[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Pages 15776-15784]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05723]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request and Announcement of Board Approval Under Delegated Authority
and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment; temporary approval of information
collection.
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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 Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M; OMB
No. 7100-0341). The Board has also temporarily revised the FR Y-14A/Q/M
pursuant to the authority delegated to the Board by the Office of
Management and Budget (OMB). The temporary revisions are applicable
only to reports reflecting the December 31, 2019, as of date.
DATES: Comments must be submitted on or before May 18, 2020.
ADDRESSES: You may submit comments, identified by FR Y-14A, FR Y-14Q,
or FR Y-14M, by any of the following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx 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 identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. 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--Shagufta Ahmed--
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: A copy of the Paperwork Reduction Act
(PRA) OMB submission, including the reporting form and instructions,
supporting statement, and other documentation will be placed into OMB's
public docket files, if approved. These documents will also be made
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the 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.
On June 15, 1984, OMB also delegated to the Board authority under
the PRA to temporarily approve a revision to a collection of
information without providing opportunity for public comment if the
Board determines that a change in an existing collection must be
instituted quickly and that public participation in the approval
process would defeat the purpose of the collection or substantially
interfere with the Board's ability to perform its statutory obligation.
The Board's delegated authority requires that the Board, after
temporarily approving a collection, publish a notice soliciting public
comment on a proposal to extend the collection for a period of up to
three years. This notice will serve as both the temporary approval for
revisions, as well as the proposal on which the Board will consider all
comments received from the public and other agencies.
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.
[[Page 15777]]
Temporary Approval Under OMB Delegated Authority and Proposal To Extend
for Three Years, With Revision, the Following Information Collection:
Report title: Capital Assessments and Stress Testing Reports.
Agency form number: FR Y-14A/Q/M.
OMB control number: 7100-0341.
Frequency: Annually, quarterly, and monthly.
Respondents: These collections of information are applicable to
bank holding companies (BHCs), U.S. intermediate holding companies
(IHCs), and savings and loan holding companies (SLHCs) \1\ with $100
billion or more in total consolidated assets, as based on: (i) The
average of the firm's total consolidated assets in the four most recent
quarters as reported quarterly on the firm's Consolidated Financial
Statements for Holding Companies (FR Y-9C; OMB No. 7100-0128); or (ii)
if the firm has not filed an FR Y-9C for each of the most recent four
quarters, then the average of the firm's total consolidated assets in
the most recent consecutive quarters as reported quarterly on the
firm's FR Y-9Cs. Reporting is required as of the first day of the
quarter immediately following the quarter in which the respondent meets
this asset threshold, unless otherwise directed by the Board.
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\1\ SLHCs with $100 billion or more in total consolidated assets
become members of the FR Y-14Q and FR Y-14M panels effective June
30, 2020, and the FR Y-14A panel effective December 31, 2020. See 84
FR 59032 (November 1, 2019).
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Estimated number of respondents: FR Y-14A/Q: 36; FR Y-14M: 34.\2\
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\2\ The estimated number of respondents for the FR Y-14M is
lower than for the FR Y-14Q and FR Y-14A because, in recent years,
certain respondents to the FR Y-14A and FR Y-14Q have not met the
materiality thresholds to report the FR Y-14M due to their lack of
mortgage and credit activities. The Board expects this situation to
continue for the foreseeable future.
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Estimated average hours per response: FR Y-14A: 926 hours; FR Y-
14Q: 1,979 hours; FR Y-14M: 1,072 hours; FR Y-14 On-going Automation
Revisions: 480 hours; FR Y-14 Attestation On-going Attestation: 2,560
hours.
Estimated annual burden hours: FR Y-14A: 33,336 hours; FR Y-14Q:
284,976 hours; FR Y-14M: 437,376 hours; FR Y-14 On-going Automation
Revisions: 17,280 hours; FR Y-14 Attestation On-going Attestation:
33,280 hours.
General description of report: This family of information
collections is composed of the following three reports:
The FR Y-14A collects quantitative projections of balance
sheet, income, losses, and capital across a range of macroeconomic
scenarios and qualitative information on methodologies used to develop
internal projections of capital across scenarios.\3\
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\3\ On October 10, 2019, the Board issued a final rule that
eliminated the requirement for firms subject to Category IV
standards to conduct and publicly disclose the results of a company-
run stress test. See 84 FR 59032 (Nov. 1, 2019). That final rule
maintained the existing FR Y-14 substantive reporting requirements
for these firms in order to provide the Board with the data it needs
to conduct supervisory stress testing and inform the Board's ongoing
monitoring and supervision of its supervised firms. However, as
noted in the final rule, the Board intends to provide greater
flexibility to banking organizations subject to Category IV
standards in developing their annual capital plans and consider
further change to the FR Y-14 forms as part of a separate proposal.
See 84 FR 59032, 59063.
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The quarterly FR Y-14Q collects granular data on various
asset classes, including loans, securities, trading assets, and PPNR
for the reporting period.
The monthly FR Y-14M is comprised of three retail
portfolio- and loan-level schedules, and one detailed address-matching
schedule to supplement two of the portfolio and loan-level schedules.
The data collected through the FR Y-14A/Q/M reports provide the
Board with the information needed to help ensure that large firms have
strong, firm[hyphen]wide risk measurement and management processes
supporting their internal assessments of capital adequacy and that
their capital resources are sufficient given their business focus,
activities, and resulting risk exposures. The reports are used to
support the Board's annual Comprehensive Capital Analysis and Review
(CCAR) and Dodd-Frank Act Stress Test (DFAST) exercises, which
complement other Board supervisory efforts aimed at enhancing the
continued viability of large firms, including continuous monitoring of
firms' planning and management of liquidity and funding resources, as
well as regular assessments of credit, market and operational risks,
and associated risk management practices. Information gathered in this
data collection is also used in the supervision and regulation of
respondent financial institutions. Respondent firms are currently
required to complete and submit up to 17 filings each year: One annual
FR Y-14A filing, four quarterly FR Y-14Q filings, and 12 monthly FR Y-
14M filings. Compliance with the information collection is mandatory.
