Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 15999-16001 [2014-06258]

Download as PDF Federal Register / Vol. 79, No. 56 / Monday, March 24, 2014 / Notices prevent interference to subscribers. To demonstrate that terminal equipment complies with criteria for protecting the network and to ensure that consumers, providers of telecommunications, the Commission and others are able to trace products to the party responsible for placing terminal equipment on the market, it is essential to require manufacturers or other responsible parties to provide the information required by Part 68. In addition, incumbent local exchange carriers must provide the information in Part 68 to warn their subscribers of impending disconnection of service when subscriber terminal equipment is causing telephone network harm. Federal Communications Commission. Marlene H. Dortch, Secretary, Office of the Secretary, Office of Managing Director. [FR Doc. 2014–06351 Filed 3–21–14; 8:45 am] BILLING CODE 6712–01–P FEDERAL COMMUNICATIONS COMMISSION Information Collection Being Reviewed by the Federal Communications Commission Under Delegated Authority Federal Communications Commission. ACTION: Notice and request for comments. AGENCY: As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501– 3520), the Federal Communications Commission (FCC or the Commission) invites the general public and other Federal agencies to take this opportunity to comment on the following information collection. Comments are requested concerning: whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; the accuracy of the Commission’s burden estimate; ways to enhance the quality, utility, and clarity of the information collected; ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology; and ways to further reduce the information collection burden on small business concerns with fewer than 25 employees. The FCC may not conduct or sponsor a collection of information unless it WREIER-AVILES on DSK5TPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 14:29 Mar 21, 2014 Jkt 232001 displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. DATES: Written PRA comments should be submitted on or before May 23, 2014. If you anticipate that you will be submitting comments, but find it difficult to do so within the period of time allowed by this notice, you should advise the contact listed below as soon as possible. ADDRESSES: Direct all PRA comments to Cathy Williams, FCC, via email PRA@ fcc.gov and to Cathy.Williams@fcc.gov. FOR FURTHER INFORMATION CONTACT: For additional information about the information collection, contact Cathy Williams at (202) 418–2918. SUPPLEMENTARY INFORMATION: OMB Control Number: 3060–0291. Title: Section 90.477(a), (b)(2), (d)(2), and (d)(3), Interconnected Systems. Form No.: N/A. Type of Review: Extension of a currently approved collection. Respondents: Business or other forprofit, not-for-profit institutions and state, local or tribal government. Number of Respondents: 579 respondents; 579 responses. Estimated Time per Response: .25 hours—2 hours. Frequency of Response: On occasion reporting requirement, recordkeeping requirement and third party disclosure requirement. Obligation to Respond: Required to obtain or retain benefits. Statutory authority for this information collection is contained in 47 U.S.C. 332(a). Total Annual Burden: 191 hours. Total Annual Cost: None. Privacy Act Impact Assessment: No impact(s). Nature and Extent of Confidentiality: There is no need for confidentiality with this collection of information. Needs and Uses: The rule sections that govern interconnection of private land mobile radio service stations with the public switched telephone network are as follows: (1) Pursuant to 47 CFR 90.477(a), licensees of interconnected land stations must maintain as part of their station records a detailed description of how interconnection is accomplished. (2) Pursuant to 47 CFR 90.477(b)(2) and (d)(2), at least one licensee participating in any cost sharing arrangement for telephone service must maintain cost sharing records, the costs must be distributed at least once a year, and a report of the distribution must be PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 15999 placed in the licensee’s station records and made available to participants in the sharing arrangement and the Commission upon request. (3) Pursuant to 47 CFR 90.477(d)(3), licensees in the Industrial/Business Pool and those licensees who establish eligibility pursuant to 90.20(a)(2), other than persons or organizations charged with specific fire protection activities, persons or organizations charged with specific forestry-conservation activities, or medical emergency systems in the 450–470 MHz band, and who seek to connect within 