FRY14_20191218_omb

Supporting Statement for the
Capital Assessments and Stress Testing Reports
(FR Y-14A/Q/M; OMB No. 7100-0341)
Prudential Standards for Large Bank Holding Companies,
Savings and Loan Holding Companies, and Foreign Banking Organizations
(Docket No. R-1658; RIN 7100-AF45)
Summary
The Board of Governors of the Federal Reserve System (Board), under authority
delegated by the Office of Management and Budget (OMB), has extended for three years, with
revision, the Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M; OMB No.
7100-0341). These collections of information are applicable to top-tier U.S. bank holding
companies (BHCs) with $100 billion or more in total consolidated assets and U.S. intermediate
holding companies (IHCs) of foreign banking organizations (FBOs). The FR Y-14A, FR Y-14Q,
and FR Y-14M reports are used to support the Board’s Comprehensive Capital Analysis and
Review (CCAR) exercise, supervisory stress test models, and continuous monitoring efforts.
The Board adopted a final rule that establishes risk-based categories for determining
prudential standards for large U.S. banking organizations and foreign banking organizations,
consistent with section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank),1 as amended by the Economic Growth, Regulatory Relief, and Consumer
Protection Act (EGRRCPA), and with the Home Owners’ Loan Act (HOLA). The final rule
amends certain prudential standards, including standards relating to liquidity, risk management,
stress testing, and single-counterparty credit limits, to reflect the risk profile of banking
organizations under each category; applies prudential standards to certain large savings and loan
holding companies (SLHCs) using the same categories; makes corresponding changes to
reporting forms; and makes additional modifications to the Board’s company-run stress test and
supervisory stress test rules, consistent with section 401 of EGRRCPA. The final rule is effective
December 31, 2019.
The Board revised the FR Y-14 so that (1) BHCs with less than $100 billion in total
consolidated assets would no longer have to report and (2) covered SLHCs with $100 billion or
more in total consolidated assets are included in the reporting panel for certain FR Y-14
schedules. The Board revised the FR Y-14 threshold for U.S. intermediate holding companies
that would be required to submit these forms, by increasing it to apply only U.S. intermediate
holding companies with $100 billion or more in total consolidated assets. U.S. intermediate
holding companies below this size threshold would no longer be required to submit these forms.
The Board also made certain revisions to the FR Y-14 forms to eliminate references to the
adverse scenario and to eliminate the mid-cycle FR Y-14A submission, consistent with other
changes in this final rule. The first as-of date for the amended FR Y-14A/Q/M for BHCs and
IHCs is the next report after the effective date of the final rule. The first as-of date for the
FR Y-14Q and FR Y-14M for SLHCs is June 30, 2020, and for the FR Y-14A for SLHCs is
December 31, 2021.
1

Pub. L. No. 111-203, 124 Stat. 1376 (2010).

The current estimated total annual burden for the FR Y-14 is 858,384 hours, and would
increase to 922,400 hours. The adopted revisions would result in an increase of 64,016 hours.
The draft forms and instructions for the FR Y-14 are available on the Board’s public website at
https://www.federalreserve.gov/apps/reportforms/review.aspx.
Background and Justification
Section 165(i)(1) of the Dodd-Frank Act requires the Board to conduct an annual stress
test of certain companies to evaluate whether the company has sufficient capital, on a total
consolidated basis, to absorb losses as a result of adverse economic conditions (supervisory
stress test).2 Further, section 165(i)(2) of the Dodd-Frank Act requires the Board to issue
regulations requiring such companies to conduct company-run stress tests.3 On May 24, 2018,
the EGRRCPA became law and amended sections 165(i)(1) and (2) of the Dodd-Frank Act,
among other changes.4 The Board’s rules implementing sections 165(i)(1) and (i)(2) of the
Dodd-Frank Act establish stress testing requirements for certain BHCs, state member banks,
SLHCs, FBOs, and nonbank financial companies supervised by the Board.5
Additionally, the Board’s capital plan rule requires certain firms to submit capital plans to
the Board annually and requires such firms to request prior approval from the Board under
certain circumstances before making a capital distribution.6 In connection with submissions of
capital plans to the Board, firms are required, pursuant to 12 CFR 225.8(e)(3), to provide
information including, but not limited to, the firm’s financial condition, structure, assets, risk
exposure, policies and procedures, liquidity, and risk management.
The annual CCAR exercise complements other Board supervisory efforts aimed at
enhancing the continued viability of large firms, including continuous monitoring of firms’
planning and management of liquidity and funding resources, as well as regular assessments of
credit, market and operational risks, and associated risk management practices.
The FR Y-14 series of reports collects CCAR, stress test, and capital plan data from the
largest holding companies, which are those with $100 billion or more in total consolidated assets.
The data collected through the FR Y-14A/Q/M reports provide the Board with the information
needed to help ensure that large holding companies have strong, firm‐wide risk measurement and
management processes supporting their internal assessments of capital adequacy and that their
capital resources are sufficient given their business focus, activities, and resulting risk exposures.

