34268 Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 

1Regulation XX implements section 622 of the 

Dodd-Frank Wall Street Reform and Consumer 

Protection Act. See 12 U.S.C. 1852. 

2 12 U.S.C. 1852(a)(2), (b); 12 CFR 251.3. 

3This number reflects the average of the financial 

sector liabilities figure for the years ending 

December 31, 2020 ($21,957,634,194,000) and 

December 31, 2021 ($23,469,486,089,000). 

4A financial company may request to use an 

accounting standard or method of estimation other 

than GAAP if it does not calculate its total 

consolidated assets or liabilities under GAAP for 

any regulatory purpose (including compliance with 

applicable securities laws). 12 CFR 251.3(e). In 

previous years, the Board received and approved 

requests from eleven financial companies to use an 

accounting standard or method of estimation other 

than GAAP to calculate liabilities. Ten of the 

companies were insurance companies that reported 

financial information under Statutory Accounting 

Principles (‘‘SAP’’), and one was a foreign company 

that controlled a U.S. industrial loan company that 

reported financial information under International 

Financial Reporting Standards (‘‘IFRS’’). For the 

insurance companies, the Board approved a method 

of estimation that was based on line items from 

SAP-based reports, with adjustments to reflect 

certain differences in accounting treatment between 

GAAP and SAP. For the foreign company, the Board 

approved the use of IFRS. Such companies that 

continue to be subject to Regulation XX continue 

to use the previously approved methods. The Board 

did not receive any new requests this year. 

provide relevant and convincing 

evidence in support of your request. 

Your request for amendment must: (1) 

provide the name of the specific Board 

system of records containing the record 

you seek to amend; (2) identify the 

specific portion of the record you seek 

to amend; (3) describe the nature of and 

reasons for each requested amendment; 

(4) explain why you believe the record 

is not accurate, relevant, timely, or 

complete; and (5) unless you have 

already done so in a Privacy Act request 

for access or amendment, provide the 

necessary information to verify your 

identity. 

NOTIFICATION PROCEDURES: 

Same as ‘‘Access procedures’’ above. 

You may also follow this procedure in 

order to request an accounting of 

previous disclosures of records 

pertaining to you as provided for by 5 

U.S.C. 552a(c). 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

Certain portions of this system of 

records may be exempt from 5 U.S.C. 

552a(c)(3), (d), (e)(1), (e)(4)(G), (H), and 

(I), and (f) of the Privacy Act pursuant 

to 5 U.S.C. 552a(k)(2). 

HISTORY: 

This SORN was previously published 

in the Federal Register at 73 FR 24984 

at 25011 (May 6, 2008). The SORN was 

also amended to incorporate two new 

routine uses required by OMB at 83 FR 

43872 (August 28, 2018). 

Board of Governors of the Federal Reserve 

System. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2022–12032 Filed 6–3–22; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

[Docket No. OP–1772] 

Announcement of Financial Sector 

Liabilities 

The Board’s Regulation XX prohibits 

a merger or acquisition that would 

result in a financial company that 

controls more than 10 percent of the 

aggregate consolidated liabilities of all 

financial companies (‘‘aggregate 

financial sector liabilities’’).1

Specifically, an insured depository 

institution, a bank holding company, a 

savings and loan holding company, a 

foreign banking organization, any other 

company that controls an insured 

depository institution, and a nonbank 

financial company designated by the 

Financial Stability Oversight Council 

(each, a ‘‘financial company’’) is 

prohibited from merging or 

consolidating with, acquiring all or 

substantially all of the assets of, or 

acquiring control of, another company if 

the resulting company’s consolidated 

liabilities would exceed 10 percent of 

the aggregate financial sector liabilities.2

Under Regulation XX, the Federal 

Reserve will publish the aggregate 

financial sector liabilities by July 1 of 

each year. Aggregate financial sector 

liabilities are equal to the average of the 

year-end financial sector liabilities 

figure (as of December 31) of each of the 

preceding two calendar years. 

FOR FURTHER INFORMATION CONTACT: 

Lesley Chao, Lead Financial Institution 

Policy Analyst, (202) 974–7063; Clay 

Kitchura, Financial Institution Policy 

Analyst, (202) 452–2507; Matthew 

Suntag, Senior Counsel, (202) 452–3694; 

Laura Bain, Senior Counsel, (202) 736– 

5546; for users of telephone systems via 

text telephone (TTY) or any TTY-based 

Telecommunications Relay Services 

(TRS), please call 711 from any 

telephone, anywhere in the United 

States; Board of Governors of the 

Federal Reserve System, 20th and C 

Streets NW, Washington, DC 20551. 

