Proposed Agency Information Collection Activities; Comment Request, 22145-22147 [2024-06717]
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khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 62 / Friday, March 29, 2024 / Notices
Collection identifier: FR LL.
OMB control number: 7100–0380.
General description of collection:
Regulation LL—Savings and Loan
Holding Companies (12 CFR part 238)
requires certain large savings and loan
holding companies (SLHCs) to submit a
capital plan to the Board on an annual
basis, request prior approval from the
Board under certain circumstances
before making a capital distribution,
conduct company-run periodic stress
tests, report the results of its companyrun stress tests to the Board, publicly
disclose a summary of the results of
such stress tests, and comply with
certain other reporting and
recordkeeping requirements.
Capital is central to a firm’s ability to
absorb unexpected losses and continue
to lend to creditworthy businesses and
consumers. The Board’s capital
planning requirements for large bank
holding companies help to ensure that
these firms have robust systems and
processes that incorporate forwardlooking projections of revenue and
losses to monitor and maintain their
internal capital adequacy. The Board’s
stress testing and stress capital buffer
requirements help ensure that a firm can
meet its obligations to creditors and
other counterparties, as well as continue
to serve as a financial intermediary
through periods of financial and
economic stress.
Frequency: Ongoing, annual, biennial,
or event-generated.
Respondents: Foreign SLHCs with
average total consolidated assets of
greater than $250 billion and domestic
covered SLHCs with average total
consolidated assets of greater than $100
billion.
Total estimated number of
respondents: 1.
Total estimated change in burden: 31.
Total estimated annual burden hours:
14,430.1
Current actions: On September 28,
2023, the Board published a notice in
the Federal Register (88 FR 66848)
requesting public comment for 60 days
on the extension, with revision, of the
FR LL. The Board proposed to revise the
FR LL to account for several reporting
provisions and one recordkeeping
provision which had not been
previously cleared by the Board under
the PRA. The comment period for this
notice expired on November 27, 2023.
1 More detailed information regarding this
collection, including more detailed burden
estimates, can be found in the OMB Supporting
Statement posted at https://www.federalreserve.gov/
apps/reportingforms/home/review. On the page
displayed at the link, you can find the OMB
Supporting Statement by referencing the collection
identifier, FR LL.
VerDate Sep<11>2014
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The Board did not receive any
comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve
System, March 26, 2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024–06716 Filed 3–28–24; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, with revision, the Structure
Reporting and Recordkeeping
Requirements for Domestic and Foreign
Banking Organizations (FR Y–6, FR Y–
7, FR Y–10, and FR Y–10E; OMB No.
7100–0297).
DATES: Comments must be submitted on
or before May 28, 2024.
ADDRESSES: You may submit comments,
identified by FR Y–6, FR Y–7, FR Y–10,
and FR Y–10E, by any of the following
methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the OMB
number or FR number in the subject line
of the message.
• FAX: (202) 452–3819 or (202) 452–
3102.
• Mail: Federal Reserve Board of
Governors, Attn: Ann E. Misback,
Secretary of the Board, Mailstop M–
4775, 2001 C St NW, Washington, DC
20551.
All public comments are available
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any confidential
business information, identifying
information, or contact information.
Public comments may also be viewed
electronically or in paper in Room M–
4365A, 2001 C St NW, Washington, DC
20551, between 9:00 a.m. and 5:00 p.m.
on weekdays, except for Federal
holidays. For security reasons, the
SUMMARY:
PO 00000
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22145
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
Officer for the Federal Reserve Board,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to
(202) 395–6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, nuha.elmaghrabi@frb.gov, (202)
452–3884.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
During the comment period for this
proposal, a copy of the proposed PRA
OMB submission, including the draft
reporting form and instructions,
supporting statement (which contains
more detail about the information
collection and burden estimates than
this notice), and other documentation,
will be made available on the Board’s
public website at https://www.federal
reserve.gov/apps/reportingforms/home/
review or may be requested from the
agency clearance officer, whose name
appears above. Final versions of these
documents will be made available at
https://www.reginfo.gov/public/do/
PRAMain, if approved.
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
E:\FR\FM\29MRN1.SGM
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22146
Federal Register / Vol. 89, No. 62 / Friday, March 29, 2024 / Notices
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
information collection, including the
validity of the methodology and
assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
khammond on DSKJM1Z7X2PROD with NOTICES
Proposal Under OMB Delegated
Authority To Extend for Three Years,
With Revision, the Following
Information Collection
Collection title: Structure Reporting
and Recordkeeping Requirements for
Domestic and Foreign Banking
Organizations.
Collection identifier: FR Y–6, FR Y–7,
FR Y–10, and FR Y–10E.
OMB control number: 7100–0297.
