[Federal Register Volume 83, Number 153 (Wednesday, August 8, 2018)]
[Notices]
[Pages 39093-39095]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16917]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

[[Page 39094]]


ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to revise, without extension, Capital 
Assessments and Stress Testing (FR Y-14A/Q/M; OMB No. 7100-0341).

DATES: Comments must be submitted on or before October 9, 2018.

ADDRESSES: You may submit comments, identified by FR Y-14A, FR Y-14Q, 
or FR Y-14M, by any of the following methods:
    <bullet> Agency website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#0f7d6a687c216c6062626a617b7c4f696a6b6a7d6e637d6a7c6a7d796a21686079"><span class="__cf_email__" data-cfemail="57253230247934383a3a32392324173132333225363b2532243225213279303821">[email protected]</span></a>. Include OMB 
number in the subject line of the message.
    <bullet> FAX: (202) 452-3819 or (202) 452-3102.
    <bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street NW (between 18th and 19th Streets NW), Washington, 
DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. 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 
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 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, if approved. These documents will also be made available 
on the Federal Reserve Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements 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.

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 Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve'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 Federal 
Reserve should modify the proposal.

Proposal To Approve Under OMB Delegated Authority the Revision, Without 
Extension, of the Following Report

    Report title: Capital Assessments and Stress Testing.
    Agency form number: FR Y-14A/Q/M.
    OMB control number: 7100-0341.
    Frequency: Annually, semi-annually, quarterly, and monthly.
    Respondents: The respondent panel consists of any top-tier bank 
holding company (BHC) that has $100 billion or more in total 
consolidated assets, as determined based on: (i) The average of the 
firm's total consolidated assets in the four most recent quarters as 
reported quarterly on the firm's FR Y-9C; or (ii) the average of the 
firm's total consolidated assets in the most recent consecutive 
quarters as reported quarterly on the firm's FR Y-9Cs, if the firm has 
not filed an FR Y-9C for each of the most recent four quarters. The 
respondent panel also consists of any U.S. intermediate holding company 
(IHC). Reporting is required as of the first day of the quarter 
immediately following the quarter in which the respondent meets this 
asset threshold, unless otherwise directed by the Board.
    Number of respondents: 36.
    Estimated annual reporting hours: FR Y-14A: Summary, 63,864 hours; 
Macro Scenario, 2,232 hours; Operational Risk, 648 hours; Regulatory 
Capital Instruments, 756 hours; Business Plan Changes, 576 hours; and 
Adjusted Capital Plan Submission, 500 hours. FR Y-14Q: Retail, 2,160 
hours; Securities, 1,872 hours; Pre-Provision Net Revenue (PPNR), 
102,385 hours; Wholesale, 21,744 hours; Trading, 92,448 hours; 
Regulatory Capital Transitions, 3,312 hours; Regulatory Capital 
Instruments, 7,776 hours; Operational risk, 7,200 hours; Mortgage 
Servicing Rights (MSR) Valuation, 1,380 hours; Supplemental, 576 hours; 
Retail Fair Value Option/Held for Sale (Retail FVO/HFS), 1,500 hours; 
Counterparty, 24,672 hours; and Balances, 2,304 hours. FR Y-14M: 1st 
Lien Mortgage, 210,528 hours; Home Equity, 173,376 hours; and Credit 
Card, 86,016 hours. FR Y-14 On-going Automation Revisions, 17,280 
hours. FR Y-14 Attestation On-going Audit and Review, 33,280 hours.
    Estimated average hours per response: FR Y-14A: Summary, 887 hours; 
Macro Scenario, 31 hours; Operational Risk, 18 hours; Regulatory 
Capital Instruments, 21 hours; Business Plan Changes, 16 hours; and 
Adjusted Capital Plan Submission, 100 hours. FR Y-14Q: Retail, 15 
hours; Securities, 13 hours; PPNR, 711 hours; Wholesale, 151 hours; 
Trading, 1,926 hours; Regulatory Capital