Current actions and proposed revisions: The Board has temporarily
revised the FR Y-14A report to allow eligible firms to incorporate the
effects of the simplifications rule \4\ and tailoring rules \5\
effective with the December 31, 2019, as of date.
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\4\ See 84 FR 35234 (July 22, 2019).
\5\ See 84 FR 59230 and 84 FR 35234 (November 1, 2019).
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The Board also has proposed revisions necessary to better identify
risk as part of the stress test, such as revisions to the Trading and
Counterparty schedules or sub-schedules, as well as capital revisions
related to capital simplification, total loss absorbing capacity
(TLAC), and standardized approach for counterparty credit risk on
derivative contracts (SA-CCR). The Board also proposes to make several
clarifications to the instructions that were, in part, prompted by
questions the Board has received from reporting institutions. All
proposed revisions would be effective for the September 30, 2020,
report date for the FR Y-14Q and FR Y-14M, and for the December 31,
2020, report date for the FR Y-14A.
Capital Simplifications
On July 22, 2019, the Board, the Office of the Comptroller of the
Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC)
(``the agencies'') published a final rule amending their regulatory
capital rules \6\ to make a number of burden-reducing changes.\7\ In
the simplifications rule, the agencies adopted a simpler methodology
for firms not subject to the advanced approaches rule (non-advanced
approaches banking organizations) \8\ to calculate minority interest
limitations and simplified the regulatory capital treatment of mortgage
servicing assets (MSAs), temporary difference deferred tax assets
(DTAs), and investments in the capital of unconsolidated financial
institutions for non-advanced approaches banking organizations. The
revisions implemented by the simplifications rule become effective
April 1, 2020.\9\
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\6\ See 12 CFR part 3 (OCC); 12 CFR part 217 (Board); 12 CFR
part 324 (FDIC). While the agencies have codified the capital rule
in different parts of title 12 of the Code of Federal Regulations,
the internal structure of the sections within each agency's rule is
substantially similar. All references to sections in the capital
rule or the proposal are intended to refer to the corresponding
sections in the capital rule of each agency.
\7\ See 84 FR 35234 (July 22, 2019).
\8\ Non-advanced approaches banking organizations are
institutions that do not meet the criteria in 12 CFR 3.100(b) (OCC);
12 CFR 217.100(b) (Board); or 12 CFR 324.100(b) (FDIC).
\9\ Eligible firms can choose to adopt the simplifications rule
effective January 1, 2020.
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In order to implement the effects of the simplifications rule into
the FR Y-14 reports, the Board proposes to make a number of changes to
the calculation of Common Equity Tier 1 (CET1) capital, Additional Tier
1 (AT1) capital,
[[Page 15778]]
and Tier 2 (T2) capital for non-advanced approaches institutions only.
Under the simplifications rule, the agencies raised the threshold for
non-advanced approaches institutions for determining the amount of
MSAs, temporary difference DTAs that could not be realized through net
operating loss carrybacks (temporary difference DTAs),\10\ and
investments in the capital of unconsolidated financial institutions
that must be deducted from regulatory capital. In addition, the
simplifications rule streamlined the capital calculation for minority
interest includable in regulatory capital for non-advanced approaches
institutions and made other technical changes to the regulatory capital
rule.
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\10\ The Board notes that An Act to provide for reconciliation
pursuant to titles II and V of the concurrent resolution on the
budget for fiscal year 2018, Public Law 115-97 (originally
introduced as the Tax Cuts and Jobs Act), enacted December 22, 2017,
eliminated the concept of net operating loss carrybacks for U.S.
federal income tax purposes, although the concept may still exist in
particular jurisdictions for state or foreign income tax purposes.
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The current regulatory capital calculations in FR Y-14A, Schedule
A.1.d (Capital), and FR Y-14Q, Schedule D (Regulatory Capital), require
that an institution's capital cannot include MSAs, certain temporary
difference DTAs, and significant investments in the common stock of
unconsolidated financial institutions in an amount greater than 10
percent of CET1 capital, on an individual basis, and that those three
data items combined cannot comprise more than 15 percent of CET1
capital. When the reporting of regulatory capital calculations by non-
advanced approaches institutions in accordance with the simplifications
rule takes effect, this calculation would be revised to require that
MSAs or temporary difference DTAs in an amount greater than 25 percent
of CET1 capital, must be deducted from a non-advanced approaches
institution's capital. The 15 percent aggregate deduction threshold
would be removed. In addition, the simplifications rule would
streamline the current three categories of investments in financial
institutions (non-significant investments in the capital of
unconsolidated financial institutions, significant investments in the
capital of unconsolidated financial institutions that are in the form
of common stock, and significant investments in the capital of
unconsolidated financial institutions that are not in the form of
common stock) into a single category, investments in the capital of
unconsolidated financial institutions, and require that non-advanced
approaches institutions deduct amounts of these investments that exceed
25 percent of CET1 capital. Any investments in excess of the 25 percent
threshold would be deducted from capital using the corresponding
deduction approach.
Per the final tailoring rules, Category I and II firms are subject
to the advanced approaches rule, while Category III and IV firms are
not subject to the advanced approaches rule.\11\ Therefore, the Board
proposes to specify reporting of capital simplifications to clearly
delineate between the requirements for the different firm categories.
In order to implement these regulatory capital changes from a
regulatory reporting perspective, the Board proposes the following
revisions to FR Y-14A, Schedule A.1.d and FR Y-14Q, Schedule D:
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\11\ See 84 FR 59230 (November 1, 2019).
