5666 Federal Register / Vol. 80, No. 22 / Tuesday, February 3, 2015 / Rules and Regulations 

within the metropolitan area remained 

the same. However, when the final rule 

was published, those two commuted 

travel time allowances appeared in the 

‘‘outside’’ rather than ‘‘within’’ columns 

under metropolitan area in the table. 

This document corrects those errors. 

List of Subjects in 9 CFR Part 97 

Exports, Government employees, 

Imports, Livestock, Poultry and poultry 

products, Travel and transportation 

expenses. 

Accordingly, 9 CFR part 97 is 

corrected by making the following 

correcting amendments: 

PART 97—OVERTIME SERVICES 

RELATING TO IMPORTS AND 

EXPORTS 

■ 1. The authority citation for part 97 

continues to read as follows: 

Authority: 7 U.S.C. 8301–8317; 49 U.S.C. 

80503; 7 CFR 2.22, 2.80, and 371.4. 

■ 2. In § 97.2, the table is amended, 

under Texas, by revising the entries for 

‘‘Dallas-Fort Worth International 

Airport’’ and ‘‘Houston (including 

Houston Intercontinental Airport)’’ to 

read as follows: 

§ 97.2 Administrative instructions 

prescribing commuted traveltime. 

* * * * * 

COMMUTED TRAVELTIME ALLOWANCES

[In hours] 

Location covered Served from 

Metropolitan area 

Within Outside 

*******

Texas: 

*******

Dallas-Fort Worth International Airport .................................................................... Decatur ................................................... .............. 2 

Do ............................................................................................................................ Ft. Worth or Dallas ................................. 2 ..............

* * * * * * * 

Houston (including Houston Intercontinental Airport) ............................................. ............................................................ 2 ..............

Do ............................................................................................................................ Bellville, TX ............................................ .............. 4 

Do ............................................................................................................................ Bryan, TX ............................................... .............. 4 

Do ............................................................................................................................ Georgetown, TX ..................................... .............. 8 

Do ............................................................................................................................ Pleasanton, TX ...................................... .............. 8 

* * * * * * * 

Done in Washington, DC, this 28th day of 

January 2015. 

Kevin Shea, 

Administrator, Animal and Plant Health 

Inspection Service. 

[FR Doc. 2015–02027 Filed 2–2–15; 8:45 am] 

BILLING CODE 3410–34–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 217 

[Docket No. R–1508] 

RIN 7100–AE 29 

Regulation Q; Regulatory Capital 

Rules: Interim Final Rule To Exempt 

Small Savings and Loan Holding 

Companies From the Regulatory 

Capital Rules 

AGENCY: Board of Governors of the 

Federal Reserve System (Board). 

ACTION: Interim final rule with request 

for comment. 

SUMMARY: The Board invites comment 

on an interim final rule that would 

exempt savings and loan holding 

companies that have total consolidated 

assets of less than $500 million and 

meet certain other requirements from 

the Board’s regulatory capital 

requirements (Regulation Q). This 

interim final rule implements a law 

recently passed by the U.S. Congress, 

which exempts small savings and loan 

holding companies from the minimum 

capital requirements mandated by 

section 171 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act that would meet the Board’s Small 

Bank Holding Company Policy 

Statement if they were bank holding 

companies. In connection with this 

interim final rule, the Board is 

proposing to remove the requirement 

that qualifying savings and loan holding 

companies complete Schedule SC–R, 

Part I (Regulatory Capital Components 

and Ratios), of form FR Y–9SP (Parent 

Company Only Financial Statements for 

Small Holding Companies). 

DATES: This interim final rule is 

effective January 30, 2015. Comments 

on the interim final rule must be 

received on or before March 5, 2015. 

Comments on the Paperwork Reduction 

Act burden estimates must be received 

on or before April 6, 2015. 

ADDRESSES: You may submit comments, 

identified by Docket No. R–1508 and 

RIN No. 7100–AE 29, by any of the 

following methods: 

• Agency Web site: http://

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/apps/

foia/proposedregs.aspx. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: regs.comments@

federalreserve.gov. Include the docket 

number in the subject line of the 

message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Robert deV. Frierson, 

Secretary, Board of Governors of the 

Federal Reserve System, 20th Street and 

Constitution Avenue NW., Washington, 

DC 20551. 

