32164 Federal Register / Vol. 87, No. 103 / Friday, May 27, 2022 / Notices 

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, with revision, the Reports of 

Foreign Banking Organizations (FR Y– 

7N, FR Y–7NS, and FR Y–7Q; OMB No. 

7100–0125). 

DATES: Comments must be submitted on 

or before July 26, 2022. 

ADDRESSES: You may submit comments, 

identified by FR Y–7N, FR Y–7NS, and 

FR Y–7Q, 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. 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 

System, Washington, DC 20551, (202) 

452–3829. 

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. 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. 

During the comment period for this 

proposal, a copy of the proposed PRA 

OMB submission, including the draft 

reporting form and instructions, 

supporting statement, and other 

documentation, will be made available 

on the Board’s public website at https:// 

www.federalreserve.gov/apps/ 

reportforms/review.aspx or may be 

requested from the agency clearance 

officer, whose name appears above. 

Final versions of these documents will 

be made available at https://

www.reginfo.gov/public/do/PRAMain, if 

approved. 

Request for Comment on Information 

Collection Proposals 

The Board invites public comment on 

the following information collections, 

which are 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 Board’s functions, 

including whether the information has 

practical utility; 

b. The accuracy of the Board’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 Board should 

modify the proposal. 

Proposal Under OMB Delegated 

Authority To Extend for Three Years, 

With Revision, the Following 

Information Collection 

Collection title: Reports of Foreign 

Banking Organizations. 

Collection identifiers: FR Y–7N, FR 

Y–7NS, and FR Y–7Q. 

OMB control number: 7100–0125. 

Frequency: Quarterly, annually. 

Respondents: Non-functionally 

regulated U.S. nonbank subsidiaries 

held by foreign banking organizations 

(FBOs) other than through a U.S. bank 

holding company (BHC), financial 

holding company (FHC), or U.S. bank. 

Estimated number of respondents: FR 

Y–7N (quarterly): 28; FR Y–7N (annual): 

14; FR Y–7NS: 18; FR Y–7Q (quarterly): 

120; FR Y–7Q (annual): 30. 

Estimated average hours per response: 

FR Y–7N (quarterly): 7.6; FR Y–7N 

(annual): 7.6; FR Y–7NS: 1; FR Y–7Q 

(quarterly): 3.25; FR Y–7Q (annual): 2.5. 

Estimated annual burden hours: FR 

Y–7N (quarterly): 851; FR Y–7N 

(annual): 106; FR Y–7NS: 18; FR Y–7Q 

(quarterly): 1,560; FR Y–7Q (annual): 75. 

General description of collection: The 

FR Y–7N consists of an income 

statement and a balance sheet; 

schedules that collect information on 

changes in equity capital, changes in the 

allowance for loan and lease losses, offbalance-sheet data items, and loans; and 

a memoranda section. All FBOs file the 

FR Y–7N quarterly for their significant 

nonbank subsidiaries that do not have a 

primary U.S. regulator other than the 

Federal Reserve System. Subsidiaries 

are defined as significant if they have 

total assets of at least $1 billion or offbalance-sheet activities (including 

commitments to purchase foreign 

currencies and U.S. dollar exchange, all 

other futures and forwards contracts, 

option contracts, and the notional value 

of interest rate swaps, exchange swaps 

and other swaps) of $5 billion or more, 

as of the end of a quarter. FBOs must 

commence quarterly reporting for a 

subsidiary at the end of the quarter in 

which the subsidiary meets the 

significance threshold, and must 

continue to file quarterly for the 

remainder of a calendar year even if the 

subsidiary no longer satisfies the size 

requirement for quarterly filing of the 

FR Y–7N. 

The FR Y–7N is filed annually, as of 

December 31, for each individual 


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Federal Register / Vol. 87, No. 103 / Friday, May 27, 2022 / Notices 32165 

nonbank subsidiary that does not meet 

the criteria for filing quarterly and that 

has total assets of at least $500 million. 

The FR Y–7NS is an abbreviated 

reporting form that collects net income, 

total assets, equity capital, and total offbalance-sheet data items. The FR Y–7NS 

is filed annually, as of December 31, by 

top-tier FBOs for each individual 

nonbank subsidiary that does not have 

a primary U.S. regulator other than the 

Federal Reserve System (and does not 

meet the filing criteria for filing the FR 

Y–7N) with total assets greater than or 

equal to $250 million. 

The FR Y–7Q collects consolidated 

capital and asset information from all 

FBOs. Part 1 of the reporting form 

currently collects the following 

information: Tier 1 capital; total riskbased capital; risk-weighted assets; total 

consolidated assets; total combined 

assets of U.S. operations; net of 

intercompany balances and transactions 

between U.S. domiciled affiliates, 

branches, and agencies; and total U.S. 

non-branch assets. In addition, an FBO 

that files the FR Y 7Q because it has 

made an effective election to be treated 

as an FHC also must provide separate 

capital schedules on Part 2 of the FR Y– 

7Q quarterly for each lower-tier FBO 

operating a branch, agency, Edge or 

agreement corporation, or commercial 

lending company in the United States. 