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FR Y-14A, Schedule A.1.d (Capital)
The Board proposes to add new items and revise several existing
items that relate to CET1 capital deductions to align with the
revisions proposed to the FR Y-9C, Schedule HC-R (Regulatory Capital),
Part I (Regulatory Capital Components and Ratios). These items would
allow Category III and IV firms to reflect the 25 percent of CET1
capital limit for MSAs and certain temporary difference DTAs. The new
items would only be required for Category III and IV firms. These new
items would be:
``Investments in the capital of unconsolidated financial
institutions, net of associated [deferred tax liabilities] DTLs, that
exceed 25 percent common equity tier 1 capital deduction threshold'';
``Aggregate amount of investments in the capital of
unconsolidated financial institutions, net of associated DTLs'';
``25 percent common equity tier 1 deduction threshold'';
and
``Amount to be deducted from common equity tier 1 due to
25 percent deduction threshold.''
The existing items that the Board proposes to revise are:
``Significant investments in the capital of unconsolidated
financial institutions in the form of common stock, net of associated
DTLs, that exceed 10 percent common equity tier 1 capital deduction
threshold'' (item 37);
``MSAs, net of associated DTLs, that exceed the common
equity tier 1 capital deduction threshold'' (item 38);
``DTAs arising from temporary differences that could not
be realized through net operating loss carrybacks, net of related
valuation allowances and net of DTLs, that exceed the common equity
tier 1 capital deduction threshold'' (item 39);
``Amount of significant investments in the capital of
unconsolidated financial institutions in the form of common stock;
MSAs, net of associated DTLs; and DTAs arising from temporary
differences that could not be realized through net operating loss
carrybacks, net of related valuation allowances and net of DTLs; that
exceeds the 15 percent common equity tier 1 capital deduction
threshold'' (item 40);
``Common equity tier 1 deduction threshold'' (item 75);
``Amount to be deducted from common equity tier 1 due to
the deduction threshold'' (item 76);
``Common equity tier 1 deduction threshold'' (item 78);
and
``Amount to be deducted from common equity tier 1 due to
the deduction threshold'' (item 79).
Also, the Board proposes to revise the instructions for the
following groups of items and to indicate that they would only be
reported by Category I and II firms:
``Non-significant investments in the capital of
unconsolidated financial institutions in the form of common stock, net
of DTLs'' (items 64 through 66);
``Significant investments in the capital of unconsolidated
financial institutions in the form of common stock, net of DTLs''
(items 67 through 71); and
``Aggregate of items subject to the 15% limit (significant
investments, mortgage servicing assets and deferred tax assets arising
from temporary differences)'' (items 80 through 83).
On the FR Y-9C, Schedule HC-R, Part I, several items were
renumbered to reflect the simplifications rule. As a result, the Board
also proposes to revise the corresponding FR Y-14A, Schedule A.1.d,
items to reference the renumbered FR Y-9C items.
Additionally, the Board proposes to make a number of revisions to
the instructions for certain FR Y-14A, Schedule A.1.d, items that would
remove language regarding the inclusion of any applicable transition
provisions. These revisions would be applicable to Category I, II, III,
and IV firms. Specifically, the Board proposes to revise the
instructions for the following items:
Item 18 (``AOCI opt-out election'');
Item 35 (``Non-significant investments in the capital of
unconsolidated financial institutions in the form of common stock that
exceed
[[Page 15779]]
the 10 percent threshold for non-significant investments'');
Item 37 (``Significant investments in the capital of
unconsolidated financial institutions in the form of common stock, net
of associated DTLs, that exceed 10 percent common equity tier 1 capital
deduction threshold'');
Item 38 (``MSAs, net of associated DTLs, that exceed the
10 percent common equity tier 1 capital deduction threshold'');
Item 39 (``DTAs arising from temporary differences that
could not be realized through net operating loss carrybacks, net of
related valuation allowances and net of DTLs, that exceed the 10
percent common equity tier 1 capital deduction threshold'');
Item 40 (``Amount of significant investments in the
capital of unconsolidated financial institutions in the form of common
stock; MSAs, net of associated DTLs; and DTAs arising from temporary
differences that could not be realized through net operating loss
carrybacks, net of related valuation allowances and net of DTLs; that
exceeds the 15 percent common equity tier 1 capital deduction
threshold'');
Item 48 (``Additional tier 1 capital deductions'');
Item 84 (``Amount to be deducted from common equity tier 1
due to 15 percent deduction threshold, prior to transition
provision''); and
Item 110 (``Deferred tax assets that arise from net
operating loss and tax credit carryforwards, net of DTLs, but gross of
related valuation allowances'').
FR Y-14Q, Schedule D (Regulatory Capital)
In order to incorporate the effects of the simplifications rule on
FR Y-14Q, Schedule D, the Board proposes to add four items related to
non-significant investments in the capital of unconsolidated financial
institutions in the form of common stock:
``Aggregate amount of non-significant investments in the
capital of unconsolidated financial institutions'';
``Non-significant investments in the capital of
unconsolidated financial institutions in the form of common stock'';
``10 percent threshold for non-significant investments'';
and
``Amount to be deducted from common equity tier 1 due to
10 percent deduction threshold.''
The Board further proposes that these four new items, as well as
the items formerly numbered 1 through 5 (``Significant investments in
the capital of unconsolidated financial institutions in the form of
common stock'') and 21 through 25 (``Aggregate of items subject to the
15% limit (significant investments, mortgage servicing assets, and
deferred tax assets arising from temporary differences)''), be reported
only by Category I and II firms.
The Board also proposes to add three items related to investments
in the capital of unconsolidated financial institutions that would only
be reported by Category III and IV firms:
``Aggregate amount of investments in the capital of
unconsolidated financial institutions'';
``25 percent threshold for investments in the capital of
unconsolidated financial institutions''; and
``Amount to be deducted from common equity tier 1 due to
25 percent deduction threshold.''
Finally, the Board proposes to rename two items and revise the
instructions for four items to account for the different deduction
threshold for Category I, II, III, and IV firms:
The instructions would be revised for ``10 percent common
equity tier 1 deduction threshold'' (existing items 13 and 19). These
items would also be renamed to ``Common equity tier 1 deduction
threshold: 10 percent for Category I and II firms, 25 percent for
Category III and IV firms''; and
The instructions would be revised for ``Amount to be
deducted from common equity tier 1 due to 10 percent deduction
threshold'' (existing items 14 and 20).