General description of collection: This
information collection comprises the
following four reports:
Annual Report of Holding Companies
(FR Y–6), which collects financial and
organizational information from holding
companies (HCs) and foreign banking
organizations (FBOs) that are not
‘‘qualifying’’ FBOs under section 211.23
of the Board’s Regulation K—
International Banking Operations (12
CFR part 211),
Annual Report of Foreign Banking
Organizations (FR Y–7), which collects
financial and organizational information
from qualifying FBOs,
Report of Changes in Organizational
Structure (FR Y–10), which is an eventgenerated report that captures changes
in organizational structure or regulated
investments and activities of various
Board-supervised entities, and
Supplement to the Report of Changes
in Organizational Structure (FR Y–10E),
which is a formless supplement to the
FR Y–10 that the Board may use to
collect additional structural information
on an emergency basis.
Proposed revisions: The Board
proposes to revise the FR Y–7 report as
described below. There are no proposed
changes to the FR Y–6, FR Y–10, or FR
VerDate Sep<11>2014
16:49 Mar 28, 2024
Jkt 262001
Y–10E. The proposed effective date for
the changes is December 31, 2024.
FR Y–7 Clarifications and Conforming
Edits
FR Y–7 Report Due Date
Lastly, the Board proposes to make
other minor clarifications and
conforming edits to the FR Y–7 forms
and instructions
Frequency: Annual, event-generated.
Respondents: The FR Y–6 panel
comprises top-tier bank holding
companies (BHCs), savings and loan
holding companies (SLHCs), employee
stock ownership plans (ESOPs) and
employee share ownership trusts
(ESOTs) or trusts that are BHCs or
SLHCs, securities holding companies,
intermediate holding companies (IHCs),
and any FBO that does not meet the
requirements of and is not treated as a
qualifying FBO under Regulation K.
The FR Y–7 panel comprises all
qualifying FBOs that engage in banking
in the United States, either directly or
indirectly.
The FR Y–10 and FR Y–10E panels
comprise top-tier BHCs (including
ESOPs or ESOTs that are BHCs and
financial holding companies); top-tier
SLHCs, including ESOPs, ESOTs, or
trusts that are SLHCs pursuant to
Regulation LL; FBOs; state member
banks that are not controlled by an HC;
Edge and agreement corporations that
are not controlled by a member bank, a
domestic HC, or an FBO; and nationally
chartered banks that are not controlled
by a BHC or an FBO (with regard to
their foreign investments only); and
securities holding companies.
Total estimated number of
respondents:
FR Y–6—3,760.
FR Y–7—205.
FR Y–10 and FR Y–10E—3,790.
Estimated average hours per response:
The Board proposes to change the due
date of the FR Y–7 report from four
months after the reporter’s fiscal year
end to 120 calendar days. This change
provides more clarity around the actual
due date of the report for respondents
and end users of the data. The use of the
actual number of days is also consistent
with most other Federal Reserve reports,
including the FR Y–6 report.
FR Y–7 Report Form Standard
Templates
The Board proposes to add an
electronic filing option for the FR Y–7,
and to automate and add standard
templates for a portion of reporting item
one, financial statements; a portion of
item two, organization chart; all of item
three, shares and shareholders; all of
item four, eligibility as a qualified
foreign banking organization; and all of
item five, prudential standards
compliance. Unlike other Board reports,
the FR Y–7 is not currently submitted
electronically. Instead, respondents mail
their initial report and any subsequent
revisions to the appropriate Reserve
Bank. The manual processes around the
collection and maintenance of this
report can be costly and burdensome for
respondents. Adding the capability to
submit and maintain the report
electronically would reduce reporter
burden and support costs over time.
Moreover, an electronic filing option
would streamline the report submission
process and make it easier to revise
reports.
Additionally, the FR Y–7 form, which
primarily consists of a checklist, is in a
relatively unstructured format that
allows respondents to submit required
data items in different formats. For
example, respondents may submit
shareholder information in a Microsoft
Word document or in an Excel
spreadsheet. In other cases, respondents
submit their annual report with an
attached cover memo referencing the
appropriate page numbers where
Federal Reserve analysts can locate the
relevant FR Y–7 report information. The
proposed templates would outline the
specific information required and would
eliminate the need for respondents to
create multiple documents to submit
data. It would also provide more clarity
around reporting requirements and help
eliminate extraneous information,
which is often submitted along with the
required data.
PO 00000
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Reporting
FR Y–6—2.5.
FR Y–7 Initial—10.10.
FR Y–7 Ongoing—4.63.
FR Y–10—2.5.
FR Y–10E—0.5.
Recordkeeping
FR Y–6—0.5.
FR Y–10—0.5.
Total estimated change in burden:
1,284.
Total estimated annual burden hours:
Reporting
FR Y–6—9,400.