All public comments will be made 

available on the Board’s Web site 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 MP–500 of the 

Board’s Martin Building (20th and C 

Streets NW., Washington, DC 20551) 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 80, No. 22 / Tuesday, February 3, 2015 / Rules and Regulations 5667 

1Public Law 111–203, 124 Stat. 1376 (July 21, 

2010). 

2See 12 U.S.C. 5412; 12 U.S.C. 1467a(g)(1). 

3 12 U.S.C. 5371. 

4As in effect as of May 19, 2010, the Board’s 

Small Bank Holding Company Policy Statement 

applied to bank holding companies with pro forma 

consolidated assets of less than $500 million that 

(i) are not engaged in any nonbanking activities 

involving significant leverage; (ii) are not engaged 

in any significant off-balance sheet activities; and 

(iii) do not have a significant amount of outstanding 

debt that is held by the general public. See 12 CFR 

225, appendix C. 

5 12 U.S.C. 5371(b)(5)(C) (prior to the enactment 

of Pub. L. 113–250). 

6The Board and the OCC issued a joint final rule 

on October 11, 2013 (78 FR 62018), and the FDIC 

issued a substantially identical interim final rule on 

September 10, 2013 (78 FR 55340). In April 2014, 

the FDIC adopted the interim final rule as a final 

rule with no substantive changes. 79 FR 20754 

(April 14, 2014). 

7 12 CFR 217.1(c), (f). The Board’s Regulation Q 

does not apply to savings and loan holding 

companies that are substantially engaged in 

insurance underwriting or commercial activities. 12 

CFR 217.2. 

8To enhance the ability of community financial 

institutions to foster economic growth and serve 

their communities, boost small businesses, increase 

individual savings, and for other purposes, Public 

Law 113–250 (December 18, 2014) (Pub. L. 113– 

250). 

9Public Law 113–250, section 2(b). Public Law 

113–250 also directs the Board to propose revisions 

to the Policy Statement that would increase the 

asset threshold for its applicability to bank holding 

companies from $500 million to $1 billion, and 

would apply the Policy Statement to savings and 

loan holding companies with total consolidated 

assets of less than $1 billion. Concurrent with this 

interim final rule, the Board is issuing a proposal 

to seek comment in implementing these other 

provisions of Public Law 113–250. 

10 12 CFR 217.1(f). 

between 9:00 a.m. and 5:00 p.m. on 

weekdays. 

FOR FURTHER INFORMATION CONTACT: 

Constance M. Horsley, Assistant 

Director, (202) 452–5239, Cynthia 

Ayouch, Manager, (202) 452–2204, 

Thomas Boemio, Manager (202) 452– 

2982, Douglas Carpenter, Senior 

Supervisory Financial Analyst, (202) 

452–2205, or Page Conkling, 

Supervisory Financial Analyst (202) 

912–4647), Capital and Regulatory 

Policy, Division of Banking Supervision 

and Regulation; Laurie Schaffer, 

Associate General Counsel, (202) 452– 

2277, Christine Graham, Counsel, (202) 

452–3005, or Mark Buresh, Attorney, 

(202) 452–5270, Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th and C Streets NW., 

Washington, DC 20551. For the hearing 

impaired only, Telecommunication 

Device for the Deaf (TDD), (202) 263– 

4869. 