Total Loss-Absorbing Capacity (TLAC)
On April 8, 2019, the agencies published a notice of proposed
rulemaking that would address an advanced approaches banking
organization's regulatory capital treatment of an investment in
unsecured debt instruments issued by foreign or U.S. global
systemically important banks (GSIBs) for the purposes of meeting
minimum TLAC and, where applicable, long-term debt (LTD) requirements,
or liabilities issued by GSIBs that are pari passu or subordinated to
such debt instruments (TLAC Holdings NPR).\12\ Under the proposal,
investments by an advanced approaches banking organization in such
unsecured debt instruments generally would be subject to deduction from
the advanced approaches banking organization's own regulatory capital.
The Board also proposed to require that banking organizations subject
to minimum TLAC and LTD requirements under Board regulations publicly
disclose their TLAC and LTD issuances in a manner described in this
proposal.
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\12\ See 84 FR 13814 (April 8, 2019).
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Under the TLAC Holdings NPR, the capital calculations of advanced
approaches banking organizations would take into account the total
amount of deductions related to investments in own CET1, AT1, and T2
capital instruments; investments in own covered debt instruments, if
applicable; reciprocal cross holdings; non-significant investments in
the capital and covered debt instruments of unconsolidated financial
institutions that exceed certain thresholds; certain investments in
excluded covered debt instruments, as applicable; and significant
investments in the capital and covered debt instruments of
unconsolidated financial institutions. Any deductions related to
covered debt instruments and excluded covered debt instruments
(together, TLAC debt holdings) would be applied at the level of T2
capital under the agencies' existing regulatory capital rule. Any
required deduction would be made using the ``corresponding deduction
approach,'' by which the advanced approaches banking organization would
deduct TLAC debt holdings first from T2 capital and, if it had
insufficient T2 capital to make the full requisite deduction, deduct
the remaining amount from AT1 capital and then, if necessary, from CET1
capital.
In order to incorporate these proposed regulatory changes, the
Board proposes the following revisions to FR Y-14A, Schedule A.1.d, and
FR Y-14Q, Schedule D. These revisions to the FR Y-14A and FR Y-14Q
would remain pending until such time as the Board may adopt the TLAC
Holdings proposal in final form, at which point, these revisions would
be incorporated into the FR Y-14 reports.
FR Y-14A, Schedule A.1.d (Capital)
As a part of the TLAC Holdings NPR, the Board proposed revisions to
the FR Y-9C, Schedule HC-R, Part I, that would collect information from
U.S. GSIBs and from IHCs of foreign GSIBs. Specifically, the proposed
items would collect information on these holding companies' LTD and
TLAC amounts, LTD and TLAC ratios, and TLAC buffer. In order to align
Schedule A.1.d with the FR Y-9C, the Board is proposing to add the
following items to Schedule A.1.d:
``Outstanding eligible long-term debt'';
``Total loss-absorbing capacity'';
``LTD and TLAC total risk-weighted assets ratios'';
``LTD and TLAC leverage ratios'';
[[Page 15780]]
``LTD and TLAC supplementary leverage ratios'';
``Institution-specific TLAC buffer necessary to avoid
limitations on distributions discretionary bonus payments'';
``TLAC risk-weighted buffer''; and
``TLAC leverage buffer.''
FR Y-14Q, Schedule D (Regulatory Capital)
The Board proposes that the instructions for proposed item 1
(``Aggregate amount of non-significant investments in the capital of
unconsolidated financial institutions'') would require Category I and
II firms to include covered debt instruments.
Standardized Approach for Counterparty Credit Risk on Derivative
Contracts (SA-CCR)
On January 24, 2020, the agencies published a final rule to
implement the SA-CCR approach for calculating the exposure amount of
derivative contracts under the capital rule.\13\ The SA-CCR final rule
becomes effective on April 1, 2020, with a mandatory compliance date of
January 1, 2022.
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\13\ See 85 FR 4362 (January 24, 2020).
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The final rule replaces the current exposure methodology (CEM) with
SA-CCR in the capital rule for advanced approaches banking
organizations. Under the final rule, an advanced approaches banking
organization will have to choose either SA-CCR or the internal models
methodology to calculate the exposure amount of its noncleared and
cleared derivative contracts and use SA-CCR to determine the risk-
weighted asset amount of its default fund contributions. In addition,
an advanced approaches banking organization will be required to use SA-
CCR (instead of CEM) to calculate the exposure amount of its noncleared
and cleared derivative contracts and to determine the risk-weighted
asset amount of its default fund contributions under the standardized
approach, as well as to determine the exposure amount of its derivative
contracts for purposes of the supplementary leverage ratio. When using
SA-CCR, a banking organization should use the value of the replacement
cost amount for its current credit exposure.
Under the final rule, a non-advanced approaches banking
organization will be able to use either CEM or SA-CCR to calculate the
exposure amount of its noncleared and cleared derivative contracts and
to determine the risk-weighted asset amount of its default fund
contributions under the standardized approach. A Category III banking
organization will also use SA-CCR for calculating its supplementary
leverage ratio if it chooses to use SA-CCR to calculate its derivative
and default fund exposures.
The Board proposes to revise FR Y-14A, Schedule A.1.c.1 (Risk-
Weighted Assets) as follows to incorporate SA-CCR:
FR Y-14A, Schedule A.1.c.1 (Risk-Weighted Assets)
Generally, the reporting of derivatives elements in Schedule
A.1.c.1 is driven by the treatment of cleared derivatives' variation
margin (settled-to-market versus collateralized-to-market), netting
provisions impacting the calculations of notional and exposure amounts,
and attributions of derivatives to cleared versus non-cleared
derivatives. In order to incorporate the SA-CCR final rule and to
ensure alignment with the FR Y-9C, Schedule HC-R, Part II (Risk-
Weighted Assets), the Board proposes to revise the instructions for
Schedule A.1.c.1, Item 45 (``Current credit exposure across all
derivative contracts covered by the regulatory capital rules'') to
refer to the corresponding FR Y-9C item (Schedule HC-R, Part II,
Memoranda Item 1, ``Current credit exposure across all derivative
contracts covered by the regulatory rules'').
