Proposed Agency Information Collection Activities; Comment Request, 3412-3420 [2016-01043]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 81, Number 13 (Thursday, January 21, 2016)]
[Notices]
[Pages 3412-3420]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-01043]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.
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), 
to approve of and assign OMB numbers to collection of information 
requests and requirements 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 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 number.

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. 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 of the extension for 
three years, with revision, of the following information collection:
    Report title: Capital Assessments and Stress Testing information 
collection.
    Agency form number: FR Y-14A/Q/M.
    OMB control number: 7100-0341.
    Effective Dates: December 31, 2015, June 30, 2016 and September 30, 
2016.
    Frequency: Annually, semi-annually, quarterly, and monthly.
    Respondents: Any top-tier bank holding company (BHC) (other than a 
foreign banking organization), that has $50 billion or more in total 
consolidated assets, as determined based on: (i) The average of the 
BHC's total consolidated assets in the four most recent quarters as 
reported quarterly on the BHC's Consolidated Financial Statements for 
Bank Holding Companies (FR Y-9C) (OMB No. 7100-0128); or (ii) the 
average of the BHC's total consolidated assets in the most recent 
consecutive quarters as reported quarterly on the BHC's FR Y-9Cs, if 
the BHC has not filed an FR Y-9C for each of the most recent four 
quarters. Reporting is required as of the first day of the quarter 
immediately following the quarter in which it meets this asset 
threshold, unless otherwise directed by the Federal Reserve.
    Estimated annual reporting hours: FR Y-14A: Summary, 65,142 hours; 
Macro scenario, 2,046 hours; Operational Risk, 396 hours; Regulatory 
capital transitions, 759 hours; Regulatory capital instruments, 660 
hours; Retail repurchase, 1,320 hours; and Business plan changes, 330 
hours. FR Y-14Q: Securities, 1,716 hours; Retail, 2,112 hours; Pre-
provision net revenue (PPNR), 93,852 hours; Wholesale, 20,064 hours; 
Trading, 69,336 hours; Regulatory capital transitions, 3,036 hours; 
Regulatory capital instruments, 6,864 hours; Operational risk, 6,600 
hours; Mortgage Servicing Rights (MSR) Valuation, 1,152 hours; 
Supplemental, 528 hours; and Retail Fair Value Option/Held for Sale 
(Retail FVO/HFS), 1,408 hours; Counterparty, 18,288 hours; and 
Balances, 2,112 hours; FR Y-14M: 1st lien mortgage, 173,040 hours; Home 
equity, 166,860 hours; and Credit card, 110,160 hours. FR Y-14 On-going 
automation revisions, 15,840 hours. FR Y-14 Attestation implementation, 
43,200 hours; and On-going audit and review, 23,040 hours.
    Estimated average hours per response: FR Y-14A: Summary, 987 hours; 
Macro scenario, 31 hours; Operational Risk, 12 hours; Regulatory 
capital transitions, 23 hours; Regulatory capital instruments, 20 
hours; Retail Repurchase, 20 hours; and Business Plan Changes, 10 
hours. FR Y-14Q: Securities, 13 hours; Retail, 16 hours; PPNR, 711 
hours; Wholesale, 152 hours; Trading, 1,926 hours; Regulatory capital 
transitions, 23 hours; Regulatory capital instruments, 52 hours; 
Operational risk, 50 hours; MSR Valuation, 24 hours; Supplemental, 4 
hours; and Retail FVO/HFS, 16 hours; Counterparty, 508 hours; and 
Balances, 16 hours; FR Y-14M: 1st lien mortgage, 515 hours; Home 
equity, 515 hours; and Credit card, 510 hours. FR Y-14 On-Going 
automation revisions, 480 hours. FR Y-14 Attestation Implementation, 
4,800 hours; and On-going audit and review, 2,560 hours.
    Number of respondents: 33.
    General description of report: The FR Y-14 series of reports 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 Bank Holding Company Act authorizes the 
Federal Reserve 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)), if disclosure would likely have the effect of (1) 
impairing the government's ability to obtain the necessary information 
in the future, or (2) causing substantial harm to the competitive 
position of the respondent. Such exemptions would be made on a case-by-
case basis.
    Though the Federal Reserve intends to share the information 
collected under the FR Y-14 with the Department of Treasury's Office of 
Financial Research, such sharing shall not be deemed a waiver of any 
privilege applicable to such information, including but not limited to 
any confidential status (12 U.S.C. 1821(t); 12 U.S.C. 1828(x)).
    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

[[Page 3413]]

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 Capital Assessments and Stress Testing information collection 
consists of the FR Y-14A, Q, and M reports. The semi-annual FR Y-14A 
collects information on the stress tests conducted by BHCs, including 
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.\1\ The quarterly FR Y-14Q and the monthly FR Y-14M are used 
to support supervisory stress test models and for continuous monitoring 
efforts. The quarterly FR Y-14Q collects granular data on BHCs' various 
asset classes, including loans, securities and trading assets, and PPNR 
for the reporting period. The monthly FR Y-14M comprises three retail 
loan- and portfolio-level collections, and one detailed address 
matching collection to supplement two of the portfolio and loan-level 
collections.
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    \1\ BHCs that must re-submit their capital plan generally also 
must provide a revised FR Y-14A in connection with their 
resubmission.
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    Current Actions: On September 16, 2015, the Federal Reserve 
published a notice in the Federal Register (80 FR 55621) requesting 
public comment for 60 days on the extension, with revision, of the FR 
Y-14A/Q/M. The Federal Reserve proposed to revise several schedules of 
the FR Y 14A/Q/M reports effective December 31, 2015, March 31, 2015 
and June 30, 2016, and to implement an attestation requirement for 
LISSC firms as-of June 30, 2016. The comment period for this notice 
expired on November 16, 2015.
    The Board received two comment letters addressing the proposed 
changes: One from the Financial Services Roundtable, and one from The 
Clearing House, the Institute of International Bankers, the American 
Bankers Association, and the Securities Industry and Financial Markets 
Association. Comments focused on the scope and timing of the proposed 
attestation requirement, and the timing of proposed modifications to 
existing items or schedules, in particular the FR Y-14Q Wholesale 
schedules (Schedule H.1 and H.2). Commenters requested clarification of 
the instructions for proposed or existing items, or were technical in 
nature. Responses to these comments are addressed in the attached draft 
FR Y-14A/Q/M reporting forms and instructions.
    The Federal Reserve also received several comments not directly 
related to the proposed revisions to the FR Y-14 information collection 
regarding (1) challenges with the frequency and timing of changes, (2) 
the Frequently Asked Questions (FAQ) process, (3) technical 
instructions and data submission processes, (4) edit checks and (5) 
estimate of reporting burden. Although not specifically addressed 
herein, these comment letters, well as feedback provided in meetings 
with both individual respondents and industry groups, have assisted the 
Federal Reserve's effort to continually improve its internal processes 
and practices. The following section includes a detailed discussion of 
aspects of the proposed FR Y-14 collection for which the Federal 
Reserve received substantive comments and an evaluation of, and 
responses to the comments received.