120 km (75 miles) of 25 cities specified in 90.477(d)(3), must obtain the consent of all co-channel licensees located both within 120 km of the center of the city, and with 120 km of the interconnected base station transmitter. Consensual agreements must specifically state the terms agreed upon and a statement must be submitted to the Commission indicating that all co-channel licensees have consented to the use of interconnection. In a December 1998 Report and Order in WT Docket Nos. 98–20 and 96–188, the Commission consolidated, revised and streamlined the Commission’s rules governing the licensing application procedures for radio services licensed by the Commission’s Wireless Telecommunications Bureau in order to fully implement the Universal Licensing System (ULS). As a result of the ULS rule conversions in connection with this information collection, 47 CFR 90.477(a), interconnected systems now file all information (100 percent) electronically via ULS. Pursuant to 47 CFR 90.477(d)(3), interconnected systems were changed to reflect NAD83 coordinates. Federal Communications Commission. Marlene H. Dortch, Secretary, Office of the Secretary, Office of Managing Director. [FR Doc. 2014–06350 Filed 3–21–14; 8:45 am] BILLING CODE 6712–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. SUMMARY: Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, pursuant to 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork AGENCY: E:\FR\FM\24MRN1.SGM 24MRN1 16000 Federal Register / Vol. 79, No. 56 / Monday, March 24, 2014 / Notices Burdens on the Public). 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 statement and approved collection of information instrument(s) 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. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer —Cynthia Ayouch—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263– 4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. 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. WREIER-AVILES on DSK5TPTVN1PROD with NOTICES Final Approval Under OMB Delegated Authority to Revise the Following Report Report Title: Capital Assessments and Stress Testing information collection. Agency Form Number: FR Y– 14A/Q/M. OMB Control Number: 7100–0341. Effective Dates: FR Y–14Q, March 31, 2014; FR Y–14M June 30, 2014. Frequency: Annually, semi-annually, quarterly, and monthly. Reporters: Large banking organizations that meet an annual threshold of $50 billion or more in total consolidated assets (large Bank Holding Companies or large BHCs), as defined by the Capital Plan rule (12 CFR 225.8).1 Estimated Annual Reporting Hours: Summary, 61,680 hours; Macro scenario, 1,860 hours; Counterparty credit risk (CCR), 2,520 hours; Basel III/ Dodd-Frank, 660 hours; and Regulatory capital, 600 hours. FR Y–14Q: Securities risk, 1,200 hours; Retail risk, 1,920 hours; Pre-provision net revenue (PPNR), 85,320 hours; Wholesale corporate loans, 6,720 hours; Wholesale commercial real estate (CRE) loans, 6,480 hours; Trading risk, 46,224 hours; 1 The Capital Plan rule applies to every top-tier large BHC. This asset threshold is consistent with the threshold established by section 165 of the Dodd-Frank Act relating to enhanced supervision and prudential standards for certain BHCs. VerDate Mar<15>2010 14:29 Mar 21, 2014 Jkt 232001 Basel III/Dodd-Frank, 2,640 hours; Regulatory capital, 4,800 hours; Operational risk, 3,360 hours; Mortgage Servicing Rights (MSR) Valuation, 864 hours; Supplemental, 960 hours; and Retail Fair Value Option/Held for Sale (Retail FVO/HFS), 1,216 hours. FR Y– 14M: Retail 1st lien mortgage, 153,000 hours; Retail home equity, 146,880 hours; and Retail credit card, 91,800 hours. FR Y–14 On-Going Automation for existing respondents: 9,120 hours. Estimated Average Hours per Response: FR Y–14A: Summary, 1,028 hours; Macro scenario, 31 hours; CCR, 420 hours; Basel III/Dodd-Frank, 22 hours; and Regulatory capital, 20 hours. FR Y–14Q: Securities risk, 10 hours; Retail risk, 16 hours; PPNR, 711 hours; Wholesale corporate loans, 60 hours; Wholesale CRE loans, 60 hours; Trading risk, 1,926 hours; Basel III/Dodd-Frank, 22 hours; Regulatory capital, 40 hours; Operational risk, 28 hours, MSR Valuation, 24 hours; Supplemental, 8 hours; and Retail FVO/HFS, 16 hours. FR Y–14M: Retail 1st lien mortgage, 510 hours; Retail home equity, 510 hours; and Retail credit card, 510 hours. FR Y– 14, On-going revisions for existing respondents, 480 hours. Number of Respondents: 30. General Description of Report: The FR Y–14 series of reports are authorized by section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (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 are collected as part of the supervisory process, they are subject to confidential treatment