The FR Y-7N and FR Y-7NS collect
financial information for 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. FBOs file the FR Y-7N quarterly or
annually or the FR Y-7NS annually predominantly based on asset size
thresholds. The FR Y-7Q collects consolidated regulatory capital
information from all FBOs either quarterly or annually. The FR Y-7Q
is filed quarterly by FBOs that have effectively elected to become
U.S. FHCs and by FBOs that have total consolidated assets of $50
billion or more, regardless of FHC status. All other FBOs file the
FR Y-7Q annually.
US Code:
12
USC 1844(c) Name of Law: Bank Holding Company Act of 1956
US Code: 12
USC 3106(c) Name of Law: International Banking Act of 1978
US Code: 12
USC 3108 Name of Law: International Banking Act of 1978
US Code: 12
USC 5365 Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
PL: Pub.L. 115 - 174 132 Name of Law:
Economic Growth, Regulatory Relief, and Consumer Protection
Act
The estimated total annual
burden for this family of reports is 2,834 hours, and would
decrease to 2,444 hours with the adopted revisions. The Board
estimates that revisions to the FR Y-7Q would not impact the
respondent count, but the estimated average hours per response
would decrease from 3 hours to 2.25 hours for quarterly
filers.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.