Capital Plans; Proposed Agency Information Collection Activities: Comment Request, 55288-55292 [2011-22912]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 76, Number 173 (Wednesday, September 7, 2011)]
[Proposed Rules]
[Pages 55288-55292]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22912]


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FEDERAL RESERVE SYSTEM

12 CFR Part 225


Capital Plans; Proposed Agency Information Collection Activities: 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Request for comments.

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SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
pursuant to its regulations, to approve of and assign OMB control 
numbers to collection of information requests and requirements 
conducted or sponsored by the Board under conditions set forth in its 
regulations. Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the Paperwork Reduction Act Submission, 
supporting statements and approved collection of information 
instruments are placed into OMB's public docket files. The Federal 
Reserve may not conduct or sponsor, and the respondent is not required 
to respond to, an information collection that has been extended, 
revised, or implemented on or after October 1, 1995, unless it displays 
a currently valid OMB control number.

DATES: Comments must be submitted on or before November 7, 2011.

ADDRESSES: You may submit comments, identified by FR Y-14A and FR Y-
14Q, by any of the following methods:
     Agency Web Site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include docket 
number in the subject line of the message.
     Fax: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, 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 Web site at 
https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper form in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. 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 PRA OMB submission, 
including the proposed reporting schedules and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: https://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency

[[Page 55289]]

clearance officer, whose name appears below.
    Cynthia Ayouch, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: 
    The Office of Management and Budget (OMB) delegated to the Board of 
Governors of the Federal Reserve System (Board) its approval authority 
under the Paperwork Reduction Act (PRA), pursuant to 5 CFR 1320.16, to 
approve of and assign OMB control numbers to collection of information 
requests and requirements conducted or sponsored by the Board under 
conditions set forth in 5 CFR 1320 Appendix A.1.

