Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 90286-90287 [2024-26705]
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90286
Federal Register / Vol. 89, No. 221 / Friday, November 15, 2024 / Notices
public comment for 60 days on the
extension, with revision, of the FR Y–
9 and FR 2886b. The comment period
for both notices expired on August 6,
2024, and the Board received one
comment letter. After considering the
comments received on the proposal, the
Board is proceeding with the revisions
to the FR Y–9C, FR Y–9LP, and FR
2886b as proposed.
Detailed Discussion of Public
Comments
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1. ASU 2022–02, ‘‘Financial
Instruments-Credit Losses (Topic):
Troubled Debt Restructurings and
Vintage Disclosures’’
The commenter is supportive of the
proposed revisions to align the
regulatory reporting of loan
modifications to borrowers experiencing
financial difficulty (LMBEFD) on the FR
Y–9C, FR Y–9LP, and FR 2886b in
accordance with ASU 2022–02. The
commenter noted that, in any event, the
Board should not modify the proposed
FR Y–9 revisions to bring the reporting
in line with the outstanding proposal on
the Call Reports.1 The commenter urged
the Board to implement ASU 2022–02
across all regulatory reporting forms,
including the Consolidated Reports of
Condition and Income (Call Reports)
(FFIEC 031, FFIEC 041, and FFIEC 051).
The commenter stated that aligning all
regulatory reports with ASU 2022–02
would align with current practices by
banking organizations and would
reduce burden by eliminating the
necessity to develop and maintain dual
processes.
In response, the Board is proceeding
with these revisions as proposed to the
FR Y–9C, FR Y–9LP, and FR 2886b.
Additionally, on June 7, 2024, the Board
published in the Federal Register
separate initial notices that invited
comment for 60 days on the extension,
with revision, of the Financial
Statements of U.S. Nonbank
Subsidiaries Held by Foreign Banking
Organization (FR Y–7N),2 Financial
Statements of Foreign Subsidiaries of
U.S. Banking Organizations (FR 2314),3
and Financial Statements of U.S.
Nonbank Subsidiaries of U.S. Holding
Companies (FR Y–11) to propose
aligning the reporting of LMBEFD with
ASU 2022–02. Additionally, on June 21,
2024, the Board published in the
Federal Register an initial notice that
invited comment for 60 days on the
extension, with revision, of the Capital
Assessments and Stress Testing Reports
89 FR 45046 (May 22, 2024).
89 FR 48641 (June 7, 2024).
3 See 89 FR 48639 (June 7, 2024).
(FR Y–14A/Q/M),4 to also propose
aligning the reporting of LMBEFD with
ASU 2022–02. Separate from this notice,
the Board may also finalize the FR Y–
7N, FR 2314, FR Y–11, and FR Y–14A/
Q/M notices to align with ASU 2022–02,
after the comment period has expired.
With regard to aligning the reporting
of LMBEFD in accordance with ASU
2022–02 on the Call Report, the Office
of the Comptroller of the Currency
(OCC), Treasury; Federal Deposit
Insurance Corporation (FDIC); and
Board (collectively, the agencies) are
continuing to evaluate the comments on
their September 2023 proposal,5 as well,
as the comments received on this
proposal. Upon conclusion of their
review, the agencies will adopt a
standard through a subsequent
Paperwork Reduction Act (PRA) notice
with a public comment period.
The commenter stated that the FR Y–
9C’s definition of LMBEFDs should
align with the U.S. GAAP definition,
specifically Accounting Standards
Codification (ASC) Subtopic 310–10 and
not scope in any additional
modifications. The commenter noted
that ASC Subtopic 310–10 requires
disclosure of modifications of
receivables to borrowers experiencing
financial difficulty where the
modification results in the form of (1)
principal forgiveness, (2) an interest rate
reduction, (3) an other-thaninsignificant payment delay, or (4) a
term extension (or a combination
thereof) to be disclosed for financial
reporting purposes. The commenter
mentioned that it would be helpful if
the Board would explicitly confirm the
definitional alignment with U.S GAAP
and therefore limit the population of
LMBEFD for regulatory reporting
purposes to those four modifications. In
response to the commenter, the four
modifications referenced from ASC
Subtopic 310–10 are explicitly included
in the FR Y–9Cs definition of LMBEFD
and therefore limits the population of
LMBEFD accordingly.