under exemption 8 of the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition, commercial and financial information contained in these information collections may be exempt from disclosure under exemption 4 of FOIA (5 U.S.C. 552(b)(4)). Such exemptions would be made on a caseby-case basis. Abstract: The data collected through the FR Y–14A/Q/M schedules provide the Federal Reserve with the additional information and perspective needed to help ensure that large BHCs have strong, firm-wide risk measurement and management processes supporting their internal assessments of capital adequacy PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 and that their capital resources are sufficient given their business focus, activities, and resulting risk exposures. The annual Comprehensive Capital Analysis and Review (CCAR) exercise is also complemented by other Federal Reserve supervisory efforts aimed at enhancing the continued viability of large BHCs, including continuous monitoring of BHCs’ planning and management of liquidity and funding resources and 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 these financial institutions. In order to fully evaluate the data submissions, the Federal Reserve may conduct follow up discussions with or request responses to follow up questions from respondents, as needed. The semi-annual FR Y–14A collects large 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.2 The quarterly FR Y–14Q collects granular data on BHCs’ various asset classes and PPNR for the reporting period. The monthly FR Y–14M comprises three loan- and portfoliolevel collections, and one detailed address matching collection to supplement two of the portfolio and loan-level collections. The FR Y–14Q and the FR Y–14M are used to support supervisory stress test models and for continuous monitoring efforts. Current Actions: On September 30, 2013, the Federal Reserve published a final Federal Register notice (78 FR 59934) implementing numerous changes to the FR Y–14A/Q/M and extending the public comment period by 60 days regarding credit score data currently reported on the FR Y–14M and FR Y– 14Q. The comment period expired on November 29, 2013. The Federal Reserve did not receive any comments or feedback on this notice. Overview of Final Revisions In June 2013, the Federal Reserve proposed numerous changes to the FR Y–14A/Q/M, mostly related to the revised capital framework. During the initial public comment period, several commenters noted that the instructions to several schedules specifically reference Fair Isaac Corporation (FICO) scores, which could be considered an 2 BHCs that must re-submit their capital plan generally also must provide a revised FR Y–14A in connection with their resubmission. E:\FR\FM\24MRN1.SGM 24MRN1 WREIER-AVILES on DSK5TPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 56 / Monday, March 24, 2014 / Notices endorsement of FICO and its products. These commenters further suggested that respondents should be given the option to report credit scores other than the FICO score. While the Federal Reserve finalized most of the revisions in September 2013, the Federal Reserve extended the public comment period to address industry concerns regarding credit score-related data items. In addition, the Federal Reserve removed the FICO score reporting requirement from the FR Y– 14Q/M, effective December 31, 2013 and October 31, 2013, respectively. As an interim solution, respondents were given an option to continue reporting credit score segments and data items as in prior submissions, or to submit alternative ‘‘industry standard’’ credit scores. Supporting documentation was required for alternative scores, including both the vendor and version of the score for all FR Y–14M schedules and, for the FR Y–14M Credit Card schedule, detailed methodology used to map internal scores to ‘‘industry standard’’ scores, if applicable. As mentioned above the Federal Reserve did not receive any comments on the latest Federal Register notice. The Federal Reserve is revising the FR Y–14Q/M for credit-score related data items or segments in a manner substantively similar to the interim solution, effective with the March 31, 2014, and June 30, 2014, as of dates respectively. In general, for credit scorerelated data items or segments, respondents will be required to submit a commercially available credit bureau score. The FR Y–14Q/M instructions will be updated to clearly define that a commercially available credit bureau score must: (1) Be available to all commercial lenders and (2) provide the Federal Reserve with sufficient information regarding the credit score vendor to (a) determine whether the credit score is empirically derived and demonstrably sound, and (b) evaluate the performance