FR Y–7 Initial—2,071.
FR Y–7 Ongoing—949.
FR Y–10—33,153.
FR Y–10E—1,895.
Recordkeeping
FR Y–6—1,880.
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Federal Register / Vol. 89, No. 62 / Friday, March 29, 2024 / Notices
FR Y–10—6,631.1
Board of Governors of the Federal Reserve
System, March 26, 2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024–06717 Filed 3–28–24; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, without revision, the
Recordkeeping Guidance Associated
with Changes in Foreign Investments
Made Pursuant to Regulation K (FR
2064; OMB No. 7100–0109).
DATES: Comments must be submitted on
or before May 28, 2024.
ADDRESSES: You may submit comments,
identified by FR 2064, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the OMB
number or FR number in the subject line
of the message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Federal Reserve Board of
Governors, Attn: Ann E. Misback,
Secretary of the Board, Mailstop M–
4775, 2001 C St. NW, Washington, DC
20551.
All public comments are available
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any confidential
business information, identifying
information, or contact information.
Public comments may also be viewed
khammond on DSKJM1Z7X2PROD with NOTICES
SUMMARY:
1 More detailed information regarding this
collection, including more detailed burden
estimates, can be found in the OMB Supporting
Statement posted at https://www.federalreserve.gov/
apps/reportingforms/home/review. On the page
displayed at the link, you can find the OMB
Supporting Statement by referencing the collection
identifier, FR Y–6, FR Y–7, FR Y–10, and FR Y–
10E.
VerDate Sep<11>2014
16:49 Mar 28, 2024
Jkt 262001
electronically or in paper in Room M–
4365A, 2001 C St NW, Washington, DC
20551, between 9 a.m. and 5 p.m. on
weekdays, except for Federal holidays.
For security reasons, the Board requires
that visitors make an appointment to
inspect comments. You may do so by
calling (202) 452–3684. Upon arrival,
visitors will be required to present valid
government-issued photo identification
and to submit to security screening in
order to inspect and photocopy
comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
Officer for the Federal Reserve Board,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to
(202) 395–6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, nuha.elmaghrabi@frb.gov, (202)
452–3884.
On June
15, 1984, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
During the comment period for this
proposal, a copy of the proposed PRA
OMB submission, including the draft
reporting form and instructions,
supporting statement (which contains
more detail about the information
collection and burden estimates than
this notice), and other documentation,
will be made available on the Board’s
public website at https://www.federal
reserve.gov/apps/reportingforms/home/
review or may be requested from the
agency clearance officer, whose name
appears above. On the page displayed at
the link above, you can find the
supporting information by referencing
the collection identifier, FR 2064. Final
versions of these documents will be
made available at https://
www.reginfo.gov/public/do/PRAMain, if
approved.
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00032
Fmt 4703
Sfmt 4703
22147
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
information collection, including the
validity of the methodology and
assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
Without Revision, the Following
Information Collection
Collection title: Recordkeeping
Guidance Associated with Changes in
Foreign Investments Made Pursuant to
Regulation K.
Collection identifier: FR 2064.
OMB control number: 7100–0109.
General description of collection:
Internationally active U.S. banking
organizations are expected to maintain
adequate internal records to allow
examiners to review compliance with
the investment provisions of Regulation
K. This recordkeeping guidance is what
makes up the FR 2064. For each
investment made under subpart A of
Regulation K, a banking organization
investor should maintain internal
records regarding the type of
investment; the amount of the
investment; the percentage ownership;
activities conducted by the company
and the legal authority for such
activities; and whether the investment
was made under general consent, prior
notice, or specific consent authority.
With respect to investments made under
general consent authority, information
also should be maintained that
E:\FR\FM\29MRN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Pages 22145-22147]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06717]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Structure Reporting and Recordkeeping Requirements for Domestic and
Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E;
OMB No. 7100-0297).
DATES: Comments must be submitted on or before May 28, 2024.
ADDRESSES: You may submit comments, identified by FR Y-6, FR Y-7, FR Y-
10, and FR Y-10E, by any of the following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number or FR number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00
p.m. on weekdays, except for Federal holidays. For security reasons,
the Board requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 452-3684. Upon arrival,
visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect
and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, [email protected], (202)
452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at https://www.reginfo.gov/public/do/PRAMain, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions,
[[Page 22146]]
including whether the information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Collection title: Structure Reporting and Recordkeeping
Requirements for Domestic and Foreign Banking Organizations.
Collection identifier: FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.
OMB control number: 7100-0297.