SUPPLEMENTARY INFORMATION: 

I. Background 

In 2010, Congress enacted the DoddFrank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) to 

address weaknesses in the financial 

system that contributed to the financial 

crisis.1 In part, the Dodd-Frank Act 

transferred supervision and regulatory 

responsibility for savings and loan 

holding companies to the Board from 

the Office of Thrift Supervision, and 

authorized the Board to promulgate 

regulations and orders in connection 

with supervising savings and loan 

holding companies, including 

establishing regulatory capital 

requirements.2

In addition, section 171 of the DoddFrank Act directed the Board to impose 

minimum regulatory capital 

requirements on state member banks, 

bank holding companies, and savings 

and loan holding companies that are no 

less than the generally applicable 

minimum capital requirements 

applicable to insured depository 

institutions.3 Recognizing that small 

bank holding companies historically 

had not been subject to the Board’s 

capital adequacy guidelines, section 171 

exempted bank holding companies that 

were subject to the Board’s Small Bank 

Holding Company Policy Statement (12 

CFR part 225, appendix C) (Policy 

Statement).4 However, prior to 

enactment of Public Law 113–250 

(described below), there was no 

corresponding exception for small 

savings and loan holding companies.5

As a result of these actions, savings 

and loan holding companies of all sizes 

were made subject to the same 

minimum capital requirements that are 

generally applicable to banks. In July 

2013, the Board adopted revisions to its 

regulatory capital framework 

(Regulation Q) to strengthen the 

requirements applicable to bank holding 

companies and state member banks, 

apply the regulatory capital framework 

to savings and loan holding companies 

for the first time in accordance with 

section 171 of the Dodd-Frank Act, and 

implement various requirements of the 

Dodd-Frank Act, including section 171.6

Consistent with section 171 (prior to 

enactment of enactment of Pub. L. 113– 

250, described below), Regulation Q did 

not apply to small bank holding 

companies and generally applied to 

savings and loan holding companies, 

regardless of size, beginning on January 

1, 2015.7

In December 2014, Congress enacted 

and the President signed into law Public 

Law 113–250 (the Act).8 Among other 

changes, the Act revised section 171 of 

the Dodd-Frank Act to exempt a savings 

and loan holding company from the 

minimum regulatory capital 

requirements of section 171 of the 

Dodd-Frank Act effective on December 

18, 2014, to the extent that the savings 

and loan holding company would have 

been exempt if it had been a small bank 

holding company that met the 

requirements of the Policy Statement 

(qualifying savings and loan holding 

company).9 While it appears that 

Congress intended to exempt a 

qualifying savings and loan holding 

company from minimum regulatory 

capital requirements upon passage of 

the Act, the Act instead simply removes 

the statutory requirement that the Board 

impose minimum regulatory capital 

requirements on such a savings and loan 

holding company. Because the Board 

adopted Regulation Q, as applied to 

savings and loan holding companies, 

pursuant to the Home Owners’ Loan Act 

and the Board’s general safety and 

soundness authority, prior to enactment 

of the Act, and those requirements 

became effective as of January 1, 2015, 

the Board believes it is appropriate to 

issue an interim final rule revising 

Regulation Q to exempt qualifying 

savings and loan holding companies 

from consolidated regulatory capital 

requirements in a manner consistent 

with the Act. Without such action, 

qualifying savings and loan holding 

companies are subject to Regulation Q 

as of January 1, 2015.10

II. The Interim Final Rule 

The interim final rule revises 

Regulation Q, effective January 30, 2015, 

to exclude a qualifying savings and loan 

holding company from consolidated 

regulatory capital requirements. 

Specifically, the exclusion from 

Regulation Q would apply to a savings 

and loan holding company that has total 

consolidated assets of less than $500 

million and that also meets the 

qualitative requirements set forth in the 

Policy Statement. These qualitative 

requirements specify that the savings 

and loan holding company: (i) Is not 

engaged in significant nonbanking 

activities either directly or through a 

nonbank subsidiary; (ii) does not 

conduct significant off-balance sheet 

activities (including securitization and 

asset management or administration) 

either directly or through a nonbank 

subsidiary; and (iii) does not have a 

material amount of debt or equity 

securities outstanding (other than trust 

preferred securities) that are registered 

with the Securities and Exchange 

Commission (SEC) (Qualitative 

Requirements). 

The Policy Statement currently 

applies only to bank holding companies. 

As such, the first Qualitative 

Requirement uses the terms 


tkelley on DSK3SPTVN1PROD with RULES
5668 Federal Register / Vol. 80, No. 22 / Tuesday, February 3, 2015 / Rules and Regulations 

11See 12 U.S.C. 1841(c)(2)(B), 1841(j), and 

1843(i)(1). 