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve'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; and
    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.
    Proposal to approve under OMB delegated authority the 
implementation of the following reports:
    Report title: Capital Assessments and Stress Testing.
    Agency form number: FR Y-14A and FR Y-14Q.
    OMB control number: 7100- to be assigned.
    Frequency: Annual and Quarterly.
    Reporters: Large domestic bank holding companies (BHCs), that 
participated in the 2009 Supervisory Capital Assessment Program (SCAP) 
exercise.
    Estimated annual reporting hours: FR Y-14A: Summary, 15,580 hours; 
Macro scenario, 589 hours; Counterparty credit risk (CCR), 2,292 hours; 
Basel III, 380 hours; and Regulatory capital instruments, 380 hours. FR 
Y-14 Q: Securities risk, 760 hours; Retail risk, 431,908 hours; Pre-
provision net revenue (PPNR), 47,500 hours; Wholesale corporate loans, 
3,840 hours; Wholesale commercial real estate (CRE) loans, 4,560 hours; 
Trading, private equity, and other fair value assets (Trading risk), 
41,280 hours; Basel III, 1,520 hours; and Regulatory capital 
instruments, 3,040 hours.
    Estimated average hours per response: FR Y-14A: Summary, 820 hours; 
Macro scenario, 31 hours; CCR, 382 hours; Basel III, 20 hours; and 
Regulatory capital instruments, 20 hours. FR Y-14 Q: Securities risk, 
10 hours; Retail risk, 5,683 hours; PPNR, 625 hours; Wholesale 
corporate loans, 60 hours; Wholesale CRE loans, 60 hours; Trading risk, 
1,720 hours; Basel III, 20 hours; and Regulatory capital instruments, 
40 hours.
    Number of respondents: 19.
    General description of report: The FR Y-14A and Q are authorized by 
section 165 of the Dodd-Frank Act which requires the Federal Reserve to 
ensure that certain BHCs and nonbank financial companies supervised by 
the Federal Reserve are subject to enhanced risk-based and leverage 
standards in order to mitigate risks to the financial stability of the 
United States. 12 U.S.C. 5365. Additionally, Section 5 of the BHC Act 
authorizes the Board to issue regulations and conduct information 
collections with regard to the supervision of BHCs. 12 U.S.C. 1844.
    As these data will be collected as part of the supervisory process, 
such information may be afforded confidential treatment under exemption 
8 of the Freedom of Information Act. 5 U.S.C. 552(b)(8). In addition, 
commercial and financial information contained in these information 
collections may be exempt disclosure under Exemption 4. 5 U.S.C. 
552(b)(4). Disclosure determinations would be made on a case-by-case 
basis.
    Abstract: During the years leading up to the recent financial 
crisis, many BHCs made significant distributions of capital, in the 
form of stock repurchases and dividends, without due consideration of 
the effects that a prolonged economic downturn could have on their 
capital adequacy and ability to continue to operate and remain credit 
intermediaries during times of economic and financial stress. In 2009, 
the Board conducted the SCAP, a ``stress test'' of 19 large, domestic 
BHCs. The SCAP was focused on identifying whether large BHCs had 
capital sufficient to weather a more-adverse-than-anticipated economic 
environment while maintaining their capacity to lend. In early 2011, 
the Federal Reserve continued its supervisory evaluation of the 
resiliency and capital adequacy processes of the same 19 BHCs through 
the Comprehensive Capital Analysis and Review (CCAR 2011). The CCAR 
2011 involved the Federal Reserve's forward-looking evaluation of the 
internal capital planning processes of the BHCs and their anticipated 
capital actions in 2011, such as increasing dividend payments or 
repurchasing or redeeming stock.
    On June 17, 2011, the Federal Reserve published a notice of 
proposed rulemaking (the capital plan rule) in the Federal Register for 
public comment (76 FR 35351) that would revise the Board's Regulation Y 
to require large BHCs to submit capital plans to the Federal Reserve 
annually and to require such BHCs to provide prior notice to the 
Federal Reserve under certain circumstances before making a capital 
distribution. (The public comment period for the capital plan rule 
ended on August 5, 2011.) In connection with submissions of capital 
plans to the Federal Reserve, BHCs would be required, pursuant to 
proposed section 225.8(d)(3), to provide certain data to the Federal 
Reserve. At the time of the proposed rule, the Federal Reserve did not 
have sufficient detail about the data to be submitted by the BHCs under 
proposed Sec.  225.8(d)(3). For this reason, the Federal Reserve is 
putting forth this proposal to collect the data to support the ongoing 
CCAR exercise, which would fulfill the data collection contemplated 
under proposed Sec.  225.8(d)(3).
    The FR Y-14A would collect annually BHCs' 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. One 
or more of the scenarios would include a market shock that the BHCs 
would assume when making trading and counterparty loss projections. The 
FR Y-14Q would collect granular data on BHCs' various asset classes and 
PPNR for the reporting period, which would be used to support 
supervisory stress test models and for continuous

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monitoring efforts, on a quarterly basis. These data would be used to 
assess the capital adequacy of large BHCs using forward-looking 
projections of revenue and losses. In addition, these data would be 
used to help inform the Federal Reserve's operational decision making 
as the agency moves ahead with implementing the Capital Plan 
rulemaking.
    Under section 165 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (Dodd-Frank Act), the Federal Reserve is 
required to issue regulations relating to stress testing (DFAST) for 
certain bank holding companies and nonbank financial companies 
supervised by the Board. It is expected that any reporting requirements 
associated with DFAST would be incorporated into the new FR Y-14 
information collection.
    Current Actions: The Federal Reserve proposes to implement the FR 
Y-14A and FR Y-14Q. All respondent BHCs would be required to submit 
both quarterly and annual schedules for third quarter data. These BHCs 
would be required to complete the FR Y-14A (including the Summary, 
Macro Scenario, CCR, Basel III, and Regulatory Capital Instruments data 
schedules) and the FR Y-14Q (including the Securities Risk, Retail 
Risk, PPNR, Wholesale Risk, Trading, Basel III, and Regulatory Capital 
Instruments data schedules).
    While there are more than 20 proposed schedules spanning eight risk 
types, the number of schedules each BHC would complete would be subject 
to materiality thresholds. All 19 BHCs would submit the PPNR schedule. 
BHCs subject to the Board's advanced approaches risk-based capital 
rules (12 CFR part 225, Appendix G) would submit the Operational Risk 
schedule. The six firms that were subject to the market shock scenario 
in CCAR 2011 would submit the Trading and CCR schedules. For all other 
annual and quarterly schedules that would be subject to materiality 
thresholds, material portfolios would be defined as those with asset 
balances greater than $5 billion or asset balances relative to Tier 1 
capital greater than 5 percent on average for the four quarters 
preceding the reporting quarter.
    For supervisory estimates to support CCAR, the Federal Reserve 
would assign losses to immaterial portfolios in a manner consistent 
with the given scenario.
    Draft Excel spreadsheets that illustrate the type of data schedules 
the Federal Reserve is developing are available on the Federal Reserve 
Board's public Web site at: https://www.federalreserve.gov/boarddocs/reportforms/review.cfm

