Proposed Agency Information Collection Activities; Comment Request, 48637-48639 [2024-12553]
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ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 111 / Friday, June 7, 2024 / Notices
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, 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://
VerDate Sep<11>2014
17:23 Jun 06, 2024
Jkt 262001
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,
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: Reporting,
Recordkeeping, and Disclosure
Requirements Associated with the
CFPB’s Home Mortgage Disclosure Act
Loan/Application Register Required by
Regulation C.
Collection identifier: FR HMDA LAR.
OMB control number: 7100–0247.
General description of collection: The
Home Mortgage Disclosure Act (HMDA)
was enacted in 1975 and is
implemented by Regulation C.
Generally, the HMDA requires certain
depository and non-depository
institutions that make certain mortgage
loans to collect, report, and disclose
data about originations and purchases of
mortgage loans, as well as loan
applications that do not result in
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48637
originations (for example, applications
that are denied or withdrawn).
The FR HMDA LAR is the Board’s
information collection associated with
the Consumer Financial Protection
Bureau’s (CFPB’s) Regulation C. The FR
HMDA LAR is used to (1) help
determine whether financial institutions
are serving the housing needs of their
communities, (2) assist public officials
in distributing public-sector
investments so as to attract private
investment to areas where it is needed,
and (3) assist in identifying possible
discriminatory lending patterns and
enforcing anti-discrimination statutes.
Frequency: Quarterly and annually.
Respondents: Except those that are
supervised by the CFPB: state member
banks, their subsidiaries, subsidiaries of
bank holding companies, subsidiaries of
savings and loan holding companies,
U.S. branches and agencies of foreign
banks (other than federal branches,
federal agencies, and insured state
branches of foreign banks), commercial
lending companies owned or controlled
by foreign banks, and organizations
operating under section 25 or 25A of the
Federal Reserve Act (12 U.S.C. 601–
604a; 611–631).
Total estimated number of
respondents: 654.
Total estimated annual burden hours:
960,235.
Board of Governors of the Federal Reserve
System, June 4, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024–12499 Filed 6–6–24; 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 Financial
Statements for Holding Companies (FR
Y–9 Reports; OMB No. 7100–0128).
DATES: Comments must be submitted on
or before August 6, 2024.
ADDRESSES: You may submit comments,
identified by FR Y–9 reports, 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.
SUMMARY:
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ddrumheller on DSK120RN23PROD with NOTICES1
48638
Federal Register / Vol. 89, No. 111 / Friday, June 7, 2024 / Notices
• 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
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.
VerDate Sep<11>2014
17:23 Jun 06, 2024
Jkt 262001
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,
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: Financial Statements
for Holding Companies.
Collection identifier: FR Y–9 reports.
OMB control number: 7100–0128.
General description of collection: The
Board requires bank holding companies,
most savings and loan holding
companies, securities holding
companies, and U.S. intermediate
holding companies (collectively, HCs) to
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Fmt 4703
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provide standardized financial
statements through one or more of the
FR Y–9 reports. The information
collected on the FR Y–9 reports is
necessary for the Board to identify
emerging financial risks and monitor the
safety and soundness of HC operations.
The Consolidated Financial
Statements for Holding Companies (FR
Y–9C) consists of standardized financial
statements for HCs similar to the Call
Reports filed by commercial banks. The
FR Y–9C collects consolidated data and
is filed quarterly by top-tier HCs with
total consolidated assets of $3 billion or
more.
The Parent Company Only Financial
Statements for Large Holding
Companies (FR Y–9LP), must be
submitted quarterly by each HC that
files the FR Y–9C, as well as by each of
its subsidiary HCs. The report consists
of standardized financial statements,
including the following schedules:
Income Statement, Cash Flow
Statement, Balance Sheet, Investments
in Subsidiaries and Associated
Companies, Memoranda, and Notes to
the Parent Company Only Financial
Statements.