General
For clarification purposes, the Board proposes to clarify the FR Y-
14A and FR Y-14Q instructions to affirm that the threshold for filing
the Trading and Counterparty schedules (in the FR Y-14Q) and sub-
schedules (in the FR Y-14A) are based on a four-quarter average of
trading assets and liabilities (either in aggregate of $50 billion or
more or in aggregate greater than or equal to 10 percent of total
consolidated assets, as indicated in the instructions), calculated as
of two quarters preceding the reporting quarter.
FR Y-14A, Schedule A (Summary)
Schedule A.1.d (Capital)
Firms are currently required to report the ``Capital--DFAST'' sub-
schedule of FR Y-14A, Schedule A.1.d, using applicable capital action
assumptions.\14\ The tailoring rules adjusted the frequency of the
requirement to conduct the company-run stress tests under the mandated
scenarios provided by the Federal Reserve for firms subject to Category
III standards.\15\ As a result, the Board proposes to revise the
instructions to require firms subject to Category III standards to only
report the ``Capital--DFAST'' Sub-schedule of FR Y-14A, Schedule A.1.d,
every other year. Annual submission of this sub-schedule would no
longer be required.
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\14\ See 12 CFR 225.8 and the CCAR instructions for more
information regarding the capital action assumptions used to
complete the Capital--CCAR sub-schedule. See 12 CFR 252.56(b) for
information regarding the capital assumptions used to complete the
Capital--DFAST sub-schedule.
\15\ See 84 FR 59230 and 84 FR 59032 (both November 1, 2019).
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The Board proposes to make minor clarifications to several ratio
items on Schedule A.1.d in response to previous industry comments. The
current instructions for item 104 (``Supplementary Leverage Ratio'')
indicate that this item is derived. However, this item is actually
reported by firms. The Board proposes to make this item derived, and to
indicate that this item should correspond to the definition used in FR
Y-9C, Schedule HC-R, Part I, item 45 (``Advanced approaches holding
companies only: Supplementary leverage ratio''). Further, several ratio
fields are not derived in a consistent format on the FR Y-9C and FR Y-
14. For some items, the FR Y-9C requires the ratio in `x.xxx' format
while the FR Y-14 requires the same ratio in `.0xxxx' format. To align
the required format of these items, the Board proposes to revise the
instructions for the following Schedule A.1.d ratio items so that they
will be derived in the same format as on the FR Y-9C:
Item 97 (``Common Equity Tier 1 Ratio'');
Item 99 (``Tier 1 Capital Ratio'');
Item 101 (``Total risk-based capital ratio'');
Item 103 (``Tier 1 Leverage Ratio''); and
Item 104 (``Supplementary Leverage Ratio'').
Other Schedules
The Board proposes to eliminate FR Y-14A, Schedules A.1.c.2
(Advanced RWA) and A.7.c (PPNR Metrics), in order to reduce burden
while continuing to collect all information necessary to conduct
supervisory stress testing and qualitative reviews of firms' capital
plans. The Board also proposes to remove any references to these
schedules across the FR Y-14A/Q/M instructions. Per section 225.8 of
the Board's Regulation Y, firms should not use the advanced approaches
to calculate their regulatory capital ratios for purposes of stress
testing and capital planning. As a result, firms are not required to
report Schedule A.1.c.2, and so the Board proposes to eliminate this
schedule. For Schedule A.7.c, it has been determined that point-in-time
values (as opposed to projected values,
[[Page 15781]]
which are reported in Schedule A.7.c), are more useful for stress
testing purposes. Point-in-time PPNR metric values are currently
reported in FR Y-14Q, Schedule G.3 (PPNR Metrics).
FR Y-14Q, Schedule F (Trading)
Formalizing Supplemental Collections
The Board proposes to formalize two supplemental collections by
incorporating them into Schedule F. First, the Board proposes to
require firms to report corporate single name exposures at the obligor
level in Schedule F.22 ([Incremental Default Risk] IDR--Corporate
Credit) along with corporate index exposures at the series level.
Collecting this information would allow the Board to enhance its stress
testing of issuer default risk. Second, the Board proposes to require
firms to report a version of Schedule F that captures fair value option
(FVO) loan hedges. Requiring firms to report a version of Schedule F
that captures FVO loan hedges would enable to the Board to more
adequately assess the risk associated with firm positions as they
relate to FVO loan hedges.
Hedge Reporting
Currently, some firms are reporting X-valuation adjustment (XVA)
hedges (e.g. funding valuation adjustment hedges) and accrual loan
hedges within the credit valuation adjustment (CVA) hedge version of
Schedule F. This causes an inadvertent comingling of CVA, XVA, and
accrual loan hedges, and subsequent calculation of profit and loss on
these hedges. In order to isolate the impact of specific hedges, the
Board proposes two changes related to hedge reporting on Schedule F.
First, to remove ambiguity, the Board proposes to revise the
instructions to clarify that XVA hedges should not be reported on
Schedule F. Second, the Board proposes to require firms to report a
version of Schedule F that captures the impact of accrual loan hedges.
Separately collecting hedges for accrual loans would ensure consistent
hedge treatment between firms, which would allow the Board to better
assess the risks associated with accrual loans.
Municipal Exposures
Currently, Schedule F.16 (Munis) has a `` ``Interest Rate Variability'' (Schedule H.1, item 37;
Schedule H.2, item 26),
``Interest Rate'' (38;27),
``Interest Rate Index'' (39;28),
``Interest Rate Spread'' (40;29),
``Interest Rate Ceiling'' (41;30),
``Interest Rate Floor'' (42;31), and
``Frequency of Rate Reset'' (N/A; 32).