2. Other Comments Received
The Board also received comments
that were not specifically related to the
proposed changes in this proposal. The
commenter recommended that the
Board should propose and implement
changes to the reporting of loans to
nondepository institutions (NDFIs) and
nonpurpose margin loans on the FR Y–
9C to be consistent with the recently
finalized Call Report proposal.6 The
commenter also recommended that any
1 See
4 See
2 See
5 See
VerDate Sep<11>2014
16:11 Nov 14, 2024
89 FR 52042 (June 21, 2024).
88 FR 66933 (September 28, 2023).
6 See 89 FR 45046 (May 22, 2024).
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changes to the definition of ‘Past Due’
should be aligned and implemented
concurrently between the FR Y–9, FR
2886b, and the Call Reports.
In response, the Board may propose
and implement revisions to the FR Y–
9C related to the reporting of NDFI loans
and nonpurpose margin loans that
would be consistent with the finalized
Call Report proposal. Additionally, the
Board may also propose changes related
to the definition of ‘‘Past Due’’ in the FR
Y–9 and FR 2886b that would be
aligned and implemented concurrent
with the Call Reports. Any future
changes to the FR Y–9C and FR 2886b
related to the reporting of NDFI loans,
nonpurpose margin loans, and the
definition of ‘‘Past Due’’ would be
subject to the PRA notice and comment
process.
Board of Governors of the Federal Reserve
System, November 12, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024–26707 Filed 11–14–24; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Treasury
Securities and Agency Debt and
Mortgage-Backed Securities Reporting
Requirements (FR 2956; OMB No. 7100–
0383).
DATES: The revisions are effective
December 16, 2024.
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.
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.
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
AGENCY:
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Federal Register / Vol. 89, No. 221 / Friday, November 15, 2024 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
collections of information conducted or
sponsored by the Board. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. The OMB
inventory, as well as copies of the PRA
Submission, supporting statements
(which contain more detailed
information about the information
collections and burden estimates than
this notice), and approved collection of
information instrument(s) are available
at https://www.reginfo.gov/public/do/
PRAMain. These documents are also
available on the Federal Reserve 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 2956.
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, With Revision, of the Following
Information Collection
Collection title: Treasury Securities
and Agency Debt and Mortgage-Backed
Securities Reporting Requirements.
Collection identifier: FR 2956.
OMB control number: 7100–0383.
General description of collection: The
FR 2956 collects detailed data on
depository institutions’ daily
transactions trading of marketable U.S.
Treasury securities and transactions
trading of the debt and mortgage-backed
securities (MBS) issued by U.S. federal
government agencies including
government-sponsored enterprises
(agencies). The 2956 has two parts: Part
1 collects data on transactions in U.S.
Treasury debt, and Part 2 collects
transactions in debt and MBS issued by
agencies. Every national bank, state
member bank, state non-member bank,
savings association, or U.S. branch and
agency of a foreign bank filing a Notice
by Financial Institutions of Government
Securities Broker or Government
Securities Dealer Activities (Form G–
FIN; OMB No. 7100–0224) with average
daily transaction volumes of over $100
million, for U.S. Treasury debt, or over
$50 million, for agency-issued debt and
MBS, during the prior fiscal year is
subject to the these reporting
requirements. Depository institutions
subject to the reporting requirements of
the FR 2956 electronically report
transactions through the Board’s data
collection vendor, the Financial
Industry Regulatory Authority (FINRA),
utilizing its Trade Reporting and
Compliance Engine (TRACE). Brokerdealers that are members of FINRA
VerDate Sep<11>2014
16:11 Nov 14, 2024
Jkt 265001
report transactions pursuant to the
FINRA rules, and not the FR 2956. The
Board receives data on transactions
executed by FINRA’s broker-dealer
members from FINRA, but the
depository institutions subject to the FR
2956 are not members of FINRA and are
not subject to its rules.
Frequency: Daily, event-generated.
Respondents: Depository institutions
that meet the above reporting
thresholds. Prime brokers or depository
institutions who file Form G–FIN and
are FINRA members acting as an
executing broker and that therefore
already are subject to TRACE reporting
pursuant to FINRA rules are exempt
from this reporting requirement.
Total estimated number of
respondents: 22.
Total estimated change in burden:
(11,000).
Total estimated annual burden hours:
22,000.
Current actions: On July 1, 2024, the
Board published a notice in the Federal
Register (89 FR 54462) requesting
public comment for 60 days on the
extension, with revision, of the FR 2956.
The Board proposed to revise Part 1 of
the FR 2956 report, which pertains to
the reporting of transactions in U.S.