The Parent Company Only Financial
Statements for Small Holding
Companies (FR Y–9SP), is filed
semiannually by HCs with total
consolidated assets of less than $3
billion. In a banking organization with
total consolidated assets of less than $3
billion that has tiered HCs, each HC in
the organization must submit, or have
the top-tier HC submit on its behalf, a
separate FR Y–9SP. This report collects
basic balance sheet and income data for
the parent company, as well as data on
its intangible assets and intercompany
transactions.
The Financial Statements for
Employee Stock Ownership Plan
Holding Companies (FR Y–9ES) is filed
annually by each employee stock
ownership plan (ESOP) that is also an
HC. The report collects financial data on
the ESOP’s benefit plan activities. The
FR Y–9ES consists of four schedules:
Statement of Changes in Net Assets
Available for Benefits, Statement of Net
Assets Available for Benefits,
Memoranda, and Notes to the Financial
Statements.
The instructions to each of the FR Y–
9C, FR Y–9LP, FR Y–9SP, and FR Y–
9ES state that respondent HCs should
retain workpapers and other records
used in the preparation of the reports for
a period of three years following
submission. In addition, HCs must
maintain in their files a manually signed
and attested printout of the data
submitted under each form for a period
of three years.
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ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 111 / Friday, June 7, 2024 / Notices
The Supplement to the Consolidated
Financial Statements for Holding
Companies (FR Y–9CS) is a voluntary,
free-form supplemental report that the
Board may utilize to collect critical
additional data deemed to be needed
from HCs in an expedited manner. The
FR Y–9CS data collections are used to
assess and monitor emerging issues
related to HCs, and the report is
intended to supplement the other FR Y–
9 reports. The data requested by the FR
Y–9CS would depend on the Board’s
data needs in any given situation. For
example, changes made by the Financial
Accounting Standards Board may
introduce into generally accepted
accounting principles new data items
that are not currently collected by the
other FR Y–9 reports. The Board could
use the FR Y–9CS report to collect these
data until the items are implemented
into the other FR Y–9 reports.
Proposed revisions: The Board
proposes to revise the FR Y–9C and FR
Y–9LP to align with the definition of
loan modifications to borrowers
experiencing financial difficulty, as
described in Accounting Standards
Update 2022–02, ‘‘Financial
Instruments—Credit Losses (Topic 326):
Troubled Debt Restructurings and
Vintage Disclosures’’. Additionally, the
Board proposes to replace, as
appropriate, references to ‘‘troubled
debt restructurings’’ with
‘‘modifications to borrowers
experiencing financial difficulty’’ in the
FR Y–9C and FR Y–9LP. All of the
proposed changes to the FR Y–9C and
FR Y–9LP would take effect as of the
December 31, 2024, report date. There
are no proposed revisions at this time
for the FR Y–9SP, FR Y–9ES, or FR Y–
9CS.
The Board invites comment on this
proposal and acknowledges that this
proposal to report ‘‘loan modifications
to borrowers experiencing financial
difficulty’’ may diverge from the
proposed changes to the Call Report.1
Therefore, the Board is specifically
interested in the following:
1. What challenges, if any, would HCs
face if the FR Y–9C and FR Y–9LP
reporting definitions were out of sync
with the Call Report?
2. What challenges, if any, would HCs
face if loan modifications to borrowers
experiencing financial difficulty were
reported on the FR Y–9C and FR Y–9LP
using a 12-month lookback, and
different lookback criteria were used on
the Call Report? If the Call Report used
different lookback criteria, would it be
preferable for the FR Y–9C and FR Y–
9LP to adopt the same definition?
1 See
88 FR 66933 (September 28, 2023)
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Frequency: Quarterly, semiannual,
annual, and as needed.
Respondents: HCs.
Total estimated number of
respondents:
Reporting: FR Y–9C (non-advanced
approaches holding companies with less
than $5 billion in total assets): 107; FR
Y–9C (non-advanced approaches
holding companies with $5 billion or
more in total assets): 236; FR Y–9C
(advanced approaches holding
companies): 9; FR Y–9LP: 411; FR Y–
9SP: 3,596; FR Y–9ES: 73; FR Y–9CS:
236.
Recordkeeping: FR Y–9C: 352; FR Y–
9LP: 411; FR Y–9SP: 3,596; FR Y–9ES:
73; FR Y–9CS: 236.