Ambiguous or Inconsistent Instructions
For consistency with the language used in Schedule H.1, item 25
(``Utilized Exposure Global''), the Board proposes to add language to
Schedule H.2, item 3 (``Outstanding Balance'') to require firms to
report zero for fully undrawn commitments.
Additionally, the ``Property Type'' (Schedule H.2, item 9)
description requires reporters to use predominance to determine type
when possible. However, the ``Property Size'' (Schedule H.2, item 39)
instructions do not make clear that predominance is allowed to
determine a specific property type (rather than having to report as
``Other'' if the loan consists of mixed property types). To eliminate
this ambiguity, the Board proposes to revise the instructions for item
39 to clarify that predominance can be used to determine the units even
if the loan consists of mixed property types.
Finally, the current Schedule H instructions do not require firms
to report information regarding exposures to capital call
subscriptions. Subscription finance typically provides general-purpose
term and revolving credit facilities to private equity funds, is
provided by one or more lenders, is secured by a pledge of the right to
call, enforces capital calls, and receives capital contributions from a
fund's limited partners. In order to monitor the risks associated with
capital call subscriptions, the Board proposes to add response options
to Schedule H.1, items 20 (``Credit Facility'') and 22 (``Credit
Facility Purpose'') that would allow firms to indicate which facilities
are capital call subscriptions.
[[Page 15782]]
FR Y-14Q, Schedule L (Counterparty)
Credit Default Swap (CDS) Hedging
The Board has received several questions from firms regarding the
definition of ``CDS Hedge Notional'' in Schedule L.5.1 (Derivative and
securities financing transaction (SFT) information by counterparty
legal entity and netting set/agreement), as the current definition is
ambiguous. Accordingly, the Board is proposing to revise the
instructions for this item in several ways. First, the Board proposes
to clarify that the net notional amount of specific CDS hedges should
be reported in this item. Second, the Board proposes to clarify that
when firms are calculating the net notional amount, purchased CDS hedge
notional amounts must be reflected as negative amounts, and sold
amounts must be reflected as positive amounts. Third, the Board
proposes to remove the reference to ``plain vanilla CDS'' from the
instructions, and clarify that single-name and non-tranched index
credit derivatives for which one of the constituents matches directly
to counterparty legal entity level should be included. The Board would
further clarify that positions reported in this item must be ``eligible
credit derivatives,'' as defined in section 252.71 of the Board's
Regulation YY.
Variation Margins
There is currently an inconsistency between the FR Y-14Q, Schedule
L instructions and SR Letter 17-7 (Regulatory Capital Treatment of
Certain Centrally-cleared Derivative Contracts under the Board's
Capital Rule) \16\ regarding how variation margins can be treated. Per
SR Letter 17-7, variation margins can be treated as part of mark-to-
market (MtM) value when computing firms' gross current exposure (CE)
for centrally cleared derivatives subject to the settle-to-market
approach. However, this treatment is not reflected in the Schedule L
instructions. To align the instructions with SR Letter 17-7, the Board
proposes to revise the instructions to allow for this treatment.
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\16\ https://www.federalreserve.gov/supervisionreg/srletters/sr1707a1.pdf.
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Client-Cleared Derivatives Exposures
The Board proposes to require that all client-cleared derivatives
exposures be reported on the large counterparty default (LCPD) section.
The Board believes these exposures present credit risk that would
increase under stress, and could potentially be material for some
firms. These derivatives create an exposure for a firm to its client to
the extent that the firm is guaranteeing the client performance to the
central counterparty (CCP) or the exchange. If a client defaults when
its exposure moves significantly out of the money to the CCP (and
therefore the CCP is in the money), then the clearing firm will suffer
a loss as a result of the performance guarantee it has provided to the
CCP. This proposed reporting change would allow the Board to evaluate
the materiality of the potential LCPD loss impact associated with the
client cleared derivatives exposures. The Board already collects
information on client cleared SFT exposures and is proposing a similar
treatment for client cleared derivatives exposures. Please note that
the Board would not include these exposures as part of the stress test
at this time. Rather, this information would only be collected for
monitoring purposes.
Additional Clarifications
The Board also proposes the following additional revisions that
would address inconsistent interpretations:
Provide illustrative examples to clarify netting agreement
reporting requirements on Schedule L.5 (Derivatives and Securities
Financing Transitions (SFT) Profile);
Clarify the definition of ``Excess Variation Margin (for
CCPs)'' to be more consistent with the CCP margining practice;
Clarify how centrally cleared exposures should be
computed. This clarification would ensure consistent reporting across
firms;
Clarify that IHC affiliate counterparties should be
considered counterparties and included for reporting across Schedule L;
Provide specific clarifications on reporting requirements
associated with CSA details when multiple CSAs apply to a single
netting agreement;
Clarify the definition of ``New Notional During Quarter''
on Schedules L.1.a-d;
Clarify the definition of ``CDS Reference Entity Type'';
provide guidelines for the definitions of vanilla, structured, and
exotic contracts; reporting of data fields to specify agreement
population (SFT and/or derivatives); and reporting of to be announced
(TBA) positions;
Clarify that the U.S. dollar equivalent of the respective
currency bucket should be used in the ``Unstressed MtM Cash Collateral
(Derivatives)'' and ``Total Unstressed MtM Collateral (Derivatives)''
items; and
Clarify rank methodology to include affiliate as an
allowable entry. This change would help reinforce reporting
requirements of counterparty types reported.
The Board also proposes to revise the instructions for the
``External Rating'' field in Schedule L.5.3 (Aggregate SFTs by Internal
Rating), to require firms to report an external rating equivalent to a
counterparty's internal rating, as reported in the ``Internal Rating''
field of Schedule L.5.3. These instructions were inadvertently revised
in December of 2019.\17\
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\17\ See 84 FR 70529 (December 23, 2019).