of the credit score and compare that performance to other commercially available credit bureau scores. The specific requirements regarding these revisions are discussed in detail below. VerDate Mar<15>2010 14:29 Mar 21, 2014 Jkt 232001 FR Y–14Q International Auto Loan, U.S. Auto Loan, International Credit Card, International Home Equity, International First Lien Mortgage, International Other Consumer, U.S. Other Consumer, International Small Business, U.S. Small Business, and Student Loan Schedules For the International Auto Loan, U.S. Auto Loan, International Credit Card, International Home Equity, International First Lien Mortgage, International Other Consumer, U.S. Consumer, International Small Business, U.S. Small Business, and Student Loan schedules, respondents will be required to segment portfolios by the credit score of the borrower at origination, in accordance with the current reporting requirements, using a commercially available credit bureau score. Segments for FICO scores will be provided in the instructions and segments for other scores will be available upon request through the respondent’s Federal Reserve Bank Statistics contact. To support the supervisory modeling performed using these data, respondents will be required to submit supporting documentation detailing the type of credit score used to segment the portfolio. This methodology is the same as used in the interim period. FR Y–14M Domestic First Lien Closed-end 1–4 Family Residential Loan, Domestic Home Equity Loan and Home Equity Line, and Domestic Credit Card Schedules For data items in the Domestic First Lien Closed-end 1–4 Family Residential Loan (First Lien), Domestic Home Equity Loan and Home Equity Line (Home Equity), and Domestic Credit Card (Credit Card) schedules that currently collect Origination Credit Bureau Score and Current/Refreshed Credit Bureau Score, respondents will be required to report a commercially available credit bureau score as defined. To support the supervisory modeling using these data, two data items will be added to the First Lien and Home Equity schedules for each Origination Credit Bureau Score and Current Credit Bureau Score item, consistent with the supporting documentation required in the interim solution instructions. Specifically, the Credit Bureau Score Vendor data items will be added to collect information on the credit bureau that produced the reported credit score from a list of credit bureaus and an ‘‘Other’’ category. Also, the Credit PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 16001 Bureau Score Version data items will be new free form fields that will collect the version 3 of the reported credit score (or, if ‘‘Other’’ was selected, the credit score vendor that produced the credit score and the associated version reported). Also for the First Lien and Home Equity schedules, the Current Credit Bureau Score items, which collect refreshed credit scores, will be changed from optional to mandatory. This item will enhance the Federal Reserve’s ability to compare credit scores across time, issuing vendors, and respondents, consistent with the questions posed to the industry in the final Federal Register. In addition, to support supervisory modeling, the Original and Refreshed Credit Score Name/Version items of the Credit Card schedule will be modified and split into two items: (1) Original and Refreshed Credit Bureau Score Vendor and (2) Original and Refreshed Credit Bureau Score Version items. These modified items are consistent with similar items for the First Lien and Home Equity schedules and with supporting documentation required in the interim solution instructions. Finally, because proprietary scores are used more often for credit cards, two items regarding internal credit scores will be added to the Credit Card schedule for both the origination and refreshed credit score items, consistent with the interim solution: (1) An Internal Refreshed Credit Score Flag item that indicates if an internal score was mapped to a commercially available score; and (2) an Internal Refreshed Credit Score Value item that collects the internal score value used to map to the commercially available score. Board of Governors of the Federal Reserve System, March 18, 2014. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2014–06258 Filed 3–21–14; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Office of the Secretary [Document Identifier: HHS–OS–21138–30D] Agency Information Collection Activities; Submission to OMB for Review and Approval; Public Comment Request AGENCY: Office of the Secretary, HHS. 3 Credit bureaus update the methodology used to generate credit scores. Version refers to which methodology was used to generate the reported credit score. E:\FR\FM\24MRN1.SGM 24MRN1