FR Y-14A (Annual Collection)

    The annual collection of BHCs' quantitative projected regulatory 
capital ratios across a range of scenarios consists of the following 
five primary schedules, each with multiple supporting worksheets. The 
FR Y-14A would also mandate the Federal Reserve to collect qualitative 
information describing the methodologies used to develop internal 
projections of capital across scenarios.

Summary Schedule

    The Summary schedule has been designed to collect information 
necessary for the Federal Reserve to evaluate projections of regulatory 
capital ratios across a range of scenarios as part of the broader CCAR 
initiative. This information would include projections of losses, 
revenues, and capital actions that are the primary determinants of 
projected capital ratios. By collecting these data, along with other 
qualitative information, the Federal Reserve would be able to assess 
the appropriateness and robustness of the methodologies used by the 
BHCs and to identify areas where improvements are necessary. This is a 
critical part of a forward-looking evaluation of a BHC's capital 
adequacy.
    The Summary schedule would consist of three primary components--
income statement projections, balance sheet projections, and capital-
related projections. There are also a number of worksheets for the BHCs 
to project various data items, including charge-offs, gains or losses 
related to trading activities and counterparty positions, gains or 
losses on securities, and pre-provision net revenue. The complete 
Summary schedule would be submitted for each scenario evaluated by the 
BHC and would include nine quarters of projections.
    The Income Statement worksheet would collect data on quarterly 
projections of losses and revenues. This is organized similar to, but 
not identical to, the mandatory Consolidated Financial Statements for 
Bank Holding Companies (FR Y-9C; OMB No. 7100-0128). For example, BHCs 
would report estimates of losses for all categories of loans, 
securities and trading assets and would include estimates of the 
components of BHC revenue. In addition, this worksheet would collect 
certain tax-related data items. The Balance Sheet worksheet would 
collect data on quarterly projections of the BHC balance sheet, which 
includes components of assets, liabilities, and equity capital. The 
Capital worksheet would collect data on quarterly projections of equity 
capital and regulatory capital. In addition, this worksheet would also 
collect projections of capital actions such as: common dividends and 
share repurchases that affect a BHC's equity capital, projections of 
the filters and deductions necessary to estimate regulatory capital, 
ancillary data on other balance sheet items and risk-weighted assets, 
supporting data necessary to estimate the effect of the deferred tax 
asset on regulatory capital, and supporting data related to 
discretionary capital actions.
    The Summary schedule would also collect separate projection data 
worksheets related to various components of the income statement, 
including charge-offs on various loan portfolios, gains or losses 
related to trading activities and counterparty positions, gains or 
losses on securities, operational risk, and PPNR.
    The Retail Risk worksheet would collect expected losses on the 
respective portfolios. The Operational Risk worksheets would collect 
the BHC's projections for operational losses. Additional detail would 
be requested on translating historical loss experience into operational 
loss projections and on any budgeting processes used to project 
operational losses. The Trading Risk and CCR worksheets would contain 
projected losses associated with a market shock.
    There would be multiple worksheets related to Available-for-Sale 
(AFS) and Held-to-Maturity (HTM) securities (Securities Risk 
worksheets). The worksheets would request data and information such as: 
projected other-than-temporary impairment (OTTI) by asset class for 
each quarter of the forecast time horizon; methodologies and 
assumptions used to generate the OTTI projections for each asset class; 
projected stressed fair market value (FMV) for each asset class as well 
as qualitative information on the methodologies and assumptions used to 
generate the stressed market value; and actual FMVs such as the source 
(vendor or proprietary) as well as key assumptions used for determining 
market values (if using a proprietary model).
    The PPNR worksheets would collect data related to projected net 
interest income and noninterest revenues and expenses under the 
relevant scenario. This would include projections of balances of 
interest-bearing assets and liabilities and the associated interest 
income and expense for each line item; noninterest income related to 
loan origination, servicing, advisory services, trading commissions and 
fees;