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FR Y-14Q, Schedule M (Balances)
Effective June 30, 2018, ``Purchased credit card relationships and
nonmortgage servicing assets'' was removed from FR Y-9C, Schedule M
(Memoranda), and the values previously reported in this item were added
to FR Y-9C, Schedule M, item 12.c, ``All other identifiable intangible
assets''.\18\ This point-in-time item is critical for stress testing
modeling. Therefore, the Board proposes to add this item to Schedule M
of the FR Y-14Q.
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\18\ See 83 FR 36935 (July 31, 2018).
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FR Y-14M
The Board proposes several revisions to the FR Y-14M that would
clarify reporting. The following clarifications to Schedules A.1 (First
Lien, Loan Level), B.1 (Home Equity, Loan Level), and D.2 (Credit Card,
Portfolio Level) are proposed:
Schedule A--item 23, Schedule B--item 19 (``Property
Type''): Clarify how to report planned unit developments, as there is
currently ambiguity. This clarification would make it clear that if the
property type is known, then firms should report the underlying
property type. If it is unknown, then firms should report it as a
planned unit development.
Schedule A--item 63, Schedule B--item 53 (``Foreclosure
Status''): Expand the definition of these items to have an option to
capture loans that have foreclosure suspended for reasons other than
loss mitigation or bankruptcy proceedings. This expanded definition
would allow firms to report all applicable loans as foreclosure
suspended, regardless of the reason.
Schedule A--item 65, Schedule B--item 87 (``Foreclosure
Suspended''): Clarify how to report this field in the month the loan
liquidates. This clarification would make it clear that the foreclosure
status should be post-sale foreclosure in these instances.
Schedule B--item 61 (``Workout Type Completed''): Define
the ``Settlement'' and ``Other'' values. ``Settlement'' and ``Other''
are not currently defined, and firms are not sure
[[Page 15783]]
when they should be used. These definitions would remove that
ambiguity.
Schedule D--items 11 (``Projected Managed Losses'') and 12
(``Projected Booked Losses''): Clarify how to report these fields upon
the adoption of the Accounting Standards Update 2016-13 (``Financial
Instruments--Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments'').
Temporary Revisions to the FR Y-14A/Q/M
As a result of the simplified threshold deduction framework and new
accumulated other comprehensive income (AOCI) opt-out election
discussed below, the simplifications and tailoring rules could have a
material impact on projected capital levels for certain non-advanced
approaches institutions. In order to allow non-advanced approaches
institutions to be able to incorporate the effects of the
simplifications and tailoring rules effective for FR Y-14A reports
reflecting the December 31, 2019, as-of date, which must be submitted
to the Board by April 6, 2020, the Board is unable to satisfy the
normal Paperwork Reduction Act clearance process. The Board has
determined that it must revise the FR Y-14A quickly and public
participation in the approval process would defeat the purpose of the
collection of information, as delaying the revisions would result in
the collection of inaccurate information, and would interfere with the
Board's ability to perform its statutory duties pursuant to section 165
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act).\19\
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\19\ 12 U.S.C. 5365.
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Capital Simplifications
In order to allow eligible firms to report projected capital levels
consistent with the capital rule then in effect, the Board has
temporarily revised the FR Y-14A instructions for the December 31,
2019, as-of date, to allow non-advanced approaches institutions to
report certain capital items in a manner that aligns with the
simplifications rule. Specifically, the Board has temporarily revised
the instructions for several items on FR Y-14A, Schedule A.1.d, and
Schedule A.1.c.1 (Standardized risk-weighted assets), to allow eligible
firms to report data beginning with the second projected quarter that
incorporates the effects of capital simplifications. The instructions
for the following FR Y-14A, Schedule A.1.d, items have been temporarily
revised to provide as follows:
Item 35 (``Non-significant investments in the capital of
unconsolidated financial institutions in the form of common stock that
exceed the 10 percent threshold for non-significant investments'');
Item 37 (``Significant investments in the capital of
unconsolidated financial institutions in the form of common stock, net
of associated DTLs, that exceed 10 percent common equity tier 1 capital
deduction threshold'');
Item 38 (``MSAs, net of associated DTLs, that exceed the
10 percent common equity tier 1 capital deduction threshold'');
Item 39, (``DTAs arising from temporary differences that
could not be realized through net operating loss carrybacks, net of
related valuation allowances and net of DTLs, that exceed the 10
percent common equity tier 1 capital deduction threshold'');
Item 40, (``Amount of significant investments in the
capital of unconsolidated financial institutions in the form of common
stock; MSAs, net of associated DTLs; and DTAs arising from temporary
differences that could not be realized through net operating loss
carrybacks, net of related valuation allowances and net of DTLs; that
exceeds the 15 percent common equity tier 1 capital deduction
threshold'');
Item 66 (``Amount of non-significant investments that
exceed the 10 percent deduction threshold for non-significant
investments'');
Item 67, (``Gross significant investments in the capital
of unconsolidated financial institutions in the form of common
stock'');
Item 70, (``10 percent common equity tier 1 deduction
threshold'');
Item 75, (``10 percent common equity tier 1 deduction
threshold'');
Item 78, (``10 percent common equity tier 1 deduction
threshold''); and
Item 84, (``Amount to be deducted from common equity tier
1 due to 15 percent deduction threshold, prior to transition provision
(greater of item 83 minus item 81 or zero)'').
The Board also has temporarily revised the instructions for FR Y-
14A, Schedule A.1.c.1, to require non-advanced approaches institutions
to incorporate the effects of capital simplifications on applicable
risk-weighted asset items (items 1-41), beginning in the second
projected quarter.
Tailoring
Prior to the tailoring rules, non-advanced approaches firms could
elect to recognize elements of AOCI in regulatory capital. The result
of this election is reported in item 18 (``AOCI opt-out election'').