Detailed Discussion of Public Comments

A. General Comments

    In general, commenters expressed concern with the timing of the 
proposed changes. Specifically commenters stated there was not 
sufficient time to undertake the changes necessary to implement the 
proposed revisions and develop appropriate processes and procedures 
surrounding the attestation requirement. One commenter recommended that 
the Federal Reserve provide a minimum of sixth months between the 
finalization of reporting and technical requirements and the effective 
date of proposed changes to the FR Y-14A/Q/M reports in order for 
respondents to adhere to standard software development life cycles.
    In response to these comments, the final FR Y-14 regulatory report 
(final FR Y-14) delays the effective date for nearly all proposed 
changes to reports with a June 30, 2016, as-of date, as detailed in the 
schedule-specific sections below. This extension provides respondents 
with approximately six months to make needed system changes. In 
addition, the final FR Y-14 delays by two quarters, until September 30, 
2016, the effective date of certain changes to the wholesale schedules 
(Schedules H.1 and H.2), as indicated in the schedule-specific section 
below.
    Certain changes in the final FR Y-14 would take effect beginning 
with the regulatory reports that have a December 31, 2015, as-of date. 
These changes include the shift in the FR Y-14A as-of date, from 
September 30 to December 31, in accordance with modifications to the 
capital plan and stress test rules; formalization of the FR Y-14Q 
Business Plan Changes schedule as a regulatory report (rather than as a 
case-by-case supervisory collection of information); elimination of the 
FR Y-14Q Securities B.2 sub-schedule, and removal of certain items 
related to tier 1 common capital.\2\ These changes align the FR Y-14 
reports with changes in the final capital rule that the Board recently 
approved, better align regulatory reporting requirements with other 
existing requirements, reduce burden, or formalize information 
collections that are already reported as part of the supervisory 
process. In light of the limited comment on, and limited impact of, 
these proposed changes, they will be implemented, as proposed, with a 
December 31, 2015, as-of date.
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    \2\ See 79 Federal Register 64026 (October 27, 2014); 80 Federal 
Register 75419 (December 2, 2015).
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    In response to the Federal Reserve's solicitation for feedback 
regarding burden associated with the FR Y-14A/Q/M, one commenter 
suggested that the estimates of reporting burden are substantially 
lower than a good-faith estimate provided by a sample of reporting 
firms. The commenter outlined the type of effort and resources, and 
associated burden required to file the FR Y-14A/Q/M reports and offered 
to engage in further discussion with the Federal Reserve regarding 
burden estimates. Burden estimates are based on a schedule by schedule 
calculation while the estimates provided by the commenter are 
aggregated. This difference makes it difficult to modify the proposed 
burden estimates without more detailed information from the commenter. 
For these reasons, the burden estimates remain the same as proposed.
    Commenters also suggested several improvements to the current FAQ 
process, including providing status on a real time basis, establishing 
a searchable

[[Page 3414]]

repository, distributing more frequently, and setting a standard 
schedule for responding to questions. The Federal Reserve is 
continually working to improve the FAQ process. As part of these 
ongoing efforts the Federal Reserve recently implemented a new FAQ 
system to enhance the Federal Reserve's ability to track and respond to 
questions. The new system will allow for more insight into the status 
of FAQs and help ensure more consistent timing on responses. In 
addition, similar to the effort undertaken in 2013,\3\ the Federal 
Reserve incorporated all relevant historical FAQs into the final 
instructions associated with this proposal. The Federal Reserve will 
continue to incorporate relevant comments and questions related to the 
FR Y-14 into the instructions on a regular basis.
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    \3\ See 78 Federal Register 59934.
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    In the proposal, the Federal Reserve notified respondents of the 
intent to share FR Y-14 data sets with the Office of Financial Research 
(OFR). One commenter recommended that the OFR publish aggregate 
summaries of the data so reporting companies, and the public, can gain 
insights into industry trends and developments.