12See, e.g., Public Law 113–250, sec. 2(b). 

13For purposes of applying the Policy Statement 

to savings and loan holding companies, the term 

‘‘nonbank subsidiary’’ as used in the Policy 

Statement would refer to a subsidiary of a savings 

and loan holding company other than a savings 

association or a subsidiary of a savings association. 

14Pursuant to Paperwork Reduction Act’s 

emergency review process, 44 U.S.C. 3507(j), the 

Board is filing an emergency clearance review to 

remove the requirement that qualifying savings and 

loan holding companies complete Schedule SC–R, 

Part I of form FR Y–9SP. The change implemented 

through the emergency clearance process would be 

effective for six months. The Board is now 

proposing to make the change permanent and 

invites public comment. 

15 5 U.S.C. 553(b)(3)(B). 

16 5 U.S.C. 553(d)(3). 

17The requirements of the RFA are not applicable 

to rules adopted under the Administrative 

Procedure Act’s ‘‘good cause’’ exception. See 5 

U.S.C. 601(2) (defining ‘‘rule’’ and notice 

requirements under the Administrative Procedure 

Act). 

18Under standards the U.S. Small Business 

Administration has established, an entity is 

considered ‘‘small’’ if it has $175 million or less in 

assets for banks and other depository institutions. 

U.S. Small Business Administration, Table of Small 

Business Size Standards Matched to North 

American Industry Classification System Codes, 

available at http://www.sba.gov/idc/groups/public/

documents/sba_homepage/serv_sstd_tablepdf.pdf. 

‘‘nonbanking activities’’ and ‘‘nonbank 

subsidiary’’ to refer to the activities of 

a bank holding company. Under the 

Bank Holding Company Act of 1956, 

however, control of a savings 

association by a bank holding company 

is considered a nonbanking activity.11

Because savings and loan holding 

companies control savings associations, 

all of their activities, including the 

control of savings associations, would 

be considered nonbanking activities 

under the Policy Statement. The Board 

believes this outcome would be 

inconsistent with Congressional intent 

to apply the Policy Statement to savings 

and loan holding companies.12

As is the case with bank holding 

companies, whether a savings and loan 

holding company engages in 

‘‘significant’’ nonbanking activities 

(other than operation of one or more 

savings associations) will depend on the 

scope of the activities of the savings and 

loan holding company, the nature and 

level of risk of the activities, the 

condition of the savings and loan 

holding company, and other criteria as 

appropriate.13

III. Related Rulemaking and Revisions 

to Reporting Requirements 

In connection with this interim final 

rule, the Board proposes to remove the 

requirement that qualifying savings and 

loan holding companies complete 

Schedule SC–R, Part I (Regulatory 

Capital Components and Ratios) of form 

FR Y–9SP (Parent Company Only 

Financial Statements for Small Holding 

Companies).14 This schedule would 

have collected information on 

consolidated regulatory capital 

components and ratios from qualifying 

savings and loan holding companies 

that are subject to Regulation Q, 

effective June 30, 2015. Because the 

interim final rule excludes a qualifying 

savings and loan holding company from 

Regulation Q, the Board would not 

require such a savings and loan holding 

company to report information 

regarding regulatory capital components 

on the form FR Y–9SP. 

In addition to amending section 171 

for qualifying savings and loan holding 

companies as described above, the Act 

directs the Board to publish in the 

Federal Register proposed revisions to 

the Policy Statement that provide that 

the Policy Statement shall apply to bank 

holding companies and savings and 

loan holding companies that have pro 

forma consolidated assets of less than $1 

billion. Elsewhere in today’s Federal 

Register, the Board is inviting comment 

on a proposal that would raise the asset 

size threshold for determining 

applicability of the Policy Statement 

and expand the scope of the Policy 

Statement to include savings and loan 

holding companies. 

IV. Request for Comments 

The Board invites comment on all 

aspects of the interim final rule. 

