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
The estimated total annual burden for the FR YY is 27,751 hours, and would increase to 27,752 hours with the revisions. The Board estimates that the average hours per response for the new reporting requirements in section 252.44(d)(2)(ii) is 0.25 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.
FRYY_20211230_omb.pdf
Disclosure Section 252.167