report that captures changes in organizational
structure or regulated investments and activities of various Board-
supervised entities, and
Supplement to the Report of Changes in Organizational Structure (FR
Y-10E), which is a formless supplement to the FR Y-10 that the Board
may use to collect additional structural information on an emergency
basis.
Frequency: Annual, event-generated.
Respondents: The FR Y-6 panel comprises top-tier bank holding
companies (BHCs), savings and loan holding companies (SLHCs), employee
stock ownership plans (ESOPs) and employee share ownership trusts
(ESOTs) or trusts that are BHCs or SLHCs, securities holding companies,
intermediate holding companies (IHCs), and any FBO that does not meet
the requirements of and is not treated as a qualifying FBO under
Regulation K.
The FR Y-7 panel comprises all qualifying FBOs that engage in
banking in the United States, either directly or indirectly.
The FR Y-10 and FR Y-10E panels comprise top-tier BHCs (including
ESOPs or ESOTs that are BHCs and financial holding companies); top-tier
SLHCs, including ESOPs, ESOTs, or trusts that are SLHCs pursuant to
Regulation LL; FBOs; state member banks that are not controlled by an
HC; Edge and agreement corporations that are not controlled by a member
bank, a
[[Page 96979]]
domestic HC, or an FBO; and nationally chartered banks that are not
controlled by a BHC or an FBO (with regard to their foreign investments
only); and securities holding companies.
Total estimated number of respondents:
FR Y-6--3,760.
FR Y-7--205.
FR Y-10 and FR Y-10E--3,790.
Estimated average hours per response:
Reporting
FR Y-6--2.5.
FR Y-7 Initial--10.10.
FR Y-7 Ongoing--4.63.
FR Y-10--2.5.
FR Y-10E--0.5.
Recordkeeping
FR Y-6--0.5.
FR Y-10--0.5.
Total estimated change in burden: 1,284.
Total estimated annual burden hours:
Reporting
FR Y-6--9,400.
FR Y-7 Initial--2,071.
FR Y-7 Ongoing--949.
FR Y-10--33,153.
FR Y-10E--1,895.
Recordkeeping
FR Y-6--1,880.
FR Y-10--6,631.
Current actions: On March 29, 2024, the Board published a notice in
the Federal Register (89 FR 22145) requesting public comment for 60
days on the extension, with revision, of the FR Y-6, FR Y-7, FR Y-10,
and FR Y-10E reports. The Board proposed to revise the FR Y-7 report by
adding an electronic submission option and adding standard templates
for reporting (1) financial statements, (2) organizational charts, (3)
information about shares and shareholders, (4) a firm's eligibility as
a qualified FBO, and (5) a firm's compliance with prudential standards.
The proposal would also make minor clarifications and conforming edits
to the FR Y-7 forms and instructions. The proposal included no changes
to the FR Y-6, FR Y-10, or FR Y-10E. The comment period for this notice
expired on May 28, 2024. The Board received one comment letter from an
individual.
Detailed Discussion of Public Comments
The commenter remarked that the FR Y-6 allows a bank holding
company (BHC) to request confidential treatment regarding insider
ownership information and asked that this ability be removed. A
reporter may request confidential treatment for any information
submitted on the FR Y-6 that the reporter believes is exempt from
disclosure under the Freedom of Information Act (FOIA). The Board may
grant a request for confidential treatment if the institution clearly
has provided a compelling justification for the request. It is the
Board's practice to favor disclosure of principal securities holders'
information, but have granted past requests for confidential treatment,
consistent with FOIA exemptions, when there was evidence of a well-
defined present threat to the liberty or personal security of
individuals. For this reason, the Board is maintaining the current
process used to fulfill our obligation to consider requests for
confidential treatment.
The commenter also noted that individual Federal Reserve districts
differ from each other on the ease of public access to FR Y-6
submissions and asks the Board to create a single, publicly accessible,
nationwide FR Y-6 database. The Board will take this into consideration
during future technology enhancements for the FR Y-6. Additionally,
limited structural data from the information collection are published
on the National Information Center's public website at <a href="https://www.ffiec.gov/NPW">https://www.ffiec.gov/NPW</a>.
Lastly, the Board will delay the effective dates for the standard
templates to December 31, 2025, and the automation changes to December
31, 2026. Delaying these effective dates will allow sufficient time for
the development of the necessary technology to support the changes in
the proposal. Aside from this change, the Board adopted the extension,
with revision, of the FR Y-7 report as originally proposed.
Board of Governors of the Federal Reserve System, December 2,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-28526 Filed 12-5-24; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on December 6, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.