Reports of Foreign Banking Organizations

Forms and Documents

Document Name	Status
Form FR Y-7Q FR Y-7Q (annual) Form	Modified
Form FR Y-7Q FR Y-7Q (quarterly) Form	Modified
Form FR Y-7NS FR Y-7NS Form	Modified
Form FR Y-7N FR Y-7N (annual) Form	Modified
Form FR Y-7N FR Y-7N (quarterly) Form	Modified
FRY7N_FRY7NS_FRY7Q_20231211_omb.pdf Supporting Statement A	2023-12-11

IC Document Collections

IC ID	Document Title	Status
46514	FR Y-7Q (annual) Form	Modified
46513	FR Y-7Q (quarterly) Form	Modified
46512	FR Y-7NS Form	Modified
46511	FR Y-7N (annual) Form	Modified
46510	FR Y-7N (quarterly) Form	Modified

ICR Details

OMB Control No: 7100-0125	ICR Reference No: 202311-7100-001
Status: Active	Previous ICR Reference No: 202112-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR Y-7N; FR Y-7NS; FR Y-7Q
Title: Reports of Foreign Banking Organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/11/2023
	Date Received in OIRA: 12/11/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2026	36 Months From Approved	09/30/2024
Responses	654	0	654
Time Burden (Hours)	2,610	0	2,100
Cost Burden (Dollars)	0	0	0

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Abstract: The FR Y-7N and FR Y-7NS collect financial information for certain 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. For purposes of these reports, an FBO is a foreign bank that operates a branch, agency, or commercial lending company subsidiary in the United States; controls a bank in the United States; or controls an Edge corporation acquired after March 5, 1987. 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.

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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 3105(c) Name of Law: International Banking Act of 1978
   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
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 32164	05/27/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 85886	12/11/2023
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
FR Y-7N (annual)	FR Y-7N	Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations
FR Y-7N (quarterly)	FR Y-7N	Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations
FR Y-7NS	FR Y-7NS	Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations
FR Y-7Q (annual)	FR Y-7Q	Capital and Asset Report for Foreign Banking Organizations
FR Y-7Q (quarterly)	FR Y-7Q	Capital and Asset Report for Foreign Banking Organizations

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ICR Summary of Burden

	Total Approved	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	654	654	0	0	0	0
Annual Time Burden (Hours)	2,610	2,100	0	510	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR Y-7N, FR Y-7NS, and FR Y-7Q is 2,100 hours, and would increase to 2,610 hours with the revisions. The Board revised the FR Y-7Q report to (1) add a line item on Part 1A to collect the total combined U.S. assets net of intercompany balances and transactions, based on a quarterly average, (2) require the three items that capture U.S. assets be filed by all respondents on a calendar quarter-end or year-end basis, (3) as of December 31, 2023, change the due date from 90 days to 70 days after the report date for all FR Y-7Q filers that also file the Systemic Risk Report (FR Y-15; OMB No. 7100-0352) and as of December 31, 2024, change the due date from 90 days to 70 days after the report date for the remaining FR Y-7Q filers who are not eligible to file the FR Y-15, and (4) make other minor clarifications and conforming edits to the form and instructions.

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Annual Cost to Federal Government: $161,500

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? No

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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: 12/11/2023

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