FR2320_20220323_omb

Supporting Statement for the
Quarterly Savings and Loan Holding Company Report
(FR 2320; OMB No. 7100-0345)
Summary
The Board of Governors of the Federal Reserve System (Board), under authority
delegated by the Office of Management and Budget (OMB), has extended for three years,
without revision, the Quarterly Savings and Loan Holding Company Report (FR 2320; OMB No.
7100-0345). The FR 2320 collects select balance sheet and income statement financial data on a
parent only and consolidated basis and organizational structure data from savings and loan
holding companies (SLHCs) that are currently exempt from filing other Federal Reserve
regulatory reports (exempt SLHCs). 1 The FR 2320 is used by the Board to analyze the overall
financial condition of exempt SLHCs to ensure safe and sound operations. These data assist the
Board in the supervision of a diversified holding company and in determining whether an
institution is in compliance with applicable laws and regulations.
The estimated total annual burden for the FR 2320 is 50 hours. The form and instructions
are available on the Board’s public website at
https://www.federalreserve.gov/apps/reportforms/default.aspx.
Background and Justification
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred
all former Office of Thrift Supervision (OTS) authorities (including rulemaking) related to
SLHCs and their non-depository subsidiaries to the Board on July 21, 2011. Consequently, the
Board became responsible for the consolidated supervision of SLHCs as of that date. Section
10(b)(2) of HOLA (12 U.S.C. § 1467a(b)(2)) allows the Board to require reports concerning the
operations of SLHCs and their subsidiaries. The Board’s Regulation LL - Savings and Loan
Holding Companies (12 CFR 238.4(b)) also requires SLHCs to file reports as may be required by
the Board. Following the transfer of authority from OTS, the Board established the FR 2320 in
order to collect financial information from exempt SLHCs. This information is not available
from other sources.
Description of Information Collection
The FR 2320 collects select parent only and consolidated balance sheet and income
statement financial data and organizational structure data from SLHCs exempt from filing other
Federal Reserve regulatory reports. Specifically, the FR 2320 collects data on the assets,
liabilities, equity, and income of the organization. In addition, the FR 2320 collects information

1

See 76 FR 81933, at 81936. To be exempt, an SLHC must meet one of the following criteria (1) the SLHC meets
the requirements of section 10(c)(9)(C) of the Home Owners’ Loan Act (HOLA) (12 U.S.C. § 1467a(c)(9)(C)), its
assets are primarily commercial, and its thrifts make up less than 5 percent of its consolidated assets or (2) the
SLHC’s assets are primarily insurance-related and it does not otherwise submit financial reports with the Securities
and Exchange Commission.

about and changes to the organization’s subsidiaries, management, capital structure, and
operations.
Respondent Panel
The FR 2320 panel comprises:
(1) unitary SLHCs that meet the requirements of section 10(c)(9)(C) of HOLA:
(a) whose savings association subsidiaries’ consolidated assets make up less than 5
percent of the total consolidated assets of the SLHC on an enterprise-wide basis as
calculated annually as of June 30 th, using the four previous quarters (including the
quarter-ended June 30th reporting period), for any of these four quarters and
(b) where more than 50 percent of the assets of the SLHC are derived from activities
that are not otherwise permissible under HOLA on an enterprise-wide basis as
calculated annually as of June 30 th, using the assets reported as of June 30th and
(2) SLHCs where:
(a) more than 50 percent of the assets of the SLHC are derived from the business of
insurance on an enterprise-wide basis as calculated annually as of June 30 th, using the
assets reported as of June 30 th and
(b) the SLHC does not submit reports to the Securities and Exchange Commission
pursuant to sections 13 or 15(d) of the Securities Exchange Act of 1934.
Generally, in the case of tiered SLHCs that are exempt SLHCs, only the top-tier SLHC
must file the FR 2320 for the consolidated SLHC organization. However, in certain cases, a
lower-tier SLHC may be required to file the FR 2320 instead of the top-tier SLHC if it is
determined by the district Federal Reserve Bank that the lower-tier SLHC more closely reflects
the risk profile, assets, and liabilities of the subsidiary savings association(s). In addition, lower tier SLHCs may voluntarily file the FR 2320 or may be required to file in addition to the top-tier
SLHC if it is determined that such a filing is necessary to accurately assess the impact that the
activities or financial condition of the lower-tier SLHC has on its subsidiary savings
association(s).
Time Schedule for Information Collection
The FR 2320 is filed quarterly as of the end of March, June, September, and December. If
an SLHC has a quarter-end other than a calendar quarter-end, data from the fiscal quarter ending
within the calendar quarter may be used to complete the FR 2320. The submission date to file
this report is 45 calendar days after the report as of date.
Public Availability of Data
With the exception of line items 24, 25, and 26, microdata are considered public
information and are available through the Board’s Freedom of Information Office.

