The Board requires bank holding
companies (BHCs), most savings and loan holding companies (SLHCs),
any securities holding companies, and U.S. intermediate holding
companies (IHCs) (collectively, HCs) to provide standardized
financial statements through one or more of the FR Y-9 reports. The
information collected on the FR Y-9 reports is necessary for the
Board to identify emerging financial risks and monitor the safety
and soundness of HC operations.
The delegation of
authority to the Board from OMB that permits the Board to approve
collections of information under the Paperwork Reduction Act
includes the authority to temporarily approve a collection of
information without seeking public comment. To exercise this
authority, the Board must determine that a new collection of
information or a change to an existing collection must be
instituted quickly and that public participation in the approval
process would substantially interfere with the Board’s ability to
perform its statutory obligation. Following the temporary approval
of an information collection, the Board must conduct a normal
delegated review of the collection within six months, including
publishing in the Federal Register a notice seeking public comment.
In response to recent economic disruptions and volatility in U.S.
financial markets caused by the spread of Coronavirus Disease 2019
(COVID-19), the Board temporarily revised the FR Y-9C effective for
the June 30, 2020, as-of date.
US Code:
12 USC 