Per the guidance provided in SR Letter 20-2 (Frequently Asked Questions
on the Tailoring Rules), Category III and IV firms are required to make
a new election to determine whether to recognize elements of AOCI in
regulatory capital, beginning January 1, 2020. This election must be
made during the first reporting period after the banking organization
meets the definition of a Category III or IV firm. The Board proposes
to revise the instructions for item 18 to adhere to the guidance
provided in SR Letter 20-2.
Previously, the instructions to FR Y-14A Schedule A.1.d, item 18
did not contemplate a situation in which a holding company would make
an AOCI opt-out election on a FR Y-9C report with an as-of date other
than (1) March 31, 2015, or (2) for a holding company that comes into
existence after that date, the first FR Y-9C report filed by the
holding company. As such, eligible firms will not have the ability to
reflect this new election in projected quarters for the December 31,
2019, FR Y-14A submission.
Because the ability to make an AOCI opt-out election could have a
material impact on projected capital levels for certain firms, the
Board has temporarily revised FR Y-14A Schedule A.1.d, item 18 to
reflect that Category III and IV firms that were previously advanced
approaches institutions must make a new AOCI opt-out election during
the first reporting period after the firm meets the definition of a
Category III Board-regulated institution or Category IV Board-regulated
institution. This temporary revision will permit firms to reflect this
new election in projected quarters for the December 31, 2019, FR Y-14A
submission.
Legal authorization and confidentiality: The Board has the
authority to require BHCs to file the FR Y-14 reports pursuant to
section 5(c) of the Bank Holding Company Act (``BHC Act''), (12 U.S.C.
1844(c)), and pursuant to section 165(i) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act) (12 U.S.C. 5365(i))
as amended by section 401(a) and (e) of the Economic Growth, Regulatory
Relief, and Consumer Protection Act (EGRRCPA).\20\ The Board has
authority to require SLHCs to file the FR Y-14 reports pursuant to
section 10(b) of the Home Owners' Loan Act (12 U.S.C. 1467a(b)), as
amended by section 369(8) and 604(h)(2) of the Dodd-Frank Act. Lastly,
the Board has authority to require U.S. IHCs of FBOs to file the FR
[[Page 15784]]
Y-14 reports pursuant to section 5 of the BHC Act, as well as pursuant
to sections 102(a)(1) and 165 of the Dodd-Frank Act (12 U.S.C.
5311(a)(1) and 5365).\21\ In addition, section 401(g) of EGRRCPA (12
U.S.C. 5365 note) provides that the Board has the authority to
establish enhanced prudential standards for foreign banking
organizations with total consolidated assets of $100 billion or more,
and clarifies that nothing in section 401 ``shall be construed to
affect the legal effect of the final rule of the Board . . . entitled
`Enhanced Prudential Standard for [BHCs] and Foreign Banking
Organizations' (79 FR 17240 (March 27, 2014)), as applied to foreign
banking organizations with total consolidated assets equal to or
greater than $100 million.'' \22\ The FR Y-14 reports are mandatory.
The information collected in the FR Y-14 reports is collected as part
of the Board's supervisory process, and therefore, such information is
afforded confidential treatment pursuant to exemption 8 of the Freedom
of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition,
confidential commercial or financial information, which a submitter
actually and customarily treats as private, and which has been provided
pursuant to an express assurance of confidentiality by the Board, is
considered exempt from disclosure under exemption 4 of the FOIA (5
U.S.C. 552(b)(4)).\23\
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\20\ Public Law 115-174, Title IV 401(a) and (e), 132 Stat.
1296, 1356-59 (2018).
\21\ Section 165(b)(2) of the Dodd-Frank Act (12 U.S.C.
5365(b)(2)) refers to ``foreign-based bank holding company.''
Section 102(a)(1) of the Dodd-Frank Act (12 U.S.C. 5311(a)(1))
defines ``bank holding company'' for purposes of Title I of the
Dodd-Frank Act to include foreign banking organizations that are
treated as bank holding companies under section 8(a) of the
International Banking Act of 1978 (12 U.S.C. 3106(a)). The Board has
required, pursuant to section 165(b)(1)(B)(iv) of the Dodd-Frank Act
(12 U.S.C. 5365(b)(1)(B)(iv)) certain foreign banking organizations
subject to section 165 of the Dodd-Frank Act to form U.S.
intermediate holding companies. Accordingly, the parent foreign-
based organization of a U.S. IHC is treated as a BHC for purposes of
the BHC Act and section 165 of the Dodd-Frank Act. Because Section
5(c) of the BHC Act authorizes the Board to require reports from
subsidiaries of BHCs, section 5(c) provides additional authority to
require U.S. IHCs to report the information contained in the FR Y-14
reports.
\22\ The Board's Final Rule referenced in section 401(g) of
EGRRCPA specifically stated that the Board would require IHCs to
file the FR Y-14 reports. See 79 FR 17240, 17304 (March 27, 2014).
\23\ Please note that the Board publishes a summary of the
results of the Board's CCAR testing pursuant to 12 CFR
225.8(f)(2)(v), and publishes a summary of the results of the
Board's DFAST stress testing pursuant to 12 CFR 252.46(b) and 12 CFR
238.134, which includes aggregate data. In addition, under the
Board's regulations, covered companies must also publicly disclose a
summary of the results of the Board's DFAST stress testing. See 12
CFR 252.58; 12 CFR 238.146. The public disclosure requirement
contained in 12 CFR 252.58 for covered BHCs and covered IHCs is
separately accounted for by the Board in the Paperwork Reduction Act
clearance for FR YY (OMB No. 7100-0350) and the public disclosure
requirement for covered SLHCs is separately accounted for in by the
Board in the Paperwork Reduction Act clearance for FR LL (OMB No.
7100-NEW).
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Consultation outside the agency: There has been no consultation
outside the agency.
Board of Governors of the Federal Reserve System, March 16,
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-05723 Filed 3-18-20; 8:45 am]
BILLING CODE 6210-01-P