Treasury securities, by updating (i) the
timeframe within which a depository
institution subject to the reporting
requirements of Part 1 of the FR 2956
must report transactions in U.S.
Treasury securities, and (ii) for
transactions executed electronically, the
minimum increment of time that must
be used for reporting the execution
times. The Board also proposed certain
technical and clarifying revisions to Part
2 of the FR 2956 report, intended to
make the definitions clearer and to
correct an error. The comment period
for this notice expired on August 30,
2024. The Board did not receive any
comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve
System, November 12, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024–26705 Filed 11–14–24; 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:
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90287
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, without revision, the
Registration of a Securities Holding
Company (FR 2082; OMB No. 7100–
0347).
DATES: Comments must be submitted on
or before January 14, 2025.
ADDRESSES: You may submit comments,
identified by FR 2082, 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
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
SUMMARY:
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Agencies
[Federal Register Volume 89, Number 221 (Friday, November 15, 2024)]
[Notices]
[Pages 90286-90287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26705]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Treasury Securities and Agency Debt and Mortgage-Backed Securities
Reporting Requirements (FR 2956; OMB No. 7100-0383).
DATES: The revisions are effective December 16, 2024.
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.
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.
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
[[Page 90287]]
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements (which contain more detailed information about the
information collections and burden estimates than this notice), and
approved collection of information instrument(s) are available at
https://www.reginfo.gov/public/do/PRAMain. These documents are also
available on the Federal Reserve 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.
On the page displayed at the link above, you can find the supporting
information by referencing the collection identifier, FR 2956.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Treasury Securities and Agency Debt and Mortgage-
Backed Securities Reporting Requirements.
Collection identifier: FR 2956.
OMB control number: 7100-0383.
General description of collection: The FR 2956 collects detailed
data on depository institutions' daily transactions trading of
marketable U.S. Treasury securities and transactions trading of the
debt and mortgage-backed securities (MBS) issued by U.S. federal
government agencies including government-sponsored enterprises
(agencies). The 2956 has two parts: Part 1 collects data on
transactions in U.S. Treasury debt, and Part 2 collects transactions in
debt and MBS issued by agencies. Every national bank, state member
bank, state non-member bank, savings association, or U.S. branch and
agency of a foreign bank filing a Notice by Financial Institutions of
Government Securities Broker or Government Securities Dealer Activities
(Form G-FIN; OMB No. 7100-0224) with average daily transaction volumes
of over $100 million, for U.S. Treasury debt, or over $50 million, for
agency-issued debt and MBS, during the prior fiscal year is subject to
the these reporting requirements. Depository institutions subject to
the reporting requirements of the FR 2956 electronically report
transactions through the Board's data collection vendor, the Financial
Industry Regulatory Authority (FINRA), utilizing its Trade Reporting
and Compliance Engine (TRACE). Broker-dealers that are members of FINRA
report transactions pursuant to the FINRA rules, and not the FR 2956.
The Board receives data on transactions executed by FINRA's broker-
dealer members from FINRA, but the depository institutions subject to
the FR 2956 are not members of FINRA and are not subject to its rules.
Frequency: Daily, event-generated.
Respondents: Depository institutions that meet the above reporting
thresholds. Prime brokers or depository institutions who file Form G-
FIN and are FINRA members acting as an executing broker and that
therefore already are subject to TRACE reporting pursuant to FINRA
rules are exempt from this reporting requirement.
Total estimated number of respondents: 22.
Total estimated change in burden: (11,000).
Total estimated annual burden hours: 22,000.
Current actions: On July 1, 2024, the Board published a notice in
the Federal Register (89 FR 54462) requesting public comment for 60
days on the extension, with revision, of the FR 2956. The Board
proposed to revise Part 1 of the FR 2956 report, which pertains to the
reporting of transactions in U.S. Treasury securities, by updating (i)
the timeframe within which a depository institution subject to the
reporting requirements of Part 1 of the FR 2956 must report
transactions in U.S. Treasury securities, and (ii) for transactions
executed electronically, the minimum increment of time that must be
used for reporting the execution times. The Board also proposed certain
technical and clarifying revisions to Part 2 of the FR 2956 report,
intended to make the definitions clearer and to correct an error. The
comment period for this notice expired on August 30, 2024. The Board
did not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, November 12,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-26705 Filed 11-14-24; 8:45 am]
BILLING CODE 6210-01-P