The Board requires bank holding companies (BHCs), most savings and loan holding companies (SLHCs), securities holding companies, and U.S. intermediate holding companies (IHCs) (collectively, HCs) to provide standardized financial statements through one or more of the FR Y-9 reports. The information collected on the FR Y-9 reports is necessary for the Board to identify emerging financial risks and monitor the safety and soundness of HC operations.
US Code:
12 USC 1844
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1467a(b)(2)
Name of Law: Home Ownersâ Loan Act
US Code:
12 USC 1467a(b)(3)
Name of Law: Home Ownersâ Loan Act
US Code:
12 USC 511(a)(1)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 5365
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 1850a(c)(1)(A)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The estimated total annual burden for the FR Y-9 family of reports is 119,812 hours and would increase to 123,841 hours with the adopted revisions. The estimated average hours per response for non-advanced approaches FR Y-9C filers with less than $5 billion in total assets would decrease from 46.34 hours to 40.48 hours, a decrease of 5.86 hours. The estimated average hours per response for non-advanced approaches FR Y-9C filers with $5 billion or more in total assets and advanced approaches FR Y-9C filers would not change with this proposal. The estimated average hours per response for the FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS filers would also remain unchanged. The result of these burden reduction measures reduces the total burden by 3,633 hours. The result of the addition of the previously uncleared recordkeeping requirement is an increase of 7,662 hours, producing the net total increase of 4,029 hours.
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.
Reporting FR Y-9SP