Financial Statements of U.S. Nonbank Subsidiaries Held by FBOs, Abbreviated Financial Statements of U.S. Nonbank Subsidiares Held by FBOs, Capital and Asset Report for Foreign Banking Organizations
ICR 200711-7100-004
OMB: 7100-0125
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 7100-0125 can be found here:
Financial Statements of U.S.
Nonbank Subsidiaries Held by FBOs, Abbreviated Financial Statements
of U.S. Nonbank Subsidiares Held by FBOs, Capital and Asset Report
for Foreign Banking Organizations
The FR Y-7N and FR Y-7NS collect
financial information for non-functionally regulated U.S. nonbank
subsidiaries held by foreign banking organizations (FBOs) other
than through a U.S. bank holding company (BHC), U.S. financial
holding company (FHC) or U.S. bank. The FR Y-7Q collects
consolidated regulatory capital information from all FBOs either
quarterly or annually. The Federal Reserve System uses the
information to assess an FBO's ability to be a continuing source of
strength to its U.S. operations and to determine compliance with
U.S. laws and regulations.
The Federal Reserve proposes to
eliminate reporting by subsidiaries that were created for the
purposes of issuing trust preferred securities on the FR Y-7N/NS to
substantially reduce burden on the industry. On the FR Y-7N, the
Federal Reserve also proposes to collect: (1) certain data from all
institutions that choose, under generally accounting principles, to
apply a fair value option to one or more financial instruments and
one or more classes of servicing assets and liabilities and (2) a
new data item on the income statement to collect fees and
commissions from annuity sales. On the FR Y-7NS, the Federal
Reserve proposes to add a question to determine whether the nonbank
subsidiary has adopted a fair value option. The Federal Reserve
also proposes the following changes to make the FR Y-7N consistent
with changes made previously to other nonbank subsidiary reports:
(1) add one new equity capital component on the balance sheet for
reporting partnership interests and (2) add a new section, Notes to
the Financial Statements. The Federal Reserve also proposes to add
clarifying language to the instructions for the reporting of
trading revenue and noninterest income from related organizations.
The total current annual burden for this family of reports is
estimated to be 6,741 hours and is estimated to decrease by 115
hours with these revisions.
$46,706
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Scott Farmer 202-452-2253
Scott.W.Farmer@frb.gov
No
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.