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noninterest expense related to compensation, occupancy, and services; 
and other relevant line items.
    Along with the Summary schedule, each BHC would be required to 
respond to a qualitative questionnaire or submit a comprehensive 
document explaining the methods used to develop the projections 
included in each of the Summary worksheets. The document should include 
information about how the BHC translated the macroeconomic scenarios 
into the various projections, including detailed descriptions of any 
models used. The BHCs would also be required to provide a 
reconciliation of their reported data with the data they report in 
their publicly available regulatory filings.

Macro Scenario Schedule

    The Macro Scenario schedule would collect the economic variables 
used in the BHC-defined macroeconomic scenarios underlying the 
projections of loss, revenue, and capital. The schedule would include 
worksheets for the BHC baseline scenario, the BHC stress scenario, and 
any additional scenarios beyond the baseline and stressed scenarios, as 
well as a worksheet for collecting the scenario variable definitions 
(variable name and definition for each of the scenario worksheets). The 
variable definitions should include the units of measure (for example, 
percentage points and billions of dollars) and the frequency of the 
variable (for example, quarterly average if it is produced monthly or 
more often). The scenario worksheets would collect the variable name 
(as provided on the definition worksheet), the actual value of the 
variable during the 3rd quarter of the reporting year, and the 
projected value of the variable for nine future quarters.
    Each BHC would be required to document the methods used to generate 
the scenarios. If the BHC uses a scenario generated by a third party, 
at a minimum the following should be documented: name of the vendor, 
date that the scenario was generated (if known), and any changes that 
the BHC made to the scenario. If the BHC generates the scenario, the 
documentation should include a detailed description of any models used 
and how the BHC adjusted the models to produce the various scenarios.

CCR Schedule

    The CCR schedule would collect from each BHC information to 
identify credit valuation adjustment (CVA), exposures, and CVA 
sensitivities for their top counterparties along a number of 
dimensions, including current CVA, stressed CVA, net current exposure, 
and gross current exposure. BHCs would also submit aggregate CVA, 
exposures, and CVA sensitivities by ratings categories.

Basel III Schedule

    Based on the Basel III framework that was promulgated by the Basel 
Committee on Bank Supervision, the Basel III schedule would collect 
annual forecasts of Tier 1 Common, Tier 1 Capital, Risk-Weighted Assets 
(RWA), and Leverage Exposures (along with granular components of those 
elements) through year-end 2013 (or the year by which the BHC plans to 
meet Basel III target capital ratios, if later than 2013) under a 
baseline scenario. Finally, BHCs would be required to submit the effect 
on Basel III measurements of any significant planned actions to be 
taken in response to Basel III and the Dodd-Frank Act (for example, 
asset sales, asset wind-downs, and data collection and modeling 
enhancements).

Regulatory Capital Instruments Schedule

    The Regulatory Capital Instruments schedule would collect CUSIP-
level \1\ contractual terms of the BHC's regulatory capital 
instruments, as defined under the Board's current regulatory capital 
rules for BHCs (12 CFR part 225, Appendices A, E, and G). The data 
collected would support future analyses and coordinated responses to 
future proposed capital actions. BHCs would provide a detailed 
inventory of their regulatory capital instruments as of the data 
collection date and provide details on instruments they project to 
redeem or issue over a 9-quarter period.
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    \1\ CUSIP refers to the Committee on Uniform Security 
Identification Procedures. This 9-character alphanumeric code 
identifies any North American security for the purposes of 
facilitating clearing and settlement of trades.
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FR Y-14Q (Quarterly Collection)

Securities Risk Schedule

    The Securities Risk schedule would gather CUSIP-level and summary-
level information on all positions in a BHC's AFS and HTM portfolios. 
The CUSIP-level position schedule would request such data as the 
amortized cost, market value, current face value, and original face 
value of each position.