Agencies

[Federal Register Volume 79, Number 56 (Monday, March 24, 2014)]
[Notices]
[Pages 15999-16001]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-06258]


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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: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, pursuant to 5 CFR 1320.16 
(OMB Regulations on Controlling Paperwork

[[Page 16000]]

Burdens on the Public). 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 statement and approved collection of information 
instrument(s) 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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer --Cynthia Ayouch--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    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.

Final Approval Under OMB Delegated Authority to Revise the Following 
Report

    Report Title: Capital Assessments and Stress Testing information 
collection.
    Agency Form Number: FR Y- 14A/Q/M.
    OMB Control Number: 7100-0341.
    Effective Dates: FR Y-14Q, March 31, 2014; FR Y-14M June 30, 2014.
    Frequency: Annually, semi-annually, quarterly, and monthly.
    Reporters: Large banking organizations that meet an annual 
threshold of $50 billion or more in total consolidated assets (large 
Bank Holding Companies or large BHCs), as defined by the Capital Plan 
rule (12 CFR 225.8).\1\
---------------------------------------------------------------------------

    \1\ The Capital Plan rule applies to every top-tier large BHC. 
This asset threshold is consistent with the threshold established by 
section 165 of the Dodd-Frank Act relating to enhanced supervision 
and prudential standards for certain BHCs.
---------------------------------------------------------------------------

    Estimated Annual Reporting Hours: Summary, 61,680 hours; Macro 
scenario, 1,860 hours; Counterparty credit risk (CCR), 2,520 hours; 
Basel III/Dodd-Frank, 660 hours; and Regulatory capital, 600 hours. FR 
Y-14Q: Securities risk, 1,200 hours; Retail risk, 1,920 hours; Pre-
provision net revenue (PPNR), 85,320 hours; Wholesale corporate loans, 
6,720 hours; Wholesale commercial real estate (CRE) loans, 6,480 hours; 
Trading risk, 46,224 hours; Basel III/Dodd-Frank, 2,640 hours; 
Regulatory capital, 4,800 hours; Operational risk, 3,360 hours; 
Mortgage Servicing Rights (MSR) Valuation, 864 hours; Supplemental, 960 
hours; and Retail Fair Value Option/Held for Sale (Retail FVO/HFS), 
1,216 hours. FR Y-14M: Retail 1st lien mortgage, 153,000 hours; Retail 
home equity, 146,880 hours; and Retail credit card, 91,800 hours. FR Y-
14 On-Going Automation for existing respondents: 9,120 hours.
    Estimated Average Hours per Response: FR Y-14A: Summary, 1,028 
hours; Macro scenario, 31 hours; CCR, 420 hours; Basel III/Dodd-Frank, 
22 hours; and Regulatory capital, 20 hours. FR Y-14Q: Securities risk, 
10 hours; Retail risk, 16 hours; PPNR, 711 hours; Wholesale corporate 
loans, 60 hours; Wholesale CRE loans, 60 hours; Trading risk, 1,926 
hours; Basel III/Dodd-Frank, 22 hours; Regulatory capital, 40 hours; 
Operational risk, 28 hours, MSR Valuation, 24 hours; Supplemental, 8 
hours; and Retail FVO/HFS, 16 hours. FR Y-14M: Retail 1st lien 
mortgage, 510 hours; Retail home equity, 510 hours; and Retail credit 
card, 510 hours. FR Y-14, On-going revisions for existing respondents, 
480 hours.
    Number of Respondents: 30.
    General Description of Report: The FR Y-14 series of reports are 
authorized by section 165 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (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 are collected as part of the supervisory process, 
they are subject to confidential treatment under exemption 8 of the 
Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(8)). In addition, 
commercial and financial information contained in these information 
collections may be exempt from disclosure under exemption 4 of FOIA (5 
U.S.C. 552(b)(4)). Such exemptions would be made on a case-by-case 
basis.
    Abstract: The data collected through the FR Y-14A/Q/M schedules 
provide the Federal Reserve with the additional information and 
perspective needed to help ensure that large BHCs 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 annual Comprehensive Capital Analysis and 
Review (CCAR) exercise is also complemented by other Federal Reserve 
supervisory efforts aimed at enhancing the continued viability of large 
BHCs, including continuous monitoring of BHCs' planning and management 
of liquidity and funding resources and 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 these financial institutions. In order to 
fully evaluate the data submissions, the Federal Reserve may conduct 
follow up discussions with or request responses to follow up questions 
from respondents, as needed.
    The semi-annual FR Y-14A collects large 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.\2\ The quarterly FR Y-14Q collects granular data on BHCs' 
various asset classes and PPNR for the reporting period. The monthly FR 
Y-14M comprises three loan- and portfolio-level collections, and one 
detailed address matching collection to supplement two of the portfolio 
and loan-level collections. The FR Y-14Q and the FR Y-14M are used to 
support supervisory stress test models and for continuous monitoring 
efforts.
---------------------------------------------------------------------------