V. Effective Date; Solicitation of 

Comments 

This interim final rule is effective 

January 30, 2015. Pursuant to the 

Administrative Procedure Act (APA), at 

5 U.S.C. 553(b)(B), notice and comment 

are not required prior to the issuance of 

a final rule if an agency, for good cause, 

finds that ‘‘notice and public procedure 

thereon are impracticable, unnecessary, 

or contrary to the public interest.’’ 15

Similarly, a final rule may be published 

with an immediate effective date if an 

agency finds good cause and publishes 

such with the final rule.16 In December 

18, 2014, the President signed into law 

Public Law 113–250, which revised 

section 171 of the Dodd-Frank Act. 

Public Law 113–250 was effective upon 

enactment and exempts a savings and 

loan holding company from the 

minimum capital requirements of 

section 171 of the Dodd-Frank Act to the 

extent that the savings and loan holding 

company would have been exempt if it 

were a similarly-sized bank holding 

company. Prior to enactment of the Act, 

the Board revised the minimum capital 

requirements in accordance with section 

171 of the Dodd-Frank Act and, in 

accordance with that section, made 

these minimum capital requirements 

applicable to savings and loan holding 

companies of all sizes. Because 

Congress intended to exempt qualifying 

savings and loan holding companies 

from minimum capital requirements 

upon passage of the Act, the Board 

believes it is appropriate to revise 

Regulation Q in order to effect 

Congressional intent. Immediate 

adoption of revisions to Regulation Q 

would implement Congressional intent, 

provide clarity to the public and 

qualifying savings and loan holding 

companies regarding the capital rules 

applicable to them, and relieve burden 

on qualifying savings and loan holding 

companies that became subject to 

Regulation Q for the first time beginning 

on January 1, 2015. 

The Board finds that, under these 

circumstances, prior notice and 

comment through the issuance of a 

notice of proposed rulemaking are 

impracticable and that the public 

interest is best served by making the 

rule effective January 30, 2015. Delaying 

revisions to Regulation Q to complete a 

traditional notice and comment 

rulemaking process would cause 

qualifying savings and loan holding 

companies to expend significant 

resources to come into compliance with 

Regulation Q, only to be relieved from 

these requirements upon the effective 

date of the Board’s final regulations 

implementing the changes contemplated 

by the Act. 

For these reasons, the Board finds 

good cause to dispense with the delayed 

effective date otherwise required by 5 

U.S.C. 553(b)(B) and 553(d)(3). 

VI. Regulatory Analysis 

A. Regulatory Flexibility Act Analysis 

The requirements of the Regulatory 

Flexibility Act (5 U.S.C. 601 et seq) 

(RFA) are not applicable to this interim 

final rule.17 Nonetheless, the Board 

believes that the interim final rule 

would not have a significant economic 

impact on a substantial number of small 

entities. The Board requests comment 

on its conclusion that the new interim 

final rule should not have a significant 

economic impact on a substantial 

number of small entities. 

The RFA generally requires an agency 

to assess the impact a rule is expected 

to have on small entities.18 The RFA 

requires an agency either to provide a 

regulatory flexibility analysis or to 

certify that the interim final rule will 

not have a significant economic impact 

on a substantial number of small 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 80, No. 22 / Tuesday, February 3, 2015 / Rules and Regulations 5669 

19See 13 CFR 121.201. Effective July 14, 2014, the 

Small Business Administration revised the size 

standards for banking organizations to $550 million 

in assets from $500 million in assets. 79 FR 33647 

(June 12, 2014). 

20The revised regulatory capital rules were 

approved and issued by the Board in July 2013 and 

published in the Federal Register on October 11, 

2013. See 78 FR 62018. 

21An advanced approaches institution as defined 

in section 100 of the revised regulatory capital rules 

(i) has consolidated total assets (excluding assets 

held by an insurance underwriting subsidiary) on 

its most recent year-end regulatory report equal to 

$250 billion or more; (ii) has consolidated total onbalance sheet foreign exposure on its most recent 

year-end regulatory report equal to $10 billion or 

more (excluding exposures held by an insurance 

underwriting subsidiary), as calculated in 

accordance with FFIEC 009 (OMB No. 7100–0035); 

(iii) is a subsidiary of a depository institution that 

uses the advanced approaches pursuant to subpart 

E of 12 CFR part 3 (OCC), 12 CFR part 217 (Board), 

or 12 CFR part 325 (FDIC) to calculate its total riskweighted assets; (iv) is a subsidiary of a BHC or 

SLHC that uses the advanced approaches pursuant 

to 12 CFR part 217 to calculate its total riskweighted assets; or (v) elects to use the advanced 

approaches to calculate its total risk-weighted 

assets. See 78 FR 62018. 