B. Attestation

    Commenters generally expressed concerns about specific elements of 
the proposed attestation requirement for the FR Y-14 submission and, in 
particular, the timing necessary to meet the proposed requirements.
    Both commenters argued that the proposed effective date of June 30, 
2016, would not provide sufficient time to implement several of the 
proposed attestation requirements. However, one commenter agreed that 
it would be practical and appropriate for respondents to provide an 
attestation as to conformance with the FR Y-14 instructions by June 30, 
2016, subject to the specific recommendations in the commenter's 
letter. Both commenters indicated that additional time was needed to 
adapt to The Committee of Sponsoring Organizations (COSO)-based 
framework, including materially supplementing and/or modifying existing 
systems and processes, and establishing policies, documentation, and 
certification frameworks. One commenter pointed out that, although some 
respondents may be able to leverage parts of their existing control 
infrastructure required under the Sarbanes-Oxley Act of 2002 (Sarbanes-
Oxley), the scope and level of data granularity on the FR Y-14 forms is 
substantially larger than what is required under Sarbanes-Oxley and 
therefore beyond the capability of most firms. Finally, one commenter 
noted that the implementation of the various attestation requirements 
would require a significant investment in firm personnel, management, 
and compliance and information technology resources, and additional 
time for implementation would allow for more deliberate expansion and 
upgrade of existing processes and systems to support the attestation.
    In light of the above, both commenters suggested alternative 
implementation timelines. One commenter noted that a major consulting 
firm estimated it would take a company 15 months to implement the 
controls necessary to assess risk information. The other commenter 
suggested a phased-in implementation approach, which would provide 
respondents additional time to make the more substantial alterations to 
existing systems and processes necessary to support certain components 
of the proposed attestation. The phased in approach would involve: (i) 
An attestation solely regarding compliance with the FR Y-14 
instructions effective as of June 30, 2016, which is the same timeframe 
as in the proposal; (ii) an incremental requirement for respondents to 
demonstrate as part of the supervisory process, by April 2017, that a 
framework has been put in place to identify, test, and independently 
validate key control activities to support these attestations; and 
(iii) an attestation regarding the effectiveness of internal controls 
and to the material correctness of data as of April 2018.
    In addition, one commenter indicated that the proposal appeared to 
require attestation to internal controls with each annual, quarterly 
and monthly FR Y-14 report submission, but that doing so would not be 
feasible at that frequency. The commenter suggested that the 
effectiveness of internal controls be limited to annual submissions on 
the FR Y-14A.
    The Federal Reserve recognized in the initial Federal Register 
notice the time needed for LISCC firms to ``enhance certain systems and 
processes'' and ``modify internal control frameworks and data 
governance committees.'' In response to comments and in order to allow 
additional time for respondents to put internal controls processes and 
frameworks in place and complete testing of these processes and 
frameworks, the initial attestation requirement in the final Y-14 will 
be delayed until reports with a December 31, 2016, as-of date. In 
addition, in connection with the initial attestation and to allow time 
for respondents to develop and test their internal control systems, the 
initial attestation will relate solely to the effectiveness of internal 
controls over submissions as of December 31, 2016, rather than with 
respect to submissions throughout the year. Effective for the monthly, 
quarterly, and semi-annual FR Y-14 reports submitted as of January 31, 
2017, and thereafter, respondents will attest to conformance with the 
FR Y-14 instructions and to the material correctness of data to the 
best of the respondent's knowledge, and agree to report material 
weaknesses and any material errors in the data as they are identified 
starting January 1, 2017. Effective December 31, 2017, and for all 
future reporting periods, a respondent's attestation as to the 
effectiveness of internal controls will be with regard to FR Y-14 
submissions filed throughout the year.
    To clarify the timing of these staggered attestation requirements, 
the final Y-14 includes three separate attestation cover pages. First, 
as indicated, with respect to the monthly, quarterly, and annual FR Y-
14 reports with a December 31, 2016, as-of date, respondents will 
attest to internal controls around the reports submitted as of that 
date. Second, effective for the monthly, quarterly, and semi-annual FR 
Y-14 reports submitted beginning January 31, 2017, and thereafter, 
respondents will attest on a separate cover page to the respondent's 
conformance with the FR Y-14 instructions and to the material 
correctness of data to the best of the respondent's knowledge, and 
agree to report material weaknesses and any material errors in the data 
as they are identified starting January 1, 2017. Third and finally, 
effective for reports with a December 31, 2017, as-of date and for all 
future FR Y-14 submissions as of December 31 of a calendar year, the 
initial December 31, 2016, cover page will be replaced by a new cover 
page that will be submitted annually and will include an attestation to 
the effectiveness of internal controls around the annual FR Y-14A 
submission and around the FR Y-14Q/M reports that are submitted 
throughout the year.
    Commenters suggested various modifications to the attestation 
requirement and associated attestation language. One commenter noted 
that the proposal indicates that the Federal Reserve would not expect 
to penalize a firm for incorrect reporting where there has been a good 
faith effort to reasonably interpret the instructions or seek input on 
a question or interpretation from the Federal Reserve

[[Page 3415]]

and requested that similar qualifying language be added to the 
attestation form. The final FR Y-14 includes these revisions to the 
attestation form.
    Under the proposal, the firm's CFO would have been required to 
attest to the internal controls over the reporting of actual data as-of 
the reporting period. A commenter noted that internal controls over 
financial reporting and risk management data are the joint 
responsibility of senior management and that the CFO is not 
individually responsible for internal controls over the reporting of FR 
Y-14 data. The commenter suggested that the attestation form be 
modified to indicate that the CFO attests that senior management is 
responsible for the internal controls over the reporting of the FR Y-14 
data. In response, the final FR Y-14 incorporates this modification to 
the attestation form.
    Both commenters addressed the definition of materiality in the 
attestation language. One commenter expressed concern with the absence 
of a definition of ``materiality'' which inherently requires each 
respondent to make an individual determination on materiality. The 
other commenter requested that the Federal Reserve confirm that 
respondents would be expected to develop materiality policies based on 
their own capital plan submission. The Federal Reserve does not 
generally define materiality within the FR Y-14 reports.
    Furthermore, outlining materiality for specific respondents would 
not be feasible. As stated in the Federal Register for the proposal, a 
BHC would be required to have a policy for determining materiality in 
the context of quantitative and qualitative considerations for their 
firm. Accordingly, the final FR Y-14 includes the proposed definition 
of materiality without change.
    One commenter requested that the Federal Reserve make attestation 
requirements applicable to the intermediate holding company (IHC) 
subsidiaries of LISCC foreign banking organizations (FBOs) no earlier 
than April 2018. On February 18, 2014, the Board adopted a final rule 
implementing enhanced prudential standards for FBOs,\4\ which, among 
other things, requires an FBO with U.S. non-branch assets of greater 
than $50 billion to establish a U.S. IHC by July 1, 2016, to which it 
must transfer its entire ownership interest in all U.S. BHCs, U.S. 
insured depository institutions, and U.S. subsidiaries.\5\ The 
commenter expressed concern that the timing of the implementation of 
the attestation requirement would be particularly challenging for FBOs 
currently restructuring to complete the formation of their IHC. 
Currently, the Board has not proposed reporting requirements for IHCs, 
which, as noted in the preamble to the final rule implementing enhanced 
prudential standards for FBOs, would be addressed at a later date.
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    \4\ 79 Federal Register 17239 (March 27, 2014).
    \5\ See 12 CFR 252.153.
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    At such time as the Board proposes reporting requirements for IHCs, 
the Federal Reserve expects to invite comment through a notice and 
comment process, and would evaluate the particular circumstances and 
challenges surrounding IHC formation vis-[agrave]-vis the full spectrum 
of Board regulatory reporting requirements. The Federal Reserve does, 
however, reiterate that the attestation requirement applies to LISCC 
firms.