2

See 12 U.S.C. § 5365(i)(1).
See 12 U.S.C. § 5365(i)(2).
4
EGRRCPA requires “periodic” supervisory stress tests for bank holding companies with $100 billion or more, but
less than $250 billion, in total consolidated assets and amended section 165(i)(1) to require annual supervisory stress
tests for bank holding companies with $250 billion or more in total consolidated assets. EGRRCPA amended section
165(i)(2) to require bank holding companies with $250 billion or more in total consolidated assets, and financial
companies with more than $250 billion in total consolidated assets, to conduct “periodic” stress tests. Finally,
EGRRCPA amended both sections 165(i)(1) and (2) to no longer require the Board to include an “adverse” scenario
in company-run or supervisory stress tests, reducing the number of required stress test scenarios from three to two.
5
See 12 CFR 252, subparts B, E, F, and O.
6
See 12 CFR 225.8.
3

2

Information gathered in this data collection is also used in the supervision and regulation of these
financial institutions.
Description of Information Collection
These collections of information are applicable to holding companies with total
consolidated assets of $100 billion or more. This family of information collections is composed
of the following three mandatory reports:
• The semi-annual FR Y-14A, which collects quantitative projections of balance sheet,
income, losses, and capital across a range of macroeconomic scenarios, and qualitative
information on methodologies used to develop internal projections of capital across
scenarios.7
• The quarterly FR Y-14Q, which collects granular data on various asset classes, including
loans, securities, trading assets, and pre-provision net revenue (PPNR) for the reporting
period.
• The monthly FR Y-14M, which is comprised of three retail portfolio- and loan-level
schedules, and one detailed address matching schedule to supplement two of the
portfolio- and loan-level schedules.
FR Y-14A (semi-annual collection)
The semi-annual collection of quantitative projected regulatory capital ratios across
various macroeconomic scenarios is comprised of five primary schedules (Summary, Scenario,
Regulatory Capital Instruments, Operational Risk, Business Plan Changes (BPC)), each with
multiple supporting tables.
The FR Y-14A schedules collect current financial information as well as quarterly and
annual projections under the Board’s supervisory scenarios. The information includes balances
for balance sheet and off‐balance‐sheet positions, income statement and PPNR, and estimates of
losses across various portfolios.
Firms are also required to submit qualitative information supporting their projections,
including descriptions of the methodologies used to develop the internal projections of capital
across scenarios and other analyses that support their comprehensive capital plans.
FR Y-14Q (quarterly collection)
The FR Y-14Q schedules (Retail, Securities, Regulatory Capital Instruments, Regulatory
Capital Transitions, Operational Risk, Trading, PPNR, Wholesale, Mortgage Servicing Rights,
Fair Value Option/Held for Sale, Supplemental, Counterparty, and Balances schedules) collect
firm‐specific data on positions and exposures that are used as inputs to supervisory stress test
models to monitor actual versus forecast information on a quarterly basis and to conduct ongoing
supervision.
7

In certain circumstances, a BHC or U.S. IHC may be required to re-submit its capital plan. See 12 CFR
225.8(e)(4). Firms that must re-submit their capital plan generally also must provide a revised FR Y-14A in
connection with their resubmission.

