[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Notices]
[Pages 70971-70972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27750]
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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
Financial Statements for Holding Companies (FR Y-9 Reports; OMB No.
7100-0128). The revisions are applicable as of December 31, 2019.
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, Washington, DC 20551, (202) 452-3829.
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.
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.
These documents also are available on the Federal Reserve 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 above.
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. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision of the Following Information Collection
Report Title: Financial Statements for Holding Companies.
Agency form number: FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR
Y-9CS.
OMB control number: 7100-0128.
Effective Date: December 31, 2019.
Frequency: Quarterly, semiannually, and annually.
Respondents: Bank holding companies, savings and loan holding
companies, securities holding companies, and U.S. intermediate holding
companies (collectively, HCs).
Estimated number of respondents: FR Y-9C (non-advanced approaches
HCs with less than $5 billion in total assets): 155; FR Y-9C (non-
advanced approaches HCs with $5 billion or more in total assets): 189;
FR Y-9C (advanced approaches HCs): 19; FR Y-9LP: 434; FR Y-9SP: 3,960;
FR Y-9ES: 83; FR Y-9CS: 236.
Estimated average hours per response:
Reporting
FR Y-9C (non-advanced approaches HCs with less than $5 billion in
total assets): 40.48 hours; FR Y-9C (non-advanced approaches HCs with
$5 billion or more in total assets): 46.34 hours; FR Y-9C (advanced
approaches HCs): 47.59 hours; FR Y-9LP: 5.27 hours; FR Y-9SP: 5.40
hours; FR Y-9ES: 0.50 hours; FR Y-9CS: 0.50 hours.
Recordkeeping
FR Y-9C (non-advanced approaches HCs with less than $5 billion in
total assets), FR Y-9C (non-advanced approaches HCs with $5 billion or
more in total assets), FR Y-9C (advanced approaches HCs), and FR Y-9LP:
1.00 hour; FR Y-9SP, FR Y-9ES, and FR Y-9CS: 0.50 hours.
Estimated annual burden hours:
Reporting
FR Y-9C (non-advanced approaches HCs with less than $5 billion in
total assets): 25,098 hours; FR Y-9C (non-advanced approaches HCs with
$5 billion or more in total assets): 35,033 hours; FR Y-9C (advanced
approaches HCs): 3,617 hours; FR Y-9LP: 9,149 hours; FR Y-9SP: 42,768
hours; FR Y-9ES: 42 hours; FR Y-9CS: 472 hours.
Recordkeeping
FR Y-9C (non-advanced approaches HCs with less than $5 billion in
total assets): 620 hours; FR Y-9C (non-advanced approaches HCs with $5
billion or more in total assets): 756 hours; FR Y-9C (advanced
approaches HCs): 76 hours; FR Y-9LP: 1,736 hours; FR Y-9SP: 3,960
hours; FR Y-9ES: 42 hours; FR Y-9CS: 472 hours.
General description of report: The FR Y-9C consists of standardized
financial statements similar to the Call Reports filed by commercial
banks.\1\ The FR Y-9C collects consolidated data from HCs and is filed
quarterly by top-tier HCs with total consolidated assets of $3 billion
or more.\2\
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\1\ The Call Reports consist of the FFIEC 051, as well as the
Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only (FFIEC 041) and the Consolidated Reports of
Condition and Income for a Bank with Domestic and Foreign Offices
(FFIEC 031).
\2\ Under certain circumstances described in the FR Y-9C's
General Instructions, HCs with assets under $3 billion may be
required to file the FR Y-9C.
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The FR Y-9LP, which collects parent company only financial data,
must be submitted by each HC that files the FR Y-9C, as well as by each
of its subsidiary HCs.\3\ The report consists of standardized financial
statements.
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\3\ A top-tier HC may submit a separate FR Y-9LP on behalf of
each of its lower-tier HCs.
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The FR Y-9SP is a parent company only financial statement 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 is designed to obtain basic balance sheet and
income data for the parent company, and data on its intangible assets
and intercompany transactions.
The 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: A Statement of Changes in Net Assets Available for Benefits,
a Statement of Net Assets Available for Benefits, Memoranda, and Notes
to the Financial Statements.
The FR Y-9CS is a free-form supplemental report that the Board may
utilize to collect critical additional data
[[Page 70972]]
deemed to be needed in an expedited manner from HCs. The data 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 items
included on the FR Y-9CS may change as needed.