Aggregate Financial Sector Liabilities 

‘‘Aggregate financial sector liabilities’’ 

is equal to $22,713,560,141,5002C;.3

This measure is in effect from July 1, 

2022 through June 30, 2023. 

Calculation Methodology 

The aggregate financial sector 

liabilities measure equals the average of 

the year-end financial sector liabilities 

figure (as of December 31) of each of the 

preceding two calendar years. The yearend financial sector liabilities figure 

equals the sum of the total consolidated 

liabilities of all top-tier U.S. financial 

companies and the U.S. liabilities of all 

top-tier foreign financial companies, 

calculated using the applicable 

methodology for each financial 

company, as set forth in Regulation XX 

and summarized below. 

Consolidated liabilities of a U.S. 

financial company that was subject to 

consolidated risk-based capital rules as 

of December 31 of the year being 

measured, equal the difference between 

the U.S. financial company’s riskweighted assets (as adjusted upward to 

reflect amounts that are deducted from 

regulatory capital elements pursuant to 

the Federal banking agencies’ risk-based 

capital rules) and total regulatory 

capital, as calculated under the 

applicable risk-based capital rules. 

Companies in this category include 

(with certain exceptions listed below) 

bank holding companies, savings and 

loan holding companies, and insured 

depository institutions. The Federal 

Reserve used information collected on 

the Consolidated Financial Statements 

for Holding Companies (‘‘FR Y–9C’’) 

and the Bank Consolidated Reports of 

Condition and Income (‘‘Call Report’’) to 

calculate liabilities of these institutions. 

Consolidated liabilities of a U.S. 

financial company not subject to 

consolidated risk-based capital rules as 

of December 31 of the year being 

measured, equal liabilities calculated in 

accordance with applicable accounting 

standards. Companies in this category 

include nonbank financial companies 

supervised by the Board, bank holding 

companies and savings and loan 

holding companies subject to the 

Federal Reserve’s Small Bank Holding 

Company Policy Statement, savings and 

loan holding companies substantially 

engaged in insurance underwriting or 

commercial activities, and U.S. 

companies that control insured 

depository institutions but are not bank 

holding companies or savings and loan 

holding companies. ‘‘Applicable 

accounting standards’’ is defined as 

Generally Accepted Accounting 

Principles (‘‘GAAP’’), or such other 

accounting standard or method of 

estimation that the Board determines is 

appropriate.4 The Federal Reserve used 

information collected on the FR Y–9C, 

the Parent Company Only Financial 

Statements for Small Holding 

Companies (‘‘FR Y–9SP’’), and the 

Financial Company Report of 


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Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 34269 

Consolidated Liabilities (‘‘FR XX–1’’) to 

calculate liabilities of these institutions. 

Under Regulation XX, liabilities of a 

foreign banking organization’s U.S. 

operations are calculated using the riskweighted asset methodology for 

subsidiaries subject to the risk-based 

capital rule, plus the assets of all 

branches, agencies, and nonbank 

subsidiaries, calculated in accordance 

with applicable accounting standards. 

Liabilities attributable to the U.S. 

operations of a foreign financial 

company that is not a foreign banking 

organization are calculated in a similar 

manner to the method described for 

foreign banking organizations, and 

liabilities of a U.S. subsidiary not 

subject to the risk-based capital rule are 

calculated based on the U.S. 

subsidiary’s liabilities under applicable 

accounting standards. The Federal 

Reserve used information collected on 

the Capital and Asset Report for Foreign 

Banking Organizations (‘‘FR Y–7Q’’), the 

FR Y–9C, and the FR XX–1 to calculate 

liabilities of these institutions. 

By order of the Board of Governors of 

the Federal Reserve System, acting 

through the Director of Supervision and 

Regulation under delegated authority. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2022–12007 Filed 6–3–22; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Privacy Act of 1974; System of 

Records 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice of a modified system of 

records. 

SUMMARY: Pursuant to the provisions of 

the Privacy Act of 1974, notice is given 

that the Board of Governors of the 

Federal Reserve System (Board) 

proposes to modify an existing system 

of records, entitled BGFRS–5, ‘‘FRB— 

EEO Discrimination Complaint File.’’ 