3

FR Y-14M (monthly collection)
The FR Y-14M report includes two portfolio- and loan-level schedules for First Lien data
and Home Equity data, and an account- and portfolio-level schedule for Domestic Credit Card
data. To match senior and junior lien residential mortgages on the same collateral, the Address
Matching schedule gathers additional information on the residential mortgage loans reported in
the First Lien and Home Equity schedules.
Respondent Panel
The respondent panel consists of holding companies with $100 billion or more in total
consolidated assets,8 as based on (1) the average of the firm’s total consolidated assets in the four
most recent quarters as reported quarterly on the firm’s Consolidated Financial Statements for
Holding Companies (FR Y-9C; OMB No. 7100-0128) or (2) the average of the firm’s total
consolidated assets in the most recent consecutive quarters as reported quarterly on the firm’s
FR Y-9Cs, if the firm has not filed an FR Y-9C for each of the most recent four quarters.
Reporting is required as of the first day of the quarter immediately following the quarter in which
the respondent meets this asset threshold, unless otherwise directed by the Board.
Adopted Revisions
The Board adopted a final rule that establishes risk-based categories for determining
prudential standards for large U.S. banking organizations and foreign banking organizations,
consistent with section 165 of the Dodd-Frank, as amended by the EGRRCPA, and with the
HOLA. The final rule amends certain prudential standards, including standards relating to
liquidity, risk management, stress testing, and single-counterparty credit limits, to reflect the risk
profile of banking organizations under each category; applies prudential standards to certain
large savings and loan holding companies using the same categories; makes corresponding
changes to reporting forms; and makes additional modifications to the Board’s company-run
stress test and supervisory stress test rules, consistent with section 401 of EGRRCPA. The final
rule is effective December 31, 2019.
The Board revised the FR Y-14 so that (1) BHCs with less than $100 billion in total
consolidated assets would no longer have to report and (2) covered SLHCs with $100 billion or
more in total consolidated assets are included in the reporting panel for certain FR Y-14
schedules. The Board revised the FR Y-14 threshold for U.S. intermediate holding companies
that would be required to submit these forms, by increasing it to apply only U.S. intermediate
holding companies with $100 billion or more in total consolidated assets. U.S. intermediate
holding companies below this size threshold would no longer be required to submit these forms.
The Board also made certain revisions to the FR Y-14 forms to eliminate references to the
adverse scenario and to eliminate the mid-cycle FR Y-14A submission, consistent with other
changes in this final rule. The first as-of date for the amended FR Y-14A/Q/M for BHCs and
IHCs is the next report after the effective date of the final rule. The first as-of date for the
8

Covered SLHCs with $100 billion or more in consolidated assets are not required to file the FR Y-14Q and
FR Y-14M until the reports with the June 30, 2020, as-of date, and are not required to file the FR Y-14A until the
report with the December 31, 2020, as-of date.

4

FR Y-14Q and FR Y-14M for SLHCs is June 30, 2020, and for the FR Y-14A for SLHCs is
December 31, 2021.
Time Schedule for Information Collection
The following tables outline, by schedule and reporting frequency (annually, semiannually, quarterly, or monthly), the as-of dates for the data and their associated due date for the
current submissions to the Board.
Schedules and
Sub-schedules
Summary,
Macro Scenario
Operational Risk and
Business Plan Changes
Schedules
CCAR Market Shock
exercise
Summary schedule
 Trading Risk
 Counterparty
Regulatory Capital
Instruments

Submission Date
to Board
FR Y-14A - Semi-annual Schedules
December 31st.
April 5th of the following year.
th
June 30 .
October 5th of the same year.
FR Y-14A - Annual Schedules
Data as-of-date

December 31st.

April 5th of the following year.

A specified date in the
first quarter that would
be communicated by
the Board.9

April 5th.

December 31st.






9

Original submission: Data are
due April 5th of the following
year.
Adjusted submission: The
Board will notify companies at
least 14 calendar days in
advance of the date on which it
expects companies to submit
any adjusted capital actions.
Incremental submission: At the
time the firm seeks approval
for additional capital
distributions (see 12 CFR
225.8(g)) or notifies the Board
of its intention to make
additional capital distributions
under the de minimis exception
(see 12 CFR 225.8(g)(2)).