Legal authorization and confidentiality: The Board has the
authority to impose the reporting and recordkeeping requirements
associated with the Y-9 family of reports on bank holding companies
(``BHCs'') pursuant to section 5 of the Bank Holding Company Act (``BHC
Act''), (12 U.S.C. 1844); on savings and loan holding companies
pursuant to section 10(b)(2) and (3) of the Home Owners' Loan Act, (12
U.S.C. 1467a(b)(2) and (3)), as amended by sections 369(8) and
604(h)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (``Dodd-Frank Act''); on U.S. intermediate holding companies
(``U.S. IHCs'') pursuant to section 5 of the BHC Act, (12 U.S.C 1844),
as well as pursuant to sections 102(a)(1) and 165 of the Dodd-Frank
Act, (12 U.S.C. 511(a)(1) and 5365); \4\ and on securities holding
companies pursuant to section 618 of the Dodd-Frank Act, (12 U.S.C.
1850a(c)(1)(A)). The obligation to submit the FR Y-9 series of reports,
and the recordkeeping requirements set forth in the respective
instructions to each report, are mandatory.
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\4\ Section 165(b)(2) of Title I 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, (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-9 series of reports.
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With respect to the FR Y-9C report, Schedule HI's item 7(g) ``FDIC
deposit insurance assessments,'' Schedule HC-P's item 7(a)
``Representation and warranty reserves for 1-4 family residential
mortgage loans sold to U.S. government agencies and government
sponsored agencies,'' and Schedule HC-P's item 7(b) ``Representation
and warranty reserves for 1-4 family residential mortgage loans sold to
other parties'' are considered confidential commercial and financial
information. Such treatment is appropriate under exemption 4 of the
Freedom of Information Act (``FOIA''), (5 U.S.C. 552(b)(4)), because
these data items reflect commercial and financial information that is
both customarily and actually treated as private by the submitter, and
which the Board has previously assured submitters will be treated as
confidential. It also appears that disclosing these data items may
reveal confidential examination and supervisory information, and in
such instances, this information would also be withheld pursuant to
exemption 8 of the FOIA, (5 U.S.C. 552(b)(8)), which protects
information related to the supervision or examination of a regulated
financial institution.
In addition, for both the FR Y-9C report and the FR Y-9SP report,
Schedule HC's memorandum item 2.b., the name and email address of the
external auditing firm's engagement partner, is considered confidential
commercial information and protected by exemption 4 of the FOIA, (5
U.S.C. 552(b)(4)), if the identity of the engagement partner is treated
as private information by HCs. The Board has assured respondents that
this information will be treated as confidential since the collection
of this data item was proposed in 2004.
Aside from the data items described above, the remaining data items
on the FR Y-9C report and the FR Y-9SP report are generally not
accorded confidential treatment. The data items collected on FR Y-9LP,
FR Y-9ES, and FR Y-9CS \5\ reports, are also generally not accorded
confidential treatment. As provided in the Board's Rules Regarding
Availability of Information (12 CFR part 261), however, a respondent
may request confidential treatment for any data items the respondent
believes should be withheld pursuant to a FOIA exemption. The Board
will review any such request to determine if confidential treatment is
appropriate, and will inform the respondent if the request for
confidential treatment has been denied.
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\5\ The FR Y-9CS is a supplemental report that may be utilized
by the Board to collect additional information that is needed in an
expedited manner from HCs. The information collected on this
supplemental report is subject to change as needed. Generally, the
FR Y-9CS report is treated as public. However, where appropriate,
data items on the FR Y-9CS report may be withheld under exemptions 4
and/or 8 of the Freedom of Information Act, (5 U.S.C. 552(b)(4) and
(8)).
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To the extent the instructions to the FR Y-9C, FR Y-9LP, FR Y-9SP,
and FR Y-9ES reports each respectively direct the financial institution
to retain the workpapers and related materials used in preparation of
each report, such material would only be obtained by the Board as part
of the examination or supervision of the financial institution.
Accordingly, such information may be considered confidential pursuant
to exemption 8 of the FOIA (5 U.S.C. 552(b)(8)). In addition, the
workpapers and related materials may also be protected by exemption 4
of the FOIA, to the extent such financial information is treated as
confidential by the respondent (5 U.S.C. 552(b)(4)).
Current actions: On September 26, 2019, the Board published an
initial notice in the Federal Register (84 FR 50840) requesting public
comment for 60 days on the extension, with revision, of the FR Y-9
reports. The comment period for this notice expired on November 25,
2019. The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, December 18,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-27750 Filed 12-23-19; 8:45 am]
BILLING CODE 6210-01-P