Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires the Board to implement Regulation YY - Enhanced Prudential Standards (12 CFR Part 252) for bank holding companies (BHCs) and foreign banking organizations (FBOs) with total consolidated assets of $50 billion or more. The enhanced prudential standards include risk-based and leverage capital requirements, liquidity standards, requirements for overall risk management (including establishing a risk committee), stress test requirements, and debt-to-equity limits for companies that the Financial Stability Oversight Council (FSOC) has determined pose a grave threat to financial stability.
US Code:
12 USC 1844(c)(1)(A)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 3106(a)
Name of Law: International Banking Act of 1978
US Code:
12 USC 5361
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 the FR YY is 41,619 hours, and would decrease to 27,751 hours with the adopted revisions. The estimated average hours per response for the reporting requirements in section 252.16 would decrease by 50 hours for initial setup and 20 hours for ongoing compliance. The initial reporting requirements for section 252.153(d) and the reporting requirements for section 252.122(b)(1)(iii) would be eliminated. The reporting requirements for section 252.146(c)(1)(iii) would be split out for Annual stress testing and Biennial stress testing. The recordkeeping requirements for sections 252.34(e)(3), 252.34(f), 252.34(h), and 252.35(a)(7) would be split out for Category I-III firms and Category IV firms. The recordkeeping requirements for sections 252.156(e), 252.156(g), and 252.157(a)(7) would be split out for Category II-III FBOs and Category IV FBOs.
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.
FRYY_20200421_omb.pdf
Disclosure Section 252.167