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Legal Status
The FR 2320 is authorized by section 10(b)(2) of HOLA, which states that “each [SLHC]
and each subsidiary thereof, other than a savings association, shall file with the Board, such
reports as may be required by the Board” (12 U.S.C. § 1467a(b)(2)). Section 10(b)(2) of HOLA
also states that “each report shall contain such information concerning the operations of such
savings and loan holding company and its subsidiaries as the Board may require.” The FR 2320
is mandatory. Generally, in the case of tiered SLHCs that are exempt SLHCs, only the top-tier
SLHC must file the FR 2320 for the consolidated SLHC organization. However, in certain cases,
a lower-tier SLHC may be required to file the FR 2320 instead of the top-tier SLHC if it is
determined by the district Federal Reserve Bank that the lower-tier SLHC more closely reflects
the risk profile, assets, and liabilities of the subsidiary savings association(s). In addition, lower tier SLHCs may voluntarily file the FR 2320 or may be required to file in addition to the top-tier
SLHC if it is determined that such a filing is necessary to accurately assess the impact that the
activities or financial condition of the lower-tier SLHC has on its subsidiary savings
association(s).
The information collected in response to line items 24, 25, and 26 is expected to be
nonpublic commercial or financial information, which is both customarily and actually treated as
private by the respondent, and thus is kept confidential by the Board pursuant to exemption 4 of
the Freedom of Information Act (FOIA) (5 U.S.C. § 552(b)(4)). Although the remainder of the
FR 2320 is generally made available to the public upon request, a reporting SLHC may request
confidential treatment for responses to other items pursuant to exemption 4 of FOIA if those
responses contain nonpublic commercial or financial information, which is both customarily and
actually treated as private by the respondent.
Consultation Outside the Agency
There has been no consultation outside the Federal Reserve System.
Public Comments
On November 23, 2021, the Board published an initial notice in the Federal Register (86
FR 66554) requesting public comment for 60 days on the extension, without revision, of the
FR 2320. The comment period for this notice expired on January 24, 2022. The Board did not
receive any comments. The Board adopted the extension, without revision, of the FR 2320 as
originally proposed. On March 2, 2022, the Board published a final notice in the Federal
Register (87 FR 11708).
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR 2320 is 50
hours. There were five filers of the FR 2320 in December 2020. These reporting requirements
represent less than 1 percent of the Board’s total paperwork burden.

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FR 2320

Estimated
number of
respondents2

Annual
frequency

Current

5

4

Estimated
Estimated
average hours annual burden
per response
hours
2.5

50

The estimated total annual cost to the public for the FR 2320 is $2,958.3
Sensitive Questions
This collection of information contains no questions of a sensitive nature, as defined by
OMB guidelines.
Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System for collecting and processing the
FR 2320 is negligible.

2

Of these respondents, none are considered small entities as defined by the Small Business Administration (i.e.,
entities with less than $600 million in total assets), https://www.sba.gov/document/support--table-size-standards.
3
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $20, 45% Financial Managers at
$73, 15% Lawyers at $72, and 10% Chief Executives at $95). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor and Statistics (BLS), Occupational Employment and Wages
May 2020, published March 31, 2021, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined
using the BLS Standard Occupational Classification System, https://www.bls.gov/soc/.

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