22 During the 2014 reporting periods, Part I 

Schedule HC–R was divided into Part I.A and Part 

I.B. Part I.A (completed by non-advanced 

approaches HCs) included data items 1 through 33 

of current Schedule HC–R. Part I.B (completed by 

advanced approaches HCs) included reporting 

revisions consistent with the revised regulatory 

capital rules. Part II (completed by all HC–R filers) 

included data items 34 through Memoranda item 10 

of current Schedule HC–R. Effective March 31, 

2015, Part I.A would be removed and Part I.B would 

become Part I (to be completed by all HC–R filers). 

Part II would be renumbered data items 1 through 

Memoranda item 4 and, consistent with the revised 

regulatory capital rules, would implement the 

standardized approach for the risk weighting of 

assets (to be completed by all HC–R filers). 

entities. Based on this analysis and for 

the reasons stated below, the Board 

believes that this interim final rule will 

not have a significant economic impact 

on a substantial number of small 

entities. 

Under regulations issued by the U.S. 

Small Business Administration, a small 

entity includes a depository institution, 

bank holding company, or savings and 

loan holding company with total assets 

of $550 million or less (a small banking 

organization).19 As of June 30, 2014, 

there were 254 small savings and loan 

holding companies. 

The Board believes that this interim 

final rule will reduce regulatory burden 

by excluding a significant majority of 

savings and loan holding companies 

with less than $500 million in total 

consolidated assets from the Board’s 

regulatory capital requirements in 

Regulation Q. The Board believes that 

most affected savings and loan holding 

companies currently have sufficient 

capital to satisfy the minimum 

requirements of Regulation Q. 

Therefore, the relief provided by this 

interim final rule relates largely to the 

significant burden of establishing and 

maintaining the systems necessary to 

monitor and demonstrate compliance 

with Regulation Q. 

The Board is aware of no other 

Federal rules that duplicate, overlap, or 

conflict with this interim final rule. The 

Board does not believe that there are 

significant alternatives to the interim 

final rule that would reduce the 

economic impact on small banking 

organizations supervised by the Board. 

B. Paperwork Reduction Act Analysis 

In accordance with section 3512 of 

the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3521) (PRA), the Board 

may not conduct or sponsor, and a 

respondent is not required to respond 

to, an information collection unless it 

displays a currently valid Office of 

Management and Budget (OMB) control 

number. The OMB control number is 

7100–0128. The Board reviewed the 

interim final rule under the authority 

delegated to the Board by OMB. The 

interim final rule contains requirements 

subject to the PRA. The reporting 

requirements are found in sections 

217.1(c)(1)(iii). 

Comments are invited on: 

(a) Whether the proposed collections 

of information are 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 collections, 

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 

the information collections 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. 

All comments will become a matter of 

public record. Comments on aspects of 

this notice that may affect reporting, 

recordkeeping, or disclosure 

requirements and burden estimates 

should be sent to: Secretary, Board of 

Governors of the Federal Reserve 

System, 20th and C Streets NW., 

Washington, DC 20551. A copy of the 

comments may also be submitted to the 

OMB desk officer: By mail to U.S. Office 

of Management and Budget, 725 17th 

Street NW., #10235, Washington, DC 

20503 or by facsimile to 202–395–5806, 

Attention, Agency Desk Officer. 

Proposed Revisions, With Extension, to 

the Following Information Collection 

Title of Information Collection: 

Consolidated Financial Statements for 

Holding Companies; Parent Company 

Only Financial Statements for Large 

Holding Companies; Parent Company 

Only Financial Statements for Small 

Holding Companies; Financial 

Statements for Employee Stock 

Ownership Plan Holding Companies; 

and Supplement to the Consolidated 

Financial Statements for Holding 

Companies. 