C. Schedule Specific Comments

FR Y-14A
Schedules A.1.c.1 (General RWA) and A.1.d. (Capital)
    Related to the proposed modifications to the collection in 
accordance with revisions to the capital plan and stress test rules, 
specifically elimination of the use of the tier 1 common ratio, one 
commenter noted that as of the end of the comment period, the changes 
to the capital plan and stress test rules had not yet been finalized 
and asked that the Federal Reserve reflect any changes in the final 
release of the FR Y-14 forms. On November 25, 2015, the Board approved 
the final rule to modify the capital plan and stress test rules. 
Accordingly, and in response to the comment, the final FR Y-14 removes 
items relating to the reporting of ``tier 1 common capital'' as 
proposed from the following schedules in order to align with the final 
rule: FR Y-14A General RWA (Schedule A.1.c.1), Standardized RWA 
(Schedule A.1.c.2), Capital (Schedule A.1.d), Regulatory Capital 
Transitions (Schedule D.4), Regulatory Capital Instruments (RCI, 
Schedule C), and the FR Y-14Q Regulatory Capital Transitions (Schedule 
D.4) and Regulatory Capital Instruments (Schedule C).\6\
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    \6\ Effective January 1, 2016, tier 1 common capital has been 
removed from the Board's capital plan rule (12 CFR 225.8). See 80 
Federal Register 75419 (December 2, 2015).
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    Both commenters supported the removal of items related to tier 1 
capital consistent with the rule, however recommended removing the 
items from the technical instructions in order to limit the number of 
edit checks respondents are required to respond to, rather than keeping 
these items in the technical instructions as proposed. The Federal 
Reserve recognizes the burden of responding to edits, as well as the 
technical effort by both the Federal Reserve and respondents to 
incorporate report changes. The Federal Reserve will keep the tier 1 
common capital-related items in the FR Y-14A Summary schedule (Schedule 
A) technical instructions in order to mitigate the operational risk of 
making changes as proposed; however, to address the commenters concerns 
and reduce the burden on respondents, edit checks on these items will 
be eliminated and responses will not be requested.
Schedules A.1.c.2 (Standardized RWA) and D.4 (RCT)
    Under the proposal, the Standardized RWA (FR Y-14A, Schedule 
A.1.c.2) and Regulatory Capital Transitions (FR Y-14A, Schedule D.4 and 
FR Y-14Q, Schedule D.4) schedules would have been revised by replacing 
the existing market-risk weight asset portion with the relevant items 
from the FFIEC 102 and aligning the remaining items with the FR Y-9C 
Schedule HC-R Part II. Both commenters noted that the aforementioned 
changes were effective for the Standardized RWA schedule (FR Y-14A, 
Schedule A.1.c.d) as-of December 31, 2015 and for the Regulatory 
Capital Instruments schedules (FR Y-14A Schedule D.4, FR Y-14Q Schedule 
D.4) as-of June 30, 2016. They recommended that the effective dates be 
consistent and delayed until June 30, 2016. In response, the changes 
for all three schedules (FR Y-14A, A.1.c.2 (Standardized RWA), D.4 
(RCT) and 14Q D.4 (RCT) will be implemented as modified below, 
effective June 30, 2016.
    One commenter expressed concern that these modifications would 
require an unnecessary level of forecasting granularity around Market 
Risk RWA and recommended that this level of detail not be included in 
the final version. The other commenter stated they had no objection to 
the changes as proposed. In response to the comment received, the 
Federal Reserve further reviewed the items proposed to be added to 
these schedule in alignment with the FFIEC 102. In light of these 
comments, the final FR Y-14 removes the requirement to report 
projections for certain more granular proposed items from the FR Y14A 
Standardized RWA (Schedule A.1.c.2) and Regulatory Capital Transitions 
(Schedule D.4) schedules, while retaining general alignment with the 
structure of the FFIEC 102 report and reporting of the actual 
information. These changes will

[[Page 3416]]

