The Board requires bank holding
companies, savings and loan holding companies, securities holding
companies, and U.S. intermediate holding companies (collectively
holding companies (HCs)) to provide standardized financial
statements to fulfill the Board’s statutory obligation to supervise
these organizations. HCs file the FR Y-9C and FR Y-9LP quarterly,
the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS
on a schedule that is determined when this supplement is
used.
The Board has revised
the FR Y-9C report effective beginning with the June 30, 2018,
report date. As described further below, the revisions arise from
Congressional enactment of the Economic Growth, Regulatory Relief,
and Consumer Protection Act (EGRRCPA). The Board has revised the FR
Y-9C to reflect section 202 of EGRRCPA, which amends the
definitions of reciprocal brokered deposits and brokered deposits.
Section 214 of EGRRCPA provides that the Board may only require a
depository institution, when calculating its risk-weighted assets
and, hence, its risk-based capital ratios, to assign a heightened
risk weight to an HVCRE exposure if the exposure meets certain
conditions. So that holding companies report in a manner consistent
with their subsidiary depository institutions, the Board is
implementing this revision to the FR Y 9C. In order for the FR Y-9C
to reflect sections 202 and 214 of EGRRCPA, which became effective
immediately when EGRRCPA was signed on May 24, 2018, the Board
cannot comply with the normal clearance process and still receive
the June 30, 2018, financial data in a timely manner. Therefore,
the Board has determined that the revisions to the FR Y-9C
described above must be instituted quickly and public participation
in the approval process would substantially interfere with the
Board’s ability to perform its statutory obligations arising from
EGRRCPA.
US Code:
12
USC 1844(c) Name of Law: Bank Holding Company Act
US Code: 12
USC 1467a(b) Name of Law: Home Owners' Loan Act
US Code:
12 USC 1850a(c)(1) Name of Law: Dodd-Frank Wall Street Reform
and Consumer Protection Act
US Code: 12
USC 5365 Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
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.
Form FR Y-9ES Financial Statements for Employee Stock Ownership Plan Holding Companies
BoardStatement_EGRRCPA_20180706.pdf
Financial Statements for Employee Stock Ownership Plan Holding Companies