Retail Risk Schedule

    The Retail Risk schedule would collect information about the 
distribution of risk in retail portfolios across segments. Retail risk 
would be divided into four major categories: residential, credit card, 
automobile, and other consumer. For residential, credit card, and other 
consumer, separate retail risk schedules are proposed for the different 
product types within each of the major categories. For all major 
categories, separate segmentation schemes would be used for domestic 
and international loans. Residential would be divided into first lien 
mortgages, home equity lines of credit, and home equity loans; credit 
card would be split between bank and charge cards, and small business 
and corporate cards; and student loans would be split from the other 
consumer category. Within each broad product-type segment, the 
portfolio would be broken into a number of buckets that embody unique 
risk characteristics.
    The modular product-type design of the Retail Risk schedules allows 
for a targeted collection of information from only the BHCs that have 
material portfolios in a given product area. This design feature is 
intended to limit burden while maximizing the supervisory information 
yielded from the collection.
    The Federal Reserve requests comment on the following:
    a. The effects on burden should the Federal Reserve decide to move 
from collecting segment-level data to collecting loan-level data for a 
select number of Retail Risk portfolios.

PPNR Schedule

    For the PPNR schedule, each BHC would provide relevant historical 
data for their PPNR. PPNR is composed of three major components: net 
interest income, non-interest income, and non-interest expense. For 
both net interest income and non-interest income, BHCs would submit 
data based on a business line breakdown. Collection of these data in 
this format is based on the assumption that the revenues generated by 
different business lines react differently under varying scenarios and 
such a view would facilitate a more robust analysis of the resulting 
projections. BHCs would provide historical data for the first 
submission and quarterly revisions thereafter.

Wholesale Risk Schedule

    For the Wholesale Risk schedule, each BHC would provide wholesale 
loan portfolio data that comprise the corporate loan and CRE loan 
portfolios. These data would provide critical information on the 
performance of the loan portfolios in order to be used to develop 
stress test loss estimates and other analytical purposes. Given the 
distinct characteristics of each portfolio, these data would be 
collected under two data schedules.

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    For the corporate loan portfolio, the BHC would provide loan-level 
information about the characteristics of credit exposures (for example, 
legally binding loan commitments or credit facilities). The collection 
would include corporate loans, held at the BHC level, to both domestic 
and foreign borrowers. For purposes of this collection, applicable 
corporate loan portfolios include loans to large corporations, small 
businesses (excluding scored or delinquency managed small business 
loans for which a commercial internal rating is not used), foreign 
governments, depository and non depository financial institutions, 
agriculture loans, as well as other loans such as loans for purchasing 
or carrying securities and all other commercial loans and leases as 
defined by the FR Y-9C. Data items would include borrower name 
(individuals' names would not be collected), loan amount, loan type, 
maturity and internal risk rating.
    For the CRE loan portfolios, the BHC would provide loan-level 
information about the characteristics of credit exposures for each CRE 
loan equal to or greater than $1 million. For purposes of this 
collection, applicable CRE loan portfolios include 1-4 family 
residential construction loans, other construction and land development 
loans, multifamily loans, non-farm or non-residential loans, loans to 
finance CRE but not secured by CRE, and international CRE loans (for 
example, non-domestic office loans), as each is defined in the FR Y-9C. 
Given the complexity of CRE portfolios, the data would include loan 
information (for example, borrower name [individuals' names would not 
be collected], loan amount, loan type, maturity and rating) and 
property information (for example, property type, net operating income, 
property value, and occupancy).

Trading Schedule

    The worksheets that make up the Trading schedule would capture 
detailed information on the BHC's profit and loss (P/L) sensitivities 
to changes in equity prices, foreign exchange rates, interest rates, 
credit spreads, and commodity prices. Information on the trading book 
would be reported in the form of various spot sensitivities, as well as 
through multidimensional P/L sensitivity grids for products that tend 
to exhibit nonlinear P/L response to underlying risk factors. The 
worksheets in this schedule request information on both the sector 
(industry) and geographical compositions of exposures to such assets. 
Additional data would be collected for trading incremental default risk 
(IDR): Corporate and Sovereign Credit, and Securitized Products.

