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[Federal Register Volume 89, Number 235 (Friday, December 6, 2024)]
[Notices]
[Pages 96978-96979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28526]

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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 
Structure Reporting and Recordkeeping Requirements for Domestic and 
Foreign Banking Organizations (FR Y-6, FR Y-7, FR Y-10, and FR Y-10E; 
OMB No. 7100-0297).

DATES: The revisions for the option of electronic submission and the 
due date change are effective December 31, 2024; the standard templates 
is December 31, 2025; and the automation of the FR Y-7 report is 
December 31, 2026.

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 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 Y-
6, FR Y-7, FR Y-10, and FR Y-10E.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Collection title: Structure Reporting and Recordkeeping 
Requirements for Domestic and Foreign Banking Organizations.
    Collection identifier: FR Y-6, FR Y-7, FR Y-10, and FR Y-10E.
    OMB control number: 7100-0297.
    General description of collection: This information collection 
comprises the following four reports:
    Annual Report of Holding Companies (FR Y-6), which collects 
financial and organizational information from holding companies (HCs) 
and foreign banking organizations (FBOs) that are not ``qualifying'' 
FBOs under section 211.23 of the Board's Regulation K--International 
Banking Operations (12 CFR part 211),
    Annual Report of Foreign Banking Organizations (FR Y-7), which 
collects financial and organizational information from qualifying FBOs,
    Report of Changes in Organizational Structure (FR Y-10), which is 
an event-generated report that captures changes in organizational 
structure or regulated investments and activities of various Board-
supervised entities, and
    Supplement to the Report of Changes in Organizational Structure (FR 
Y-10E), which is a formless supplement to the FR Y-10 that the Board 
may use to collect additional structural information on an emergency 
basis.
    Frequency: Annual, event-generated.
    Respondents: The FR Y-6 panel comprises top-tier bank holding 
companies (BHCs), savings and loan holding companies (SLHCs), employee 
stock ownership plans (ESOPs) and employee share ownership trusts 
(ESOTs) or trusts that are BHCs or SLHCs, securities holding companies, 
intermediate holding companies (IHCs), and any FBO that does not meet 
the requirements of and is not treated as a qualifying FBO under 
Regulation K.
    The FR Y-7 panel comprises all qualifying FBOs that engage in 
banking in the United States, either directly or indirectly.
    The FR Y-10 and FR Y-10E panels comprise top-tier BHCs (including 
ESOPs or ESOTs that are BHCs and financial holding companies); top-tier 
SLHCs, including ESOPs, ESOTs, or trusts that are SLHCs pursuant to 
Regulation LL; FBOs; state member banks that are not controlled by an 
HC; Edge and agreement corporations that are not controlled by a member 
bank, a

[[Page 96979]]

domestic HC, or an FBO; and nationally chartered banks that are not 
controlled by a BHC or an FBO (with regard to their foreign investments 
only); and securities holding companies.
    Total estimated number of respondents:
    FR Y-6--3,760.
    FR Y-7--205.
    FR Y-10 and FR Y-10E--3,790.
    Estimated average hours per response:

Reporting

    FR Y-6--2.5.
    FR Y-7 Initial--10.10.
    FR Y-7 Ongoing--4.63.
    FR Y-10--2.5.
    FR Y-10E--0.5.

Recordkeeping

    FR Y-6--0.5.
    FR Y-10--0.5.
    Total estimated change in burden: 1,284.
    Total estimated annual burden hours:

Reporting

    FR Y-6--9,400.
    FR Y-7 Initial--2,071.
    FR Y-7 Ongoing--949.
    FR Y-10--33,153.
    FR Y-10E--1,895.

Recordkeeping

    FR Y-6--1,880.
    FR Y-10--6,631.
    Current actions: On March 29, 2024, the Board published a notice in 
the Federal Register (89 FR 22145) requesting public comment for 60 
days on the extension, with revision, of the FR Y-6, FR Y-7, FR Y-10, 
and FR Y-10E reports. The Board proposed to revise the FR Y-7 report by 
adding an electronic submission option and adding standard templates 
for reporting (1) financial statements, (2) organizational charts, (3) 
information about shares and shareholders, (4) a firm's eligibility as 
a qualified FBO, and (5) a firm's compliance with prudential standards. 
The proposal would also make minor clarifications and conforming edits 
to the FR Y-7 forms and instructions. The proposal included no changes 
to the FR Y-6, FR Y-10, or FR Y-10E. The comment period for this notice 
expired on May 28, 2024. The Board received one comment letter from an 
individual.

Detailed Discussion of Public Comments

    The commenter remarked that the FR Y-6 allows a bank holding 
company (BHC) to request confidential treatment regarding insider 
ownership information and asked that this ability be removed. A 
reporter may request confidential treatment for any information 
submitted on the FR Y-6 that the reporter believes is exempt from 
disclosure under the Freedom of Information Act (FOIA). The Board may 
grant a request for confidential treatment if the institution clearly 
has provided a compelling justification for the request. It is the 
Board's practice to favor disclosure of principal securities holders' 
information, but have granted past requests for confidential treatment, 
consistent with FOIA exemptions, when there was evidence of a well-
defined present threat to the liberty or personal security of 
individuals. For this reason, the Board is maintaining the current 
process used to fulfill our obligation to consider requests for 
confidential treatment.
    The commenter also noted that individual Federal Reserve districts 
differ from each other on the ease of public access to FR Y-6 
submissions and asks the Board to create a single, publicly accessible, 
nationwide FR Y-6 database. The Board will take this into consideration 
during future technology enhancements for the FR Y-6. Additionally, 
limited structural data from the information collection are published 
on the National Information Center's public website at https://www.ffiec.gov/NPW.
    Lastly, the Board will delay the effective dates for the standard 
templates to December 31, 2025, and the automation changes to December 
31, 2026. Delaying these effective dates will allow sufficient time for 
the development of the necessary technology to support the changes in 
the proposal. Aside from this change, the Board adopted the extension, 
with revision, of the FR Y-7 report as originally proposed.

    Board of Governors of the Federal Reserve System, December 2, 
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-28526 Filed 12-5-24; 8:45 am]
BILLING CODE 6210-01-P
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