See 12 CFR 252.14(b)(2). In February 2017, the Board finalized modifications to the capital plan rule extending
the range of dates from which the Board may select the as-of date for the global market shock to October 1 of the
calendar year preceding the year of the stress test cycle to March 1 of the calendar year of the stress test cycle.
82 FR 9308 (February 3, 2017).

5

Schedules

Submission Date
to Board

Data as-of date
FR Y-14Q (Quarterly Filings)

Securities
PPNR
Retail
Wholesale
Operational
MSR Valuation
Supplemental
Retail FVO/HFS
Regulatory Capital
Transitions
Regulatory Capital
Instruments
Balances

Each calendar quarterend.

Due to the CCAR
Market Shock exercise,
the as-of date for the
fourth quarter would be
communicated in the
subsequent quarter.

Trading Schedule
Counterparty Schedule

Data are due seven calendar days
after the FR Y-9C reporting
schedule (52 calendar days after
the calendar quarter-end for
December and 47 calendar days
after the calendar quarter-end for
March, June, and September).

Data are due seven calendar days
after the FR Y-9C reporting
schedule for data as of the quarter
end for March, June, and
September.

Fourth quarter – Trading and
Counterparty
(Regular/unstressed
submission): 52 calendar days
For all other quarters,
after the notification date
the as-of date would be (notifying respondents of the as-of
the last day of the
date) or March 15, whichever
quarter, except for
comes earlier. Unless the Board
firms that are required
requires the data to be provided
to re-submit their
over a different weekly period,
capital plan.
firms may provide these data as-of
the most recent date that
For these firms, the as- corresponds to their weekly
of date for the quarter
internal risk reporting cycle, as
preceding the quarter in long as it falls before the as-of
which they are required date.
to re-submit a capital
plan would be
Fourth quarter – Counterparty
communicated to the
(CCAR/stressed submission):
firms during the
April 5th. In addition, for firms that
subsequent quarter
are required to re-submit a capital
plan, the due date for the quarter
preceding the quarter in which the
firms are required to re-submit a

6

All schedules

capital plan would be the later of
(1) the normal due date or (2) the
date that the re-submitted capital
plan is due, including any
extensions.
FR Y-14M (Monthly Filings)
The last business day
By the 30th calendar day of the
of each calendar
following month.
month.

Public Availablity of Data
There is no data related to this information collection available to the public.
Legal Status
The Board has the authority to require BHCs to file the FR Y-14 reports pursuant to
section 5 of the Bank Holding Company Act of 1956 (BHC Act) (12 U.S.C. § 1844), to require
SLHCs to file the FR Y-14 reports pursuant to section 10 of the HOLA (12 U.S.C. § 1467a(b)),
and to require the U.S. IHCs of FBOs to file the FR Y-14 reports pursuant to section 5 of the
BHC Act, in conjunction with section 8 of the International Banking Act of 1978 (12 U.S.C. §
3106). The FR Y-14 reports are mandatory.
The information collected in these reports is collected as part of the Board’s supervisory
process, and therefore is afforded confidential treatment pursuant to exemption 8 of the Freedom
of Information Act (FOIA) (5 U.S.C. § 552(b)(8)). In addition, individual respondents may
request that certain data be afforded confidential treatment pursuant to exemption 4 of FOIA,
which exempts from disclosure “trade secrets and commercial or financial information obtained
from a person and privileged or confidential” (5 U.S.C. § 552(b)(4)). Determinations of
confidentiality based on exemption 4 of FOIA would be made on a case-by-case basis.
Consultation outside the Agency
There has been no consultation outside the agency.
Public Comments
On November 29, 2018, the Board published a notice of proposed rulemaking for U.S.
banking organizations in the Federal Register (83 FR 61408) for public comment. The comment
period for this notice expired on January 22, 2019. On May 15, 2019, the Board published a
notice of proposed rulemaking for foreign banking organizations in the Federal Register
(84 FR 21988) for public comment. The comment period for this notice expired on June 21,
2019. The Board did not receive any specific comments related to the Paperwork Reduction Act
(PRA) analysis. On November 1, 2019, the Board published a final rule in the Federal Register
(84 FR 59032). The final rule is effective on December 31, 2019.