    \2\ BHCs that must re-submit their capital plan generally also 
must provide a revised FR Y-14A in connection with their 
resubmission.
---------------------------------------------------------------------------

    Current Actions: On September 30, 2013, the Federal Reserve 
published a final Federal Register notice (78 FR 59934) implementing 
numerous changes to the FR Y-14A/Q/M and extending the public comment 
period by 60 days regarding credit score data currently reported on the 
FR Y-14M and FR Y-14Q. The comment period expired on November 29, 2013. 
The Federal Reserve did not receive any comments or feedback on this 
notice.

Overview of Final Revisions

    In June 2013, the Federal Reserve proposed numerous changes to the 
FR Y-14A/Q/M, mostly related to the revised capital framework. During 
the initial public comment period, several commenters noted that the 
instructions to several schedules specifically reference Fair Isaac 
Corporation (FICO) scores, which could be considered an

[[Page 16001]]

endorsement of FICO and its products. These commenters further 
suggested that respondents should be given the option to report credit 
scores other than the FICO score.
    While the Federal Reserve finalized most of the revisions in 
September 2013, the Federal Reserve extended the public comment period 
to address industry concerns regarding credit score-related data items. 
In addition, the Federal Reserve removed the FICO score reporting 
requirement from the FR Y-14Q/M, effective December 31, 2013 and 
October 31, 2013, respectively. As an interim solution, respondents 
were given an option to continue reporting credit score segments and 
data items as in prior submissions, or to submit alternative ``industry 
standard'' credit scores. Supporting documentation was required for 
alternative scores, including both the vendor and version of the score 
for all FR Y-14M schedules and, for the FR Y-14M Credit Card schedule, 
detailed methodology used to map internal scores to ``industry 
standard'' scores, if applicable.
    As mentioned above the Federal Reserve did not receive any comments 
on the latest Federal Register notice. The Federal Reserve is revising 
the FR Y-14Q/M for credit-score related data items or segments in a 
manner substantively similar to the interim solution, effective with 
the March 31, 2014, and June 30, 2014, as of dates respectively. In 
general, for credit score-related data items or segments, respondents 
will be required to submit a commercially available credit bureau 
score. The FR Y-14Q/M instructions will be updated to clearly define 
that a commercially available credit bureau score must: (1) Be 
available to all commercial lenders and (2) provide the Federal Reserve 
with sufficient information regarding the credit score vendor to (a) 
determine whether the credit score is empirically derived and 
demonstrably sound, and (b) evaluate the performance of the credit 
score and compare that performance to other commercially available 
credit bureau scores. The specific requirements regarding these 
revisions are discussed in detail below.