Estimated average hours per response:
Reporting: FR Y–9C (non-advanced
approaches holding companies with less
than $5 billion in total assets): 35.34; FR
Y–9C (non-advanced approaches
holding companies with $5 billion or
more in total assets): 44.54; FR Y–9C
(advanced approaches holding
companies): 49.76; FR Y–9LP: 5.27; FR
Y–9SP: 5.45; FR Y–9ES: 0.50; FR Y–
9CS: 0.50.
Recordkeeping: FR Y–9C: 1; FR Y–
9LP: 1; FR Y–9SP: 0.50; FR Y–9ES: 0.50;
FR Y–9CS: 0.50.
Total estimated change in burden: 0.
Total estimated annual burden hours:
114,489.
Board of Governors of the Federal Reserve
System, June 4, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024–12553 Filed 6–6–24; 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 Financial
Statements of Foreign Subsidiaries of
U.S. Banking Organizations, and
Financial Statements of U.S. Nonbank
Subsidiaries of U.S. Holding Companies
(FR 2314, FR 2314S Y–11, Y–11S; OMB
No. 7100–0073).
DATES: Comments must be submitted on
or before August 6, 2024.
ADDRESSES: You may submit comments,
identified by FR 2314 and FR Y–11, by
any of the following methods:
SUMMARY:
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48639
• 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
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
E:\FR\FM\07JNN1.SGM
07JNN1
]]>Agencies
[Federal Register Volume 89, Number 111 (Friday, June 7, 2024)]
[Notices]
[Pages 48637-48639]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12553]
-----------------------------------------------------------------------
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 Financial Statements for Holding Companies (FR Y-9 Reports; OMB No.
7100-0128).
DATES: Comments must be submitted on or before August 6, 2024.
ADDRESSES: You may submit comments, identified by FR Y-9 reports, 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.
[[Page 48638]]
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, 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: Financial Statements for Holding Companies.
Collection identifier: FR Y-9 reports.
OMB control number: 7100-0128.
General description of collection: The Board requires bank holding
companies, most savings and loan holding companies, securities holding
companies, and U.S. intermediate holding companies (collectively, HCs)
to provide standardized financial statements through one or more of the
FR Y-9 reports. The information collected on the FR Y-9 reports is
necessary for the Board to identify emerging financial risks and
monitor the safety and soundness of HC operations.
The Consolidated Financial Statements for Holding Companies (FR Y-
9C) consists of standardized financial statements for HCs similar to
the Call Reports filed by commercial banks. The FR Y-9C collects
consolidated data and is filed quarterly by top-tier HCs with total
consolidated assets of $3 billion or more.
The Parent Company Only Financial Statements for Large Holding
Companies (FR Y-9LP), must be submitted quarterly by each HC that files
the FR Y-9C, as well as by each of its subsidiary HCs. The report
consists of standardized financial statements, including the following
schedules: Income Statement, Cash Flow Statement, Balance Sheet,
Investments in Subsidiaries and Associated Companies, Memoranda, and
Notes to the Parent Company Only Financial Statements.
The Parent Company Only Financial Statements for Small Holding
Companies (FR Y-9SP), is filed semiannually by HCs with total
consolidated assets of less than $3 billion. In a banking organization
with total consolidated assets of less than $3 billion that has tiered
HCs, each HC in the organization must submit, or have the top-tier HC
submit on its behalf, a separate FR Y-9SP. This report collects basic
balance sheet and income data for the parent company, as well as data
on its intangible assets and intercompany transactions.
The Financial Statements for Employee Stock Ownership Plan Holding
Companies (FR Y-9ES) is filed annually by each employee stock ownership
plan (ESOP) that is also an HC. The report collects financial data on
the ESOP's benefit plan activities. The FR Y-9ES consists of four
schedules: Statement of Changes in Net Assets Available for Benefits,
Statement of Net Assets Available for Benefits, Memoranda, and Notes to
the Financial Statements.