BGFRS–5 includes documents relating 

to Equal Employment Opportunity 

(EEO) complaints and the subsequent 

decisions or determinations made by the 

Board affecting individuals under the 

Board’s EEO regulations and 

procedures. 

DATES: Comments must be received on 

or before July 6, 2022. This new system 

of records will become effective July 6, 

2022, without further notice, unless 

comments dictate otherwise. The Office 

of Management and Budget (OMB), 

which has oversight responsibility 

under the Privacy Act, requires a 30-day 

period prior to publication in the 

Federal Register in which to review the 

system and to provide any comments to 

the agency. The public is then given a 

30-day period in which to comment, in 

accordance with 5 U.S.C. 552a(e)(4) and 

(11). 

ADDRESSES: You may submit comments, 

identified by BGFRS–5 ‘‘FRB—EEO 

Discrimination Complaint File,’’ 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 SORN name 

and number in the subject line of the 

message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• 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 will be made 

available on the Board’s website at 

https://www.federalreserve.gov/apps/ 

foia/proposedregs.aspx as submitted, 

unless modified for technical reasons or 

to remove sensitive personally 

identifiable information. Public 

comments may also be viewed 

electronically and in-person in Room 

M–4365A, 2001 C St. NW, Washington, 

DC 20551, between 9:00 a.m. and 5:00 

p.m. during federal business weekdays. 

FOR FURTHER INFORMATION CONTACT: 

David B. Husband, Senior Counsel, 

(202) 530–6270, or david.b.husband@

frb.gov; Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551. If 

you are deaf, hard of hearing, or have a 

speech disability, please dial 7–1–1 to 

access telecommunication relay 

services. 

SUPPLEMENTARY INFORMATION: The Board 

is modifying this system to reflect 

general updates to the system. 

Specifically, the Board is updating the 

system manager, the purpose of the 

system, the category of individuals in 

the system, the policies and practices 

for retention and disposal of records, 

and the administrative and technical 

safeguards. Accordingly, the Board is 

providing contact information for the 

system manager and is amending the 

purpose of the system to further identify 

the various equal employment 

opportunity statutes with which the 

Board strives to comply. The Board is 

adding contractors to the ‘‘Category of 

Individuals’’ section to reflect that 

contractor’s complaints may be stored in 

the system even if dismissed 

procedurally and is amending the 

‘‘Policies and Practices for Retention 

and Disposal of Records’’ section to 

reflect differences in the retention 

schedules between the informal and 

formal complaint process. In addition, 

the Board is updating this system of 

records to provide additional detail 

about the controls and other safeguards 

in place for records in the 

‘‘Administrative, Technical, and 

Physical Safeguards’’ section. The Board 

is also taking the opportunity to update 

the ‘‘Routine Uses’’ section to 

incorporate a link to the Board’s general 

routine uses. The Board is not amending 

or establishing any new routine uses. 

The Board is also making technical 

changes to BGFRS–5 consistent with the 

template laid out in OMB Circular No. 

A–108. Accordingly, the Board has 

made technical corrections and nonsubstantive language revisions to the 

following categories: ‘‘Policies and 

Practices for Storage of Records,’’ 

‘‘Policies and Practices for Retrieval of 

Records,’’ ‘‘Policies and Practices for 

Retention and Disposal of Records,’’ 

‘‘Administrative, Technical and 

Physical Safeguards,’’ ‘‘Record Access 

Procedures,’’ ‘‘Contesting Record 

Procedures,’’ and ‘‘Notification 

Procedures.’’ The Board has also created 

the following new fields: ‘‘Security 

Classification’’ and ‘‘History.’’ 

SYSTEM NAME AND NUMBER: 

BGFRS–5 ‘‘FRB—EEO Discrimination 

Complaint File.’’ 

SECURITY CLASSIFICATION: 

Unclassified. 

SYSTEM LOCATION: 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

SYSTEM MANAGER(S): 

Sheila Clark, Program Director— 

Office of Diversity and Inclusion 

(OD&I), Management Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551, 

(202) 452–2883, or sheila.clark@frb.gov. 

AUTHORITY FOR MAINTENANCE OF THE SYSTEM: 

Sections 10 and 11 of the Federal 

Reserve Act (12 U.S.C. 244 and 248). 

PURPOSE(S) OF THE SYSTEM: 

These records are collected and 

maintained to assist the Board in 

carrying out its responsibilities under 

the Title VII of the Civil Rights Act of 


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