Basel III Schedule

    The proposed quarterly collection would be a streamlined version of 
the annual schedule and would collect actual balances for Basel III 
Tier 1 Common, Tier 1 Capital, RWA, Leverage Exposures (including some 
elements of RWAs and Leverage Exposures, if available), capital 
instruments outstanding and proposed issuances and redemptions. These 
data are not available in regulatory reports, which are prepared on a 
Basel I or Basel II basis. Data collected would be compared against the 
balance projections provided annually to monitor the path of each BHC's 
positions. For BHCs that submitted in their annual filing planned 
actions to meet Basel III targets, the Federal Reserve would also 
request qualitative responses regarding progress in executing those 
actions. Combined with the collected data, this information would 
provide important insight into each BHC's Basel III preparedness and 
feasibility of the projections and plans submitted in the annual 
schedule.

Regulatory Capital Instruments Schedule

    The proposed quarterly collection would ask BHCs to confirm the 
execution of proposed redemptions and issuances of specific instruments 
and identify any deviations from the projections submitted in the 
annual schedule. The quarterly monitoring effort would facilitate the 
maintenance and updating of the centralized Regulatory Capital 
Instruments data in order to support future capital requests and to 
produce horizontal and BHC-specific reports on the composition of Tier 
1 and Tier 2 capital.

FR Y-14A/Q Instructions

    The reporting instructions, to the extent appropriate, would use 
definitions already included in the FR Y-9C instructions, and total 
amounts (for example, total AFS or HTM securities), to the extent 
appropriate, would agree with total amounts reported on the FR Y-9C.
    FR Y-14A Time Schedule. In 2011, the Federal Reserve expects to 
distribute schedules to the BHCs in late-November and to receive the 
completed data by early-January 2012. With the exception of the trading 
and counterparty collections, the data collected would be reported as 
of September 30, 2011. Due to the unique role that timing plays in any 
market shock exercise, the annual trading and CCR data would be 
collected as-of a specified date in the 3rd or 4th quarter. That as-of 
date would be communicated to the BHCs after it had occurred but before 
year-end.
    Annually thereafter the Federal Reserve expects to distribute 
schedules to the BHCs during the fourth quarter and to receive 
completed data by early-January the following year, beginning in 2013. 
With the exception of the trading and counterparty collections, the 
data collected would be as of September 30. The as-of date for the 
trading and CCR data would be during the 3rd or 4th quarter. The as-of 
date would be communicated to the BHCs after it had occurred but before 
year-end.
    FR Y-14Q Time Schedule. In 2011, the Federal Reserve expects to 
distribute schedules to the BHCs in late-November and to receive the 
completed data by mid-December 2011. With the exception of the trading 
collection, the data collected during this first submission would be 
reported as of September 30, 2011. Similar to the annual collection, 
as-of-date for the trading data would be during the 3rd or 4th quarter.
    Quarterly thereafter the Federal Reserve expects to distribute 
schedules to the BHCs and to receive completed data on the same time 
schedule as the FR Y-9C reported data (40 calendar days after the 
calendar quarter-end for March, June, and September and 45 calendar 
days after the calendar quarter-end for December).
    Beginning in 2012, the quarterly Trading schedule as-of-date for 
the first, second, and fourth quarters would be the same as the as-of 
dates for the other reported schedules. For the 3rd quarter, the BHCs 
would be required to report data as part of a market shock exercise. 
Due to the nature of a shock exercise, the Federal Reserve would 
communicate to the BHCs the as-of-date for trading data on a future 
date in the 3rd or 4th quarter. These data would be due 40 calendar 
days after the calendar quarter-end or 40 calendar days after the 
notification date (notifying respondents of the as-of-date), whichever 
comes later.

    Board of Governors of the Federal Reserve System, September 1, 
2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011-22912 Filed 9-6-11; 8:45 am]
BILLING CODE 6210-01-P