This information collection comprises the following reports:
⢠Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314),
⢠Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314S),
⢠Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11),
⢠Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11S),
⢠Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N), and
⢠Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7NS).
The FR 2314 reporting forms collect financial information for non-functionally regulated direct or indirect foreign subsidiaries of U.S. state member banks (SMBs), Edge and agreement corporations, and holding companies (i.e., bank holding companies, savings and loan holding companies, securities holding companies, and intermediate holding companies) (collectively U.S. Banking Organizations (USBOs)). Parent organizations (SMBs, Edge and agreement corporations, or holding companies) file the FR 2314 on a quarterly or annual basis, or the FR 2314S on an annual basis, predominantly based on whether the organization meets certain asset size thresholds. The data from the FR 2314 forms are used to identify current and potential problems at the foreign subsidiaries of U.S. parent companies, to monitor the activities of U.S. banking organizations in specific countries, and to develop a better understanding of activities within the industry, in general, and of individual institutions, in particular.
The FR Y-11 reporting forms collect financial information for individual non-functionally regulated U.S. nonbank subsidiaries of domestic holding companies (HCs), which is essential for monitoring the subsidiariesâ potential impact on the condition of the HC or its subsidiary banks. HCs 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 data from the FR Y-11 forms are used with other holding company data to assess the condition of HCs that are heavily engaged in nonbanking activities and to monitor the volume, nature, and condition of their nonbanking operations.
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, 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.
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1467a(b)(2)
Name of Law: Homeownersâ Loan Act
US Code:
12 USC 5365
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 1850a
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 324
Name of Law: Federal Reserve Act
US Code:
12 USC 602
Name of Law: Federal Reserve Act
US Code:
12 USC 625
Name of Law: Federal Reserve Act
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
The estimated total annual burden for the FR 2314, FR 2314S, FR Y-11, FR Y-11S, and FR Y-7N, FR Y-7NS reports is 28,024 hours, and would increase to 32,951 hours with the revisions.
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.
Reporting FR 2314S