General description of collection: This information collection
comprises the following four reports:
Annual Report of Holding Companies (FR Y-6), which collects
financial and organizational information from holding companies (HCs)
and foreign banking organizations (FBOs) that are not ``qualifying''
FBOs under section 211.23 of the Board's Regulation K--International
Banking Operations (12 CFR part 211),
Annual Report of Foreign Banking Organizations (FR Y-7), which
collects financial and organizational information from qualifying FBOs,
Report of Changes in Organizational Structure (FR Y-10), which is
an event-generated report that captures changes in organizational
structure or regulated investments and activities of various Board-
supervised entities, and
Supplement to the Report of Changes in Organizational Structure (FR
Y-10E), which is a formless supplement to the FR Y-10 that the Board
may use to collect additional structural information on an emergency
basis.
Proposed revisions: The Board proposes to revise the FR Y-7 report
as described below. There are no proposed changes to the FR Y-6, FR Y-
10, or FR Y-10E. The proposed effective date for the changes is
December 31, 2024.
FR Y-7 Report Due Date
The Board proposes to change the due date of the FR Y-7 report from
four months after the reporter's fiscal year end to 120 calendar days.
This change provides more clarity around the actual due date of the
report for respondents and end users of the data. The use of the actual
number of days is also consistent with most other Federal Reserve
reports, including the FR Y-6 report.
FR Y-7 Report Form Standard Templates
The Board proposes to add an electronic filing option for the FR Y-
7, and to automate and add standard templates for a portion of
reporting item one, financial statements; a portion of item two,
organization chart; all of item three, shares and shareholders; all of
item four, eligibility as a qualified foreign banking organization; and
all of item five, prudential standards compliance. Unlike other Board
reports, the FR Y-7 is not currently submitted electronically. Instead,
respondents mail their initial report and any subsequent revisions to
the appropriate Reserve Bank. The manual processes around the
collection and maintenance of this report can be costly and burdensome
for respondents. Adding the capability to submit and maintain the
report electronically would reduce reporter burden and support costs
over time. Moreover, an electronic filing option would streamline the
report submission process and make it easier to revise reports.
Additionally, the FR Y-7 form, which primarily consists of a
checklist, is in a relatively unstructured format that allows
respondents to submit required data items in different formats. For
example, respondents may submit shareholder information in a Microsoft
Word document or in an Excel spreadsheet. In other cases, respondents
submit their annual report with an attached cover memo referencing the
appropriate page numbers where Federal Reserve analysts can locate the
relevant FR Y-7 report information. The proposed templates would
outline the specific information required and would eliminate the need
for respondents to create multiple documents to submit data. It would
also provide more clarity around reporting requirements and help
eliminate extraneous information, which is often submitted along with
the required data.
FR Y-7 Clarifications and Conforming Edits
Lastly, the Board proposes to make other minor clarifications and
conforming edits to the FR Y-7 forms and instructions
Frequency: Annual, event-generated.
Respondents: The FR Y-6 panel comprises top-tier bank holding
companies (BHCs), savings and loan holding companies (SLHCs), employee
stock ownership plans (ESOPs) and employee share ownership trusts
(ESOTs) or trusts that are BHCs or SLHCs, securities holding companies,
intermediate holding companies (IHCs), and any FBO that does not meet
the requirements of and is not treated as a qualifying FBO under
Regulation K.
The FR Y-7 panel comprises all qualifying FBOs that engage in
banking in the United States, either directly or indirectly.
The FR Y-10 and FR Y-10E panels comprise top-tier BHCs (including
ESOPs or ESOTs that are BHCs and financial holding companies); top-tier
SLHCs, including ESOPs, ESOTs, or trusts that are SLHCs pursuant to
Regulation LL; FBOs; state member banks that are not controlled by an
HC; Edge and agreement corporations that are not controlled by a member
bank, a domestic HC, or an FBO; and nationally chartered banks that are
not controlled by a BHC or an FBO (with regard to their foreign
investments only); and securities holding companies.
Total estimated number of respondents:
FR Y-6--3,760.
FR Y-7--205.
FR Y-10 and FR Y-10E--3,790.
Estimated average hours per response:
Reporting
FR Y-6--2.5.
FR Y-7 Initial--10.10.
FR Y-7 Ongoing--4.63.
FR Y-10--2.5.
FR Y-10E--0.5.
Recordkeeping
FR Y-6--0.5.
FR Y-10--0.5.
Total estimated change in burden: 1,284.
Total estimated annual burden hours:
Reporting
FR Y-6--9,400.
FR Y-7 Initial--2,071.
FR Y-7 Ongoing--949.
FR Y-10--33,153.
FR Y-10E--1,895.
Recordkeeping
FR Y-6--1,880.
[[Page 22147]]
FR Y-10--6,631.\1\
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\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.
Board of Governors of the Federal Reserve System, March 26,
2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024-06717 Filed 3-28-24; 8:45 am]
BILLING CODE 6210-01-P