[[Page 39095]]

Transitions, 23 hours; Regulatory Capital Instruments, 54 hours; 
Operational Risk, 50 hours; MSR Valuation, 23 hours; Supplemental, 4 
hours; Retail FVO/HFS, 15 hours; Counterparty, 514 hours; and Balances, 
16 hours. FR Y-14M: 1st Lien Mortgage, 516 hours; Home Equity, 516 
hours; and Credit Card, 512 hours. FR Y-14 On-going Automation 
Revisions, 480 hours. FR Y-14 Attestation On-going Audit and Review, 
2,560 hours.
    General description of report: These collections of information are 
applicable to top-tier BHCs with total consolidated assets of $100 
billion or more and U.S. IHCs. This family of information collections 
is composed of the following three reports:
    <bullet> The FR Y-14A collects 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 either annually or 
semi-annually.
    <bullet> The quarterly FR Y-14Q collects granular data on various 
asset classes, including loans, securities, and trading assets, and 
PPNR for the reporting period.
    <bullet> The monthly FR Y-14M is comprised of three retail 
portfolio- and loan-level schedules, and one detailed address-matching 
schedule to supplement two of the portfolio and loan-level schedules.
    The data collected through the FR Y-14A/Q/M reports provide the 
Board with the information and perspective needed to help ensure that 
large firms have strong, firm-wide risk measurement and management 
processes supporting their internal assessments of capital adequacy and 
that their capital resources are sufficient given their business focus, 
activities, and resulting risk exposures. The annual Comprehensive 
Capital Analysis and Review (CCAR) exercise complements other Board 
supervisory efforts aimed at enhancing the continued viability of large 
firms, including continuous monitoring of firms' planning and 
management of liquidity and funding resources, as well as 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. To fully evaluate the data submissions, the Board may 
conduct follow-up discussions with, or request responses to follow up 
questions from, respondents. Respondent firms are currently required to 
complete and submit up to 18 filings each year: two semi-annual FR Y-
14A filings, four quarterly FR Y-14Q filings, and 12 monthly FR Y-14M 
filings. Compliance with the information collection is mandatory.
    Proposed revisions: In December 2017, the Board approved 
modifications to the FR Y-14 series of reports and a notice was 
published in the Federal Register (December 15, 2017; 82 FR 59608). The 
proposal modified the FR Y-14Q, Schedule L (Counterparty) effective as 
of the March 31, 2018, report date. These changes included simplifying 
the ranking methodology required for reporting positions and combining 
the previously separate collections of counterparties as ranked by 
derivatives and securities financing transactions (SFTs), respectively. 
Following the finalization and adoption of these proposed changes, the 
Board became aware of unintended omissions from the report forms and 
instructions for the FR Y-14Q. The omitted items required respondents 
to report their total stressed net current exposure under the two 
supervisory stressed scenarios.
    To rectify the unintended changes, the Board is proposing to revise 
sub-schedule L.5 (Derivatives and SFT Profile) on the FR Y-14Q by 
adding the mistakenly omitted items. This modification would allow 
continued operationalization of supervisory modeling, and would provide 
for total stressed net current exposure reporting under the two 
supervisory stressed scenarios.
    With the addition of the total stressed net current exposure item, 
the instructions would be changed to modify the associated ranking 
methodologies for the yearly stressed/CCAR submission in sub-schedule 
L.5 to require the top 25 counterparties to be reported as ranked by 
the total stressed net current exposure. This modification would ensure 
that top counterparties are properly rank-ordered by the total stressed 
net current exposure to be added on sub-schedule L.5 in a manner that 
captures both derivative and securities financing transaction 
exposures.
    The proposed revisions do not result in a change to the estimated 
burden for this series of reports, as the burden from the proposed 
revisions is already captured in the burden estimates associated with 
the FR Y-14Q report.

    Board of Governors of the Federal Reserve System, August 2, 
2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-16917 Filed 8-7-18; 8:45 am]
 BILLING CODE 6210-01-P


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