FR Y-14Q

International Auto Loan, U.S. Auto Loan, International Credit Card, 
International Home Equity, International First Lien Mortgage, 
International Other Consumer, U.S. Other Consumer, International Small 
Business, U.S. Small Business, and Student Loan Schedules

    For the International Auto Loan, U.S. Auto Loan, International 
Credit Card, International Home Equity, International First Lien 
Mortgage, International Other Consumer, U.S. Consumer, International 
Small Business, U.S. Small Business, and Student Loan schedules, 
respondents will be required to segment portfolios by the credit score 
of the borrower at origination, in accordance with the current 
reporting requirements, using a commercially available credit bureau 
score. Segments for FICO scores will be provided in the instructions 
and segments for other scores will be available upon request through 
the respondent's Federal Reserve Bank Statistics contact. To support 
the supervisory modeling performed using these data, respondents will 
be required to submit supporting documentation detailing the type of 
credit score used to segment the portfolio. This methodology is the 
same as used in the interim period.

FR Y-14M

Domestic First Lien Closed-end 1-4 Family Residential Loan, Domestic 
Home Equity Loan and Home Equity Line, and Domestic Credit Card 
Schedules

    For data items in the Domestic First Lien Closed-end 1-4 Family 
Residential Loan (First Lien), Domestic Home Equity Loan and Home 
Equity Line (Home Equity), and Domestic Credit Card (Credit Card) 
schedules that currently collect Origination Credit Bureau Score and 
Current/Refreshed Credit Bureau Score, respondents will be required to 
report a commercially available credit bureau score as defined.
    To support the supervisory modeling using these data, two data 
items will be added to the First Lien and Home Equity schedules for 
each Origination Credit Bureau Score and Current Credit Bureau Score 
item, consistent with the supporting documentation required in the 
interim solution instructions. Specifically, the Credit Bureau Score 
Vendor data items will be added to collect information on the credit 
bureau that produced the reported credit score from a list of credit 
bureaus and an ``Other'' category. Also, the Credit Bureau Score 
Version data items will be new free form fields that will collect the 
version \3\ of the reported credit score (or, if ``Other'' was 
selected, the credit score vendor that produced the credit score and 
the associated version reported).
---------------------------------------------------------------------------

    \3\ Credit bureaus update the methodology used to generate 
credit scores. Version refers to which methodology was used to 
generate the reported credit score.
---------------------------------------------------------------------------

    Also for the First Lien and Home Equity schedules, the Current 
Credit Bureau Score items, which collect refreshed credit scores, will 
be changed from optional to mandatory. This item will enhance the 
Federal Reserve's ability to compare credit scores across time, issuing 
vendors, and respondents, consistent with the questions posed to the 
industry in the final Federal Register.
    In addition, to support supervisory modeling, the Original and 
Refreshed Credit Score Name/Version items of the Credit Card schedule 
will be modified and split into two items: (1) Original and Refreshed 
Credit Bureau Score Vendor and (2) Original and Refreshed Credit Bureau 
Score Version items. These modified items are consistent with similar 
items for the First Lien and Home Equity schedules and with supporting 
documentation required in the interim solution instructions.
    Finally, because proprietary scores are used more often for credit 
cards, two items regarding internal credit scores will be added to the 
Credit Card schedule for both the origination and refreshed credit 
score items, consistent with the interim solution: (1) An Internal 
Refreshed Credit Score Flag item that indicates if an internal score 
was mapped to a commercially available score; and (2) an Internal 
Refreshed Credit Score Value item that collects the internal score 
value used to map to the commercially available score.

    Board of Governors of the Federal Reserve System, March 18, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-06258 Filed 3-21-14; 8:45 am]
BILLING CODE 6210-01-P