be implemented as modified effective June 30, 2016.
Schedule A.2.b (Retail Repurchase)
    Commenters expressed concern with the proposal to break out the 
Retail Repurchase schedule from the Summary (Schedule A) and moving the 
submission date in line with the quarterly schedules given the schedule 
contains projected data as well as actual data. The commenters were 
also concerned that the proposed effective date of June 30, 2016 would 
not allow respondents enough time to implement the necessary controls 
and processes required to submit the new semi-annual schedule and 
recommended delaying implementation an additional six months to be 
effective December 31, 2016. The Federal Reserve agrees that the 
projected data should remain part of the Summary (Schedule A) and 
confirms that the new FR Y-14A semi-annual schedule breaks out only the 
actual data from the existing Retail Repurchase schedule (Schedule 
A.2.b). Given the information to be collected on both schedules is 
already reported on the FR Y-14A, the restructuring changes only the 
submission date for actual not projected data, and that the submission 
date is more than six months out, the final FR Y-14 proceeds with this 
change as indicated above, effective June 30, 2016 as proposed.
Schedule A.2.c (ASC 310-30)
    The Federal Reserve proposed eliminating this schedule effective 
as-of June 30, 2016. One commenter recommended that the Federal Reserve 
eliminate this schedule as-of December 31, 2015. The other commenter 
noted that although they have previously requested a six month window 
between the finalization of changes and effective date, it is less 
burdensome to remove a minor reporting item and therefore supported the 
change as proposed. In an effort to allow as much time as possible 
between finalization and the effective date for both the removal and 
addition of items and in support of limiting the changes effective for 
the December 31, 2015 as-of date, the final FR Y-14 implements this 
change as proposed.
Schedule A.7.c (PPNR)
    In an effort to reduce burden, the Federal Reserve proposed 
aligning this schedule with the ``normal environment'' requirement. 
There were no questions or concerns on the proposed change, however one 
commenter requested that the Federal Reserve periodically review 
whether the items to be submitted are still necessary and propose 
removing those that are not. The Federal Reserve continues to review 
the FR Y-14 and propose to remove items as they are no longer 
necessary, as evidenced in this proposal with the removal of two 
schedules and other items. Upon further review, the final FR Y-14 
eliminates three additional variables from the PPNR Metrics schedule 
(Schedule A.7.c): Merchant Banking/Private Equity--Assets Under 
Management (Line 27), Sales and Trading--Total Proprietary Trading 
Revenue (Line 29), and Investment Services--Corporate Trust Deals 
Administered (Line 43). In addition, a materiality threshold will be 
added to the investment banking metrics of the PPNR Metrics schedule to 
further limit the amount of detail required for many firms. The 
instructions will be updated to indicate that only firms who report 
greater than $100 million in item 15, Investment Banking, of Schedule 
A.7.a (PPNR Projections) should report the investment banking metrics 
(Lines 11 to 26) in Section A of Schedule A.7.c (PPNR Metrics). The 
Federal Reserve will continue to review the FR Y-14 reports for 
unnecessary items for potential elimination in future proposals. In 
addition, in response to the general request for additional time to 
implement changes, the effective date of all modifications to this 
schedule will be delayed until June 30, 2016.
Schedule F (Business Plan Changes)
    One commenter supported the formalization of the Business Plan 
Changes (BPC) schedule (Schedule F), but was concerned that the BPC 
schedule instructions as proposed did not appear consistent with the FR 
Y-14A summary and did not incorporate previous FAQ guidance. The 
commenter also requested that clarification on the definition of 
``material''. The final FR Y-14 BPC instructions have been updated to 
identify a limited number of items on the BPC schedule which, for 
technical reasons, require different instructions. In addition, the 
final FR Y-14 instructions have been updated to include certain 
clarifications from the FAQ process. Finally, the requirement to report 
the BPC schedule is based on whether the BHC includes material business 
plan changes in their capital plan, as defined in the CCAR 
instructions. In response, the final FR Y-14 includes updates to the 
BPC instructions to refer BHCs to the CCAR instructions for a given 
year for requirements of materiality.
FR Y-14Q
    The majority of comments received regarding the FR Y-14Q requested 
clarification of item definitions and will be addressed in the final 
instructions. Several substantive comments, particularly on the 
Wholesale Corporate Loan (Schedule H.1) and Commercial Real Estate 
(Schedule H.2) schedules, are summarized below.
Schedule A.1-A.10 (Retail)
    Commenters requested additional information on the proposed change 
to the loan population on the Retail schedule. They noted that the 
initial notice in the Federal Register stated that the change would 
limit the population of the schedule to ``accrual loans'', while the 
draft instructions indicate a BHC should ``include loans and leases 
held for investment at amortized cost.'' The language in the Federal 
Register Notice should have stated that the change was to ``restrict 
the loan population of this schedule to loans held at amortized cost in 
order to accurately reflect the intention of the schedule and be 
responsive to industry comments.'' This is in alignment with the 
language in the draft instructions. In response to the general request 
to provide additional time to implement changes, the effective date of 
this change will be delayed until the report as-of June 30, 2016.
Schedule A.8-A.9 (Retail)
    One commenter expressed concern with the effective date of the 
proposal to exclude non-purpose loans for purchasing and carrying 
securities from this schedule as it requires changes to complex, 
product-specific loan tagging rules, including for loans already tagged 
for months in the quarter. The commenter requested that the Federal 
Reserve make this change effective as-of June 30, 2016. The effective 
date of this change, as well as the complementary changes to the FR Y-
14Q Wholesale (Schedule H.1) and Balances (Schedule M) schedules until 
the report as-of June 30, 2016.
Schedule C.3 (Regulatory Capital Instruments (RCI)--Issuances During 
the Quarter)
    Both commenters requested clarification on the intended effective 
date of this change and the nature of the one-time submissions. The 
additions and modifications will be implemented as proposed, however in 
response to the general request to provide additional time to implement 
changes, the effective date of the changes proposed for December 31, 
2015 will be delayed until the report as-of June 30, 2016. As a result, 
all proposed changes to the RCI schedule will be effective June 30, 
2016, at which time there will be one separate

[[Page 3417]]