The instructions to each of the FR Y-9C, FR Y-9LP, FR Y-9SP, and FR
Y-9ES state that respondent HCs should retain workpapers and other
records used in the preparation of the reports for a period of three
years following submission. In addition, HCs must maintain in their
files a manually signed and attested printout of the data submitted
under each form for a period of three years.
[[Page 48639]]
The Supplement to the Consolidated Financial Statements for Holding
Companies (FR Y-9CS) is a voluntary, free-form supplemental report that
the Board may utilize to collect critical additional data deemed to be
needed from HCs in an expedited manner. The FR Y-9CS data collections
are used to assess and monitor emerging issues related to HCs, and the
report is intended to supplement the other FR Y-9 reports. The data
requested by the FR Y-9CS would depend on the Board's data needs in any
given situation. For example, changes made by the Financial Accounting
Standards Board may introduce into generally accepted accounting
principles new data items that are not currently collected by the other
FR Y-9 reports. The Board could use the FR Y-9CS report to collect
these data until the items are implemented into the other FR Y-9
reports.
Proposed revisions: The Board proposes to revise the FR Y-9C and FR
Y-9LP to align with the definition of loan modifications to borrowers
experiencing financial difficulty, as described in Accounting Standards
Update 2022-02, ``Financial Instruments--Credit Losses (Topic 326):
Troubled Debt Restructurings and Vintage Disclosures''. Additionally,
the Board proposes to replace, as appropriate, references to ``troubled
debt restructurings'' with ``modifications to borrowers experiencing
financial difficulty'' in the FR Y-9C and FR Y-9LP. All of the proposed
changes to the FR Y-9C and FR Y-9LP would take effect as of the
December 31, 2024, report date. There are no proposed revisions at this
time for the FR Y-9SP, FR Y-9ES, or FR Y-9CS.
The Board invites comment on this proposal and acknowledges that
this proposal to report ``loan modifications to borrowers experiencing
financial difficulty'' may diverge from the proposed changes to the
Call Report.\1\ Therefore, the Board is specifically interested in the
following:
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\1\ See 88 FR 66933 (September 28, 2023)
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1. What challenges, if any, would HCs face if the FR Y-9C and FR Y-
9LP reporting definitions were out of sync with the Call Report?
2. What challenges, if any, would HCs face if loan modifications to
borrowers experiencing financial difficulty were reported on the FR Y-
9C and FR Y-9LP using a 12-month lookback, and different lookback
criteria were used on the Call Report? If the Call Report used
different lookback criteria, would it be preferable for the FR Y-9C and
FR Y-9LP to adopt the same definition?
Frequency: Quarterly, semiannual, annual, and as needed.
Respondents: HCs.
Total estimated number of respondents:
Reporting: FR Y-9C (non-advanced approaches holding companies with
less than $5 billion in total assets): 107; FR Y-9C (non-advanced
approaches holding companies with $5 billion or more in total assets):
236; FR Y-9C (advanced approaches holding companies): 9; FR Y-9LP: 411;
FR Y-9SP: 3,596; FR Y-9ES: 73; FR Y-9CS: 236.
Recordkeeping: FR Y-9C: 352; FR Y-9LP: 411; FR Y-9SP: 3,596; FR Y-
9ES: 73; FR Y-9CS: 236.
Estimated average hours per response:
Reporting: FR Y-9C (non-advanced approaches holding companies with
less than $5 billion in total assets): 35.34; FR Y-9C (non-advanced
approaches holding companies with $5 billion or more in total assets):
44.54; FR Y-9C (advanced approaches holding companies): 49.76; FR Y-
9LP: 5.27; FR Y-9SP: 5.45; FR Y-9ES: 0.50; FR Y-9CS: 0.50.
Recordkeeping: FR Y-9C: 1; FR Y-9LP: 1; FR Y-9SP: 0.50; FR Y-9ES:
0.50; FR Y-9CS: 0.50.
Total estimated change in burden: 0.
Total estimated annual burden hours: 114,489.
Board of Governors of the Federal Reserve System, June 4, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-12553 Filed 6-6-24; 8:45 am]
BILLING CODE 6210-01-P
