Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies

Forms and Documents

Document Name	Status
Form FR Y-11S FR Y-11S Form	Modified
Form FR Y-11 FR Y-11 (annual) Form	Modified
Form FR Y-11 FR Y-11 (quarterly) Form	Modified
FR2314_FR2314S_FRY11_FRY11S_20210316_omb_emergency.pdf Supporting Statement A	2021-03-16

IC Document Collections

IC ID	Document Title	Status
46644	FR Y-11S Form	Modified
46643	FR Y-11 (annual) Form	Modified
36274	FR Y-11 (quarterly) Form	Modified

ICR Details

OMB Control No: 7100-0244	ICR Reference No: 202103-7100-005
Status: Received in OIRA	Previous ICR Reference No: 201903-7100-020
Agency/Subagency: FRS	Agency Tracking No: FR Y-11; FR Y-11S
Title: Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/16/2021
Date Submitted to OIRA: 03/16/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved	03/31/2022
Responses	2,242	2,242
Time Burden (Hours)	15,237	15,237
Cost Burden (Dollars)	0	0

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Abstract: The FR Y-11 reporting forms collect financial information for individual nonfunctional regulated U.S. nonbank subsidiaries of domestic holding companies, which is essential for monitoring the subsidiaries’ potential impact on the condition of the holding company or its subsidiary banks. Holding companies file the FR Y-11 on a quarterly or annual basis or the FR Y-11S on an annual basis, predominantly based on whether the organization meets certain asset size thresholds. The FR Y-11 data are used with other holding company data to assess the condition of holding companies that are heavily engaged in nonbanking activities and to monitor the volume, nature, and condition of their nonbanking operations.

Emergency Justfication: 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 2314, FR 2314S, FR Y-11, and FR Y-11S reports to allow a holding company to use asset data as of December 31, 2019, in order to determine reporting requirements.

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Authorizing Statute(s): US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1467a(b) Name of Law: Home Owners’ Loan Act
   US Code: 12 USC 1850a Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 3106 Name of Law: International Banking Act of 1978
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
FR Y-11S	FR Y-11S	Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies
FR Y-11 (annual)	FR Y-11	Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies
FR Y-11 (quarterly)	FR Y-11	Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,242	2,242	0	0	0	0
Annual Time Burden (Hours)	15,237	15,237	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $110,600

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 03/16/2021

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