one-time submission of all subordinated debt instruments for the 
effective date. Additionally, any new respondents are required to 
report the one-time submission.
Schedule D.4 (RCT)
    As with the corresponding changes to the FR Y-14A Standardized RWA 
(Schedule A.1.c.2) and RCT (D.4) schedules, commenters noted the 
inconsistent effective dates and recommended that the proposed changes 
to the FR Y-14Q RCT (Schedule D.4) also be effective June 30, 2016. The 
Federal Reserve agrees with this suggestion and the proposed changes 
will be made effective as-of June 30, 2016.
    As noted in regards to the FR Y-14A, one commenter expressed 
concern that the proposed modifications would require an unnecessary 
level of forecasting granularity around Market Risk RWA. Since the FR 
Y-14Q RCT Schedule (Schedule D.4) does not require any projected data, 
the changes to the FR Y-14Q RCT schedule will be implemented as 
proposed effective June 30, 2016.
Schedule G (PPNR)
    One commenter noted that the Federal Reserve should not eliminate 
the deposit funding threshold for submission of the Net Interest Income 
(NII) worksheet and require all respondents to submit such schedules. 
Specifically, the commenter stated that requiring firms to submit the 
NII templates would impose undue burden and offered an alternative of 
only completing the banking book assets and liabilities rather than 
both trading book and banking book. The Federal Reserve notes that the 
schedule separates out specific instructions related to trading and 
banking book expectations and the trading line items are already 
required to be completed for other regulatory reporting purposes (FR Y-
9C). Furthermore, the underlying NII reporting systems are already 
required as part of separate supervisory expectations related to 
interest rate risk identification. Finally, collecting this information 
will enhance the comparability of assets and liabilities across BHCs 
and promote greater consistency in supervisory evaluations. Therefore, 
the changes do not appear to impose unnecessary burden and the final FR 
Y-14 implements the revisions as proposed.
    One commenter stated that the Federal Register Notice did not 
indicate an effective date for the change in the NII worksheet deposit 
funding threshold. The other commenter added that this change will 
require sufficient time for newly covered firms to build reporting 
systems. The effective date was erroneously omitted from the proposal, 
and changes were intended to be proposed to be effective March 31, 
2016. In response to these and the general comments on timing, the 
effective date of this change will be delayed until June 30, 2016.
Schedule H.1 (Corporate Loan) and H.2 (Commercial Real Estate)
    Both commenters expressed concerns with the effective date of the 
changes to the Corporate Loan and CRE schedules, especially regarding 
the disposed loan and syndicated pipeline reporting. In particular 
commenters explained that respondents may need to update systems to 
capture and report the information required as proposed. They also 
noted that the non-purpose loans were proposed to be included on the 
Corporate Loan schedule (H.1) as-of December 31, 2015, but that the new 
purpose codes associated with those loans were proposed to be effective 
March 31, 2016 and asked that the changes be implemented concurrently. 
In response to the aforementioned comments and in consideration of the 
additional time needed to implement changes, the changes related to 
disposed loans and the syndicated pipeline will be effective September 
30, 2016, and all other changes to the Corporate Loan and Commercial 
Real Estate schedules effective as-of June 30, 2016.
    Commenters requested clarification on the definition and purpose of 
disposed loans as it relates the expansion of the loan population and 
the proposed Disposition Flag field. Specifically, they questioned 
whether facility information should be reported as-of the disposition 
date and if that means capturing balances and data prior to the actual 
payoff or charge-off of the facility. The Federal Reserve confirms that 
the data should be reported as-of the date of disposition, not prior to 
the payoff or charge-off of the facility.
    In addition, one commenter recommended adding Disposition Flag 
values for when loans fall under the $1M reporting threshold, or shift 
from one loan schedule to another. In response, the final FR Y-14 adds 
two options to the Disposition Flag field. In addition, to accommodate 
the new item for facilities shifting from one schedule to another, the 
final FR Y-14 adds an additional field to capture to which schedule the 
facility shifted.
    The Federal Reserve proposed expanding the options of the 
Participation Flag item to include the Shared National Credit (SNC) 
program. One commenter stated that some respondents are classified as 
expanded reporters and, therefore, subject to a broader data collection 
referred to as ``Large Corporate Syndicated Credit'' (LCSC) and 
therefore recommended that all references to SNCs in the proposal be 
clarified to include all LCSC eligible credits as well for respondents 
that are classified as expanded reporters. The Federal Reserve confirms 
that intent of the new proposed options in the Participation Loan Flag 
are, in conjunction with the SNC Internal Credit Facility ID, to 
distinguish whether or not the credit facility is included in the SNC 
report. Accordingly, the final FR Y-14 implements the change as 
proposed, effective June 30, 2016.
    Both commenters indicated that two items for the Credit Rating 
Agency Equivalent Rating field (Field 96, 97 of Schedule H.1 and Field 
59, 60 of Schedule H.2) were included in the draft instructions but not 
proposed as changes and therefore had no specified effective date. 
Commenters had several questions regarding the reporting of these 
items. The Federal Reserve confirms that these items were erroneously 
included in the draft instructions, were not proposed to be added, and 
therefore will not be implemented. These items have been removed from 
the final FR Y-14 instructions.

Schedule H.1 (Corporate Loan)

    Both commenters asked for guidance regarding the intended 
difference between two of the five categories to be added to the Credit 
Facility Purpose item, namely (1) non-purpose margin lending 
collateralized by securities and (2) other non-purpose lending 
collateralized by securities. One commenter stated that per the 
definition, a ``non-purpose loan'' cannot be a margin loan. After 
considering the definition and types of loans to be reported in both 
proposed categories mentioned in the comment, the final FR Y-14 adds 
only one consolidated category for ``Non-purpose loans collateralized 
by securities'' rather than the two categories proposed.
    The Federal Reserve proposed expanding the loan population to 
include non-purpose loans that are not graded in conjunction with 
complementary changes to FR Y-14Q Schedules A.8, A.9, and M to reflect 
the intention of the schedule and be response to industry comments. One 
commenter recommend that the definition of non-purpose loans be revised 
to ``loans collateralized by securities and that the proceeds of such

[[Page 3418]]