Part 1A of the FR Y–7Q is filed quarterly 

by FBOs if the top-tier FBO or any FBO 

in its tiered structure has made an 

effective election to be treated as an 

FHC and by FBOs with total 

consolidated assets of $50 billion or 

more, regardless of FHC status. Part 1B 

of the FR Y–7Q is filed quarterly by 

FBOs with combined U.S. assets of $100 

billion or more, or combined U.S. assets 

of less than $100 billion but total 

consolidated assets of $250 billion or 

more. The FR Y–7Q is filed annually if 

the FBO or any FBO in its tiered 

structure has not effectively elected to 

be an FHC and the FBO has total 

consolidated assets of less than $50 

billion. 

Proposed revisions: For the FR Y–7Q, 

the Board proposes to add an additional 

line item on Part 1A., Capital and Asset 

Information for the Top-tier Foreign 

Banking Organization, to collect the 

total combined U.S. assets net of 

intercompany balances and transactions 

on a quarterly average basis. This line 

item would be used for analytical 

purposes to track the growth of FBOs in 

the U.S. and to make reporting more 

consistent with the reporting of total 

combined assets of U.S. operations, net 

of intercompany balances and 

transactions in the Systemic Risk Report 

(FR Y–15; OMB No. 7100–0352), which 

is filed by some FBOs. 

The Board also proposes to revise the 

FR Y–7Q report to remove the option of 

filing on a fiscal year basis and to 

instead require the respondent to file on 

a calendar period basis. As of December 

31, 2020, only approximately five 

percent of respondents submitted the FR 

Y–7Q on a fiscal year basis. The 

elimination of the fiscal filing basis 

would be consistent with other Federal 

Reserve regulatory reports. The change 

also would enhance the Board’s ability 

to monitor FBOs that may be 

approaching the asset threshold to file 

the FR Y–15, as well as to provide data 

on the same filing frequency basis as 

with the U.S. legal entity regulatory 

report forms (i.e., Consolidated 

Financial Statements for Holding 

Companies (FR Y–9C; OMB No. 7100– 

0128), Consolidated Reports of 

Condition of Income (FFIEC 031/041/ 

051; OMB No. 7100–0036)). In addition, 

the change would enable calculations 

for Regulation TT assessments to be 

made at the same speed and efficiency 

as for domestic-only holding companies, 

which file the FR Y–9C. 

Additionally, the Board proposes to 

change the filing deadline from 90 days 

after quarter-end to 30 days after 

quarter-end for quarterly filers and from 

90 days after quarter-end to 45 days 

after quarter-end for annual filers. 

Shortening the reporting deadline will 

allow for more timely analysis needed 

for effective FBO supervision; the 

efficiency gain will also allow for a 

more expedient process for Supervision 

staff to have a full picture of the FBO’s 

financial structure from parent company 

global and US assets, consistent with 

the FBO’s legal entities. The 

instructions were modified, effective 

December 31, 2021, to note that 

respondents would also have the option 

to submit the FR Y–7Q report 

electronically via Reporting Central. 

Electronic filing provides respondents 

with a more efficient option to submit 

the FR Y–7Q report. 

Finally, the Board proposes to remove 

line item 8, as-of financial date, in Part 

1A and line item 6, as-of financial date, 

in Part 2, as the elimination of the fiscal 

year basis reporting makes these items 

unnecessary. The Board also proposes to 

make other minor clarifications and 

conforming edits to the form and 

instructions. 

The proposed changes would be 

effective with the FR Y–7Q submission 

for the December 31, 2022, as-of date. 

Legal authorization and 

confidentiality: The FR Y–7N, Y–7NS, 

and Y–7Q are authorized by the Bank 

Holding Company Act (BHC Act) and 

International Banking Act. The FR Y– 

7N, Y–7NS, and Y–7Q are additionally 

authorized by section 165 of the DoddFrank Wall Street Reform and Consumer 

Protection Act. The FR Y–7N, Y–7NS, 

and Y–7Q are mandatory. 

The information contained on the FR 

Y–7N, Y–7NS, and Y–7Q is generally 

not considered confidential unless an 

applicant requests confidential 

treatment in accordance with the 

Board’s Rules Regarding Availability of 

Information. Requests for confidential 

treatment of information are reviewed 

on a case-by-case basis. Information 

provided on the FR Y–7N, Y–7NS, and 

Y–7Q may be exempt from disclosure 

pursuant to exemption 4 of the Freedom 

of Information Act (FOIA) if it is 

nonpublic commercial or financial 

information, which is both customarily 

and actually treated as private by the 

respondent. Submissions of the FR Y– 

7N, Y–7NS, and Y–7Q may also contain 

personnel and medical files the 

disclosure of which would constitute a 

clearly unwarranted invasion of 

personal privacy, which are protected 

under exemption 6 of the FOIA; or 

information contained in or related to 

examination, operating, or condition 

reports prepared by, on behalf of, or for 

the use of an agency responsible for the 

regulation or supervision of financial 

institutions, which are protected under 

exemption 8 of the FOIA. 

Board of Governors of the Federal Reserve 

System, May 24, 2022. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2022–11505 Filed 5–26–22; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Formations of, Acquisitions by, and 

Mergers of Bank Holding Companies 

The companies listed in this notice 

have applied to the Board for approval, 

pursuant to the Bank Holding Company 

Act of 1956 (12 U.S.C. 1841 et seq.) 

(BHC Act), Regulation Y (12 CFR part 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below. 

The public portions of the 

applications listed below, as well as 

other related filings required by the 

Board, if any, are available for 

immediate inspection at the Federal 

Reserve Bank(s) indicated below and at 


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