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. Part 1A of
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. Part 1B of the FR Y-7Q is filed quarterly by FBOs with
combined U.S. assets of $100 billion or more, or combined U.S.
assets of less than $100 billion but total consolidated assets of
$250 billion or more. All other FBOs file the FR Y-7Q
annually.
The delegation of
authority to the Board from OMB that permits the Board to approve
collections of information under the Paperwork Reduction Act
includes the authority to temporarily approve a collection of
information without seeking public comment. To exercise this
authority, the Board must determine that a new collection of
information or a change to an existing collection must be
instituted quickly and that public participation in the approval
process would substantially interfere with the Board’s ability to
perform its statutory obligation. Following the temporary approval
of an information collection, the Board must conduct a normal
delegated review of the collection within six months, including
publishing in the Federal Register a notice seeking public comment.
To mitigate temporary transition costs on banking organizations
related to the coronavirus disease 2019 (COVID event), the Board
temporarily revised the instructions for the FR Y-7N and FR Y-7NS
reports to allow a holding company to use asset data as of December
31, 2019, in order to determine reporting requirements. There are
no revisions to the FR Y-7Q.
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
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.