loans are not contractually restricted to be used only to purchase or 
carry securities.'' The same commenter expressed that it was unclear 
whether non-graded loans for purchasing and carrying securities are to 
be reported at the facility level, and if so that this information is 
generally not readily available for reporting.
    The corporate loan population was amended to include non-purpose 
loans collateralized by securities made for any purpose other than 
purchasing or carrying securities which are reportable in the relevant 
FR Y-9C categories outlined in the instructions. Loans reported in FR 
Y-9C, Schedule HC-C, line item 9.b.(1) (Loans for purchasing or 
carrying securities) should not be reported at the facility level in 
the Corporate schedule. Accordingly, the final FR Y-14 includes the 
definition as proposed.
    One commenter stated that scored non-purpose loans are currently 
reported on FR Y-14M report and requested confirmation that scored non-
purpose loans are not included within ``non-purpose loans that are not 
graded.'' The corporate loan population will be expanded as proposed to 
include both scored and graded non-purpose loans which are reportable 
in the relevant FR Y-9C line items indicated in the Corporate Loan 
Schedule (Schedule H.1) instructions. This change is intended to help 
ensure that non-purpose commercial loans and loans for purchasing or 
carrying securities are treated consistently across institutions and 
the Federal Reserve confirms that any non-purpose loans reportable in 
other FR Y-9C line items not specified in the Corporate Loan schedule 
instructions should continue to be reported on other FR Y-14 schedules 
per the instructions of those schedules. As previously indicated, the 
final FR Y-14 delays the effective date of this proposed change until 
June 30, 2016.
    One commenter asked for further details surrounding the reporting 
of the new Credit Facility Purpose (Field 22) code ``bridge 
financing'', including whether this code value only includes real 
estate financing loans and how it relates to the ``mini-perm'' loan 
purpose code recently added to the CRE schedule (Schedule H.2). The 
Federal Reserve clarifies that bridge financing is not limited to only 
real estate financing loans. Bridge financing is interim financing, 
typically taken out for a period of 2 weeks to 3 years pending the 
arrangement of larger or longer-term financing. The ``Bridge 
Financing'' purpose code on the Corporate schedule (Schedule H.1) is 
not meant to be related to the mini-perm loan purpose code on the CRE 
schedule (Schedule H.2).
    Both commenters requested clarification as to what was to be 
reported in the two new credit facility types proposed for Field 20 
(Credit Facility Type), ``Fronting Loan'' and ``Swingline''. In 
response to comments, the final FR Y-14 modifies Field 20 (Credit 
Facility Type) to include one additional option called ``Fronting 
Exposure'', as opposed to the two additional options proposed. The 
Fronting Exposure option should be selected for credit facilities 
reported in the schedule that represent a BHC's exposure to fund 
certain obligations (e.g., swinglines or letters of credit) on behalf 
of other participant lenders. In addition, the instructions are revised 
to indicate that for credit facilities which include a fronting 
exposure, BHCs should report their pro-rata share of the stated 
commitment amount as one facility to the borrower and the fronting 
obligations as separate credit facilities to each of the lending group 
participants.
    In regards to the proposed changes to the Credit Facility Type 
field, one commenter also requested guidance on reporting facilities 
that have both a Swingline and LC Issuance limit. In response to 
comments, the final FR Y-14 instructions have been revised to indicate 
that for credit facilities which include a fronting exposure, BHCs 
should report their pro-rata share of the stated commitment amount as 
one facility to the borrower and the fronting obligations as separate 
credit facilities to each of the lending group participants. Fronting 
exposures are those that represent a BHC's exposure to fund certain 
obligations (e.g., swinglines or letters of credit) on behalf of other 
participant lenders. For such exposures, the BHC should report the new 
Fronting Exposure option in the Credit Facility Type field. To address 
this, the general instructions will have been updated to include the 
following example: For example, consider a facility with $400 million 
committed balance where the BHC is the agent bank and the BHC's pro-
rata share of the commitment is 10% or $40 million. Assume further that 
the credit facility contains a $50 million sublimit that the BHC, as 
agent, has an obligation to advance on behalf of lending group 
participants which may include swinglines, letters of credit and other 
fronting obligations. In this example, the agent BHC would report one 
credit facility to the borrower with a commitment of $40 million and 
would report separate facilities to each of the lending group 
participants with pro-rata commitments totaling $45 million (or 90%).
    Both commenters asked for clarification regarding the removal of 
the requirement to only report legally binding commitments. 
Specifically, one commenter asked for clarification regarding the 
definition of ``legally binding'' and asked whether all uncommitted 
and/or unadvised lines on the FR Y-14Q report should be included or if 
the change was to allow for the inclusion of exposures in the 
syndicated loan pipeline. The other commenter asked if by removing the 
legally binding restriction to the loan population, the Board intended 
to report all facilities in the syndicated loan pipeline or just those 
facilities considered commitments to commit based on a reporting 
company's legal definition. The Federal Reserve confirms that the loan 
population has been amended to capture commitments as defined in the FR 
Y-9C, Schedule HC-L. In addition, the FR Y-14Q Corporate Loan schedule 
(Schedule H.1) has been amended to capture facilities in the syndicated 
loan pipeline including single-signed exposures, regardless of whether 
the BHC considers those facilities to be commitments. As per the FR Y-
14Q, Corporate Loan schedule instructions, BHCs should not report 
informal ``advised lines.''
    Also in regards to the removal of the requirement to report only 
legally binding commitments, one commenter noted that the language in 
the proposed instructions for the Corporate Loan Schedule (H.1) was not 
consistent with that of the Commercial Real Estate (CRE) Schedule (H.2) 
and asked if the intention was to eliminate the legally binding 
restriction from both schedules. The Federal Reserve agrees that there 
should be consistency between the wholesale schedules, and the CRE 
schedule (H.2) of the final FR Y-14 has been revised to also remove the 
legally binding language in alignment with the Corporate schedule 
(H.1).
    Both commenters stated that it was unclear what type of lending is 
intended to be captured in the syndicated loan population and what is 
meant by ``closed and settled''. In response, the Federal Reserve 
confirms that the loan population should include syndicated loan 
commitments in the various stages of the syndication process, including 
single-signed exposures where the BHC has signed a commitment letter 
and has extended the terms to the borrower, even if the borrower has 
not countersigned. In response to the comment, the final FR Y-14 
clarifies the Syndicated Loan Flag field by including the following: 
``Closed and settled refers