Agency Form Number: FR Y–9C; FR 

Y–9LP; FR Y–9SP; FR Y–9ES; and FR 

Y–9CS. 

OMB Control Number: 7100–0128. 

Frequency of Response: Quarterly, 

semiannually, annually, and on 

occasion. 

Affected Public: Businesses or other 

for-profit. 

Respondents: Bank holding 

companies, savings and loan holding 

companies, and securities holding 

companies (collectively, ‘‘holding 

companies’’). 

Abstract: In 2013, the Board revised 

its regulatory capital rules (revised 

regulatory capital rules),20 requiring 

corresponding revisions to the FR Y–9C 

and FR Y–9SP. Effective March 31, 

2014, the Federal Reserve split the 

Schedule HC–R, Regulatory Capital, on 

the FR Y–9C into two parts: Part I, 

which collected information on 

regulatory capital components and 

ratios under the revised regulatory 

capital rules, and Part II, which 

collected information on the existing 

risk-weighted assets reporting 

requirements. Advanced approaches 

holding companies, except savings and 

loan holding companies, began 

reporting on the proposed Schedule 

HC–R, Part I.B, Regulatory Capital 

Components and Ratios 21 effective 

March 2014. All other HC–R filers 

would begin reporting on the proposed 

Schedule HC–R, Part I, Regulatory 

Capital Components and Ratios, 

effective March 31, 2015.22 The Board 

also approved in January 2014, 

Schedule SC–R, Part I, Regulatory 

Capital Components and Ratios, to 

collect information on consolidated 

regulatory capital components and 

ratios from small SLHCs that are subject 

to the revised regulatory capital rules, 

effective June 30, 2015. Schedule SC–R, 

Part I, would collect the same data items 

as Schedule HC–R, Part I, except 

Schedule HC–R, Part I, would collect 


tkelley on DSK3SPTVN1PROD with RULES
5670 Federal Register / Vol. 80, No. 22 / Tuesday, February 3, 2015 / Rules and Regulations 

additional data from advanced 

approaches HCs. 

Pursuant to the PRA’s emergency 

review process, 44 U.S.C. 3507(j), the 

Board is filing an emergency clearance 

review to eliminate Schedule SC–R, 

Regulatory Capital, Part I, on the Parent 

Company Only Financial Statements for 

Small Holding Companies (FR Y–9SP) 

to reduce burden on small SLHCs 

immediately. In the emergency 

submission, the burden for the FR Y– 

9SP related to the elimination of 

Schedule SC–R, Regulatory Capital, Part 

I, would decrease by 156,935 hours. The 

change implemented through the 

emergency clearance process would be 

effective for six months. The Board is 

now proposing to make the change 

permanent and welcomes public 

comment on any aspect of this 

information collection. The burden 

estimates below reflect the updated 

number from the total emergency 

clearance review. 

Estimated Paperwork Burden 

Estimated Burden per Response: 

FR Y–9C (non Advanced Approaches 

bank holding companies)—48.84 

hours; 

FR Y–9C (Advanced Approaches bank 

holding companies)—50.09 hours; 

FR Y–9LP—5.25 hours; 

FR Y–9SP—5.40 hours; 

FR Y–9ES—0.5 hours; and 

FR Y–9CS—0.5 hours. 

Number of respondents: 

FR Y–9C (non Advanced Approaches 

bank holding companies)—644; 

FR Y–9C (Advanced Approaches bank 

holding companies)—12; 

FR Y–9LP—818; 

FR Y–9SP—4,390; 

FR Y–9ES—86; and 

FR Y–9CS—236. 

