90286 Federal Register / Vol. 89, No. 221 / Friday, November 15, 2024 / Notices 

1See 89 FR 45046 (May 22, 2024). 

2See 89 FR 48641 (June 7, 2024). 

3See 89 FR 48639 (June 7, 2024). 

4See 89 FR 52042 (June 21, 2024). 

5See 88 FR 66933 (September 28, 2023). 

6See 89 FR 45046 (May 22, 2024). 

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 

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 

(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 

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 

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, 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 


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Federal Register / Vol. 89, No. 221 / Friday, November 15, 2024 / Notices 90287 

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 

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 

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, 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 


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