[[Page 3419]]

to the final phase where loan documents are fully executed and fully 
binding with post-closing selldown to all participants complete. Loans 
which have closed but are still pending execution of final 
documentation by all syndicate participants should remain in phase 3 
`Closed but not settled'.''
    One commenter asked for clarification as to whether only those 
syndicated loans for which the respondents serves as lead bank should 
be reported. The Federal Reserve confirms that any BHC which has signed 
a commitment letter and extended terms to the borrower should report 
the syndicated loans.
    Finally, one commenter stated that information about these 
syndicated pipeline commitments is generally not captured in a 
reporting company's loan accounting systems, but is maintained 
``offline'' and appears in analytical documents and other artifacts. 
Thus, reporting companies would face a significant, on-going manual 
burden to somehow systematically collect the required detail on 
syndicated pipeline commitments to support the requested reporting, 
particularly at the level of detail required. Additionally, absent 
proposed changes for how to populate correctly the Origination Date, 
Maturity Date, and Committed Exposure Global for pipeline loans, the 
Board has provided no guidance on which Corporate Loan (Schedule H.l) 
fields would be required at time of submission. The other commenter 
requested a delay in implementation of the disposed loans and 
syndicated pipeline items of two quarters to at least September 30, 
2016. In consideration of this feedback, the implementation of changes 
related to disposed loans and syndicated pipeline in the final FR Y-14 
will be delayed until September 30, 2016.
Schedule L (Counterparty)
    One commenter asked if it is acceptable for BHCs to use Global 
Industry Classification Standards (GICS) codes on this schedule as 
allowed in Schedule H.1 (Corporate Loan), field 8, in place of the 
North American Industry Classification System (NAICS) codes indicated 
in the new column instructions. The Federal Reserve notes that the 
instructions for Schedule H.1, field 8, also indicate that the NAICS 
code should be provided and only offer alternatives in the case the 
NAICS code is not available. In addition, prior submissions have shown 
that it is rare for firms to provide GICS instead of NAICS codes. To 
capture the greater level of granularity they make available, 
particularly for financial institutions, the final FR Y-14 retains the 
requirement that NAICS codes be used and the instructions remain as 
proposed.
    In addition, one commenter pointed out that the current 
instructions do not reflect changes effective in the second quarter of 
2015 that revised the level at which the BHC must report data on 
schedules L.1 and L.4. The Federal Reserve confirms that there has been 
no change to this requirement and that the final instructions for these 
schedules will reflect the requirement as outlined in the current 
instructions.
    All proposed modifications to the Counterparty Schedule (Schedule 
L) were proposed to be effective December 31, 2015. Given the general 
request to provide additional time to implement changes, the effective 
date of all Counterparty schedule changes to the final FR Y-14 will be 
delayed until June 30, 2016
FR Y-14M
Schedule A (First Lien) and Schedule B (Home Equity)
    Generally, commenters supported the addition of the ``Serviced by 
Others'' flag on the First Lien (Schedule A) and Home Equity (Schedule 
B) schedules. Both commenters noted, however, that the title of the 
field, ``SBO Flag'', implied that the ``Y'' code should be defined as 
serviced by others and the ``N'' code as serviced by the BHC rather 
than the definitions specified in the instructions. The Federal Reserve 
agrees that it would be more logical for the flag codes in the 
instructions to be defined as suggested by the commenter rather than as 
proposed, and the final FR Y-14 instructions have been adjusted to 
reflect this change. Given the general request to provide additional 
time to implement changes, final FR Y-14 delays the effective date of 
this change until June 30, 2016.
Schedule B (Home Equity)
    The Federal Reserve proposed adding a new modification type, 
proposed code 13 ``HELOC Line Renewal'' in Field 77 (Modification Type) 
on this schedule. Field 77 instructs that the modification type should 
be reported for any loan that is currently operating under modified 
terms and should identify the specific terms that were altered through 
loss mitigation efforts. Both commenters questioned if all HELOC line 
renewals should be reported on this line or only those completed 
through loss mitigation efforts.
    The Federal Reserve appreciates this feedback and agrees there is a 
distinction between these two cases not captured in this item as 
proposed. The Federal Reserve believes that renewal of a creditworthy 
borrower is equivalent to prepayment of the existing line and 
origination of a new line. For a borrower who does not meet current 
credit standards, the line renewal is equivalent to a type of loan 
modification: the contractual terms of the line will be changed because 
the borrower has been identified as one who is likely to default if the 
bank takes no action. Therefore, those borrowers should be treated as 
though they did not prepay, but instead, entered the amortization 
period of the HELOC with modified terms. To capture the distinction 
between these two cases and in response to the comment, the final FR Y-
14 has been modified to add an additional code to the Modification Type 
field, Code 13 to represent the ``HELOC Line Renewal (Regular)'', and 
code 14 to represent ``HELOC Line Renewal (loss mitigation strategy)''. 
The instructions for the final FR Y-14 also will be updated to reflect 
the additional item codes and their definitions. Given the general 
request to provide additional time to implement changes, this change 
will be effective in the final FR Y-14 beginning June 30, 2016
    In the initial Federal Register Notice, the Federal Reserve 
specifically requested information on the collection of data related to 
the performance of a first lien that is related to a junior lien 
reported on the FR Y-14M Home Equity Schedule (Schedule B), including 
what standards could make the item easier to report. In response to 
this request, one commenter recommended that the Performance of the 
First Lien on the First Lien Schedule (Schedule A) and Performance of 
Junior Liens on the Home Equity Schedule (Schedule B) fields be removed 
from the aforementioned FR Y-14M collections and that the Current 
Credit Bureau Score, which is already being reported, be used as a 
proxy to monitor any deterioration for evaluating performance and 
probability of default. The Federal Reserve recognizes the cost and 
burden expressed by the industry in supplying these items and 
appreciates the feedback provided in response to the request. The 
Federal Reserve agrees with the proposed suggestion to use current 
scores as a reasonably proxy, and accordingly, the above-mentioned 
fields in the final FR Y-14 have been removed from the applicable 
schedules. To ensure the information necessary is available given this 
change, the instructions for the final FR Y-14 also require that the 
fields `Current Credit Bureau Score Date' and `Current Credit Bureau 
Score' be updated at least one month within the quarter, and refreshed

[[Page 3420]]

at least one month within every subsequent quarter. These changes will 
be effective beginning June 30, 2016.

Technical Clarifications

    Commenters asked for a number of technical clarifications regarding 
specific data items on the FR Y-14 forms. These questions will be 
addressed in the finalized version of the amended FR Y-14A/Q/M 
instructions.

    Board of Governors of the Federal Reserve System, January 14, 
2016.

Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-01043 Filed 1-20-16; 8:45 am]
 BILLING CODE P