Total estimated annual burden: 

FR Y–9C (non Advanced Approaches 

bank holding companies)—125,812 

hours; 

FR Y–9C (Advanced Approaches bank 

holding companies)—2,404 hours; 

FR Y–9LP—17,178 hours; 

FR Y–9SP—47,412 hours; 

FR Y–9ES—43 hours; and 

FR Y–9CS—472 hours. (Total burden 

193,321 hours) 

C. Plain Language 

Section 722 of the Gramm-LeachBliley Act requires the Federal banking 

agencies to use ‘‘plain language’’ in all 

proposed and final rules published after 

January 1, 2000. In light of this 

requirement, the Board has sought to 

present the interim final rule in a simple 

and straightforward manner. The Board 

invites comments on whether there are 

additional steps it could take to make 

the rule easier to understand. 

List of Subjects in 12 CFR Part 217 

Administrative practice and 

procedure, Banks, banking, Capital, 

Federal Reserve System, Holding 

companies, Reporting and 

recordkeeping requirements, Securities. 

Board of Governors of the Federal 

Reserve System 

12 CFR CHAPTER II 

Authority and Issuance 

For the reasons set forth in the 

supplementary information, the Board 

amends 12 CFR Chapter II part 217 to 

read as follows: 

PART 217—CAPITAL ADEQUACY OF 

BANK HOLDING COMPANIES, 

SAVINGS AND LOAN HOLDING 

COMPANIES, AND STATE MEMBER 

BANKS (REGULATION Q) 

■ 1. The authority citation for part 217 

continues to read as follows: 

Authority: 12 U.S.C. 248(a), 321–338a, 

481–486, 1462a, 1467a, 1818, 1828, 1831n, 

1831o, 1831p–l, 1831w, 1835, 1844(b), 1851, 

3904, 3906–3909, 4808, 5365, 5368, 5371. 

■ 2. In § 217.1, amend paragraph 

(c)(1)(iii) to read as follows: 

§ 217.1 Purpose, applicability, 

reservations of authority, and timing. 

* * * * * 

(c) * * * 

(1) * * * 

(iii) A covered savings and loan 

holding company domiciled in the 

United States, other than a savings and 

loan holding company that has total 

consolidated assets of less than $500 

million and meets the requirements of 

12 CFR part 225, Appendix C, as if the 

savings and loan holding company were 

a bank holding company and the 

savings association were a bank. For 

purposes of compliance with the capital 

adequacy requirements and calculations 

in this part, savings and loan holding 

companies that do not file the FR Y–9C 

should follow the instructions to the FR 

Y–9C. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System, January 29, 2015. 

Michael Lewandowski, 

Associate Secretary of the Board. 

[FR Doc. 2015–02038 Filed 1–30–15; 11:15 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2015–0082; Directorate 

Identifier 2014–NM–233–AD; Amendment 

39–18092; AD 2015–02–23] 

RIN 2120–AA64 

Airworthiness Directives; Bombardier, 

Inc. Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), Department of 

Transportation (DOT). 

ACTION: Final rule; request for 

comments. 

SUMMARY: We are adopting a new 

airworthiness directive (AD) for certain 

Bombardier, Inc. Model CL–600–1A11 

(CL–600), CL–600–2A12 (CL–601), and 

CL–600–2B16 (CL–601–3A, and CL– 

601–3R Variants) airplanes. This AD 

requires repetitive inspections for 

fractured or incorrectly oriented 

fasteners on the inboard flap hinge-box 

forward fittings on both wings, and 

replacement of all fasteners, if 

necessary. This AD was prompted by 

several reports of incorrectly oriented 

and fractured fasteners found on the 

inboard flap hinge-box forward fitting at 

wing station (WS) 76.50. We are issuing 

this AD to detect and correct incorrectly 

oriented or fractured fasteners, which 

could result in detachment of the flap 

hinge-box and the flap surface, and 

consequent reduced controllability of 

the airplane. 

DATES: This AD becomes effective 

February 18, 2015. 

The Director of the Federal Register 

approved the incorporation by reference 

of certain publications listed in this AD 

as of February 18, 2015. 

We must receive comments on this 

AD by March 20, 2015. 

ADDRESSES: You may send comments, 

using the procedures found in 14 CFR 

11.43 and 11.45, by any of the following 

methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

• Fax: 202–493–2251. 

• Mail: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE., 

Washington, DC 20590. 

• Hand Delivery: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE., 

Washington, DC, between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays. 


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