7

Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR Y-14 is
858,384 hours, and would increase to 922,400 hours with the adopted revisions. The Board
estimates that revisions to the FR Y-14 would increase the reporting panel by 2 respondents. The
Board estimates that revisions to the FR Y-14 would increase the estimated annual burden by
64,016 hours. These reporting requirements represent approximately 8.6 percent of the Board’s
total paperwork burden.

FR Y-14
Current
FR Y-14A
Summary
Macro scenario
Operational risk
Regulatory capital instruments
Business plan changes
Adjusted capital plan submission
Current FR Y-14A Total
FR Y-14Q
Retail
Securities
PPNR
Wholesale
Trading
Regulatory capital transitions
Regulatory capital instruments
Operational risk
MSR valuation
Supplemental
Retail FVO/HFS
Counterparty
Balances
Current FR Y-14Q Total

Estimated
number of
respondents10

Estimated
Annual
average hours
frequency
per response

Estimated
annual burden
hours

36
36
36
36
36
5

2
2
1
1
1
1

887
31
18
21
16
100

63,864
2,232
648
756
576
500
68,576

36
36
36
36
12
36
36
36
15
36
25
12
36

4
4
4
4
4
4
4
4
4
4
4
4
4

15
13
711
151
1,926
23
54
50
23
4
15
514
16

2,160
1,872
102,384
21,744
92,448
3,312
7,776
7,200
1,380
576
1,500
24,672
2,304
269,328

10

Of these respondents, none are considered small entities as defined by the Small Business Administration (i.e.,
entities with less than $600 million in total assets), https://www.sba.gov/document/support--table-size-standards.

8

FR Y-14M
Retail Risk:
1st lien Mortgage
Home Equity
Credit Card
Current FR Y-14M Total

34
28
14

12
12
12

516
516
512

210,528
173,376
86,016
469,920

Implementation and Ongoing
Automation
Implementation
Ongoing revisions
Current Implementation and
Ongoing Automation Total

0
36

1
1

7,200
480

0
17,280

Attestation
Implementation
Ongoing
Current Attestation Total

0
13

17,280

1
1

4,800
2,560

858,384

Current Collection Total
Proposed
FR Y-14A
Summary
Macro scenario
Operational risk
Regulatory capital instruments
Business plan changes
Adjusted capital plan submission
Proposed FR Y-14A Total
FR Y-14Q
Retail
Securities
PPNR
Wholesale
Trading
Regulatory capital transitions
Regulatory capital instruments
Operational risk
MSR valuation

0
33,280
33,280

38
36
38
36
38
5

2
2
1
1
1
1

887
31
18
21
16
100

67,412
2,232
684
756
608
500
72,192

38
38
38
38
12
36
36
38
17

4
4
4
4
4
4
4
4
4

15
13
711
151
1,926
23
54
50
23

2,280
1,976
108,072
22,952
92,448
3,312
7,776
7,600
1,564

9

Supplemental
Retail FVO/HFS
Counterparty
Balances
Proposed FR Y-14Q Total

38
27
12
38

4
4
4
4

4
15
514
16

608
1,620
24,672
2,432
277,312

36
30
16

12
12
12

516
516
512

222,912
185,760
98,304
506,976

Implementation and Ongoing
Automation
Implementation
Ongoing revisions
Proposed Implementation and
Ongoing Automation Total

2
38

1
1

7,200
480

14,400
18,240

Attestation
Implementation
Ongoing
Proposed Attestation Total

0
13

FR Y-14M
Retail Risk:
1st lien Mortgage
Home Equity
Credit Card
Proposed FR Y-14M Total

32,640

1
1

4,800
2,560

0
33,280
33,280

Proposed Collection Total

922,400

Difference

64,016

The current estimated total annual cost to the public for the FR Y-14 is $49,442,918 and
would increase to $53,130,240 with the adopted revisions.11
Sensitive Questions
These collections of information contain no questions of a sensitive nature, as defined by
OMB guidelines.
11

Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $19, 45% Financial Managers at
$71, 15% Lawyers at $69, and 10% Chief Executives at $96). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor and Statistics (BLS), Occupational Employment and Wages
May 2018, published March 29, 2019, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined
using the BLS Occupational Classification System, https://www.bls.gov/soc/.

10

Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System is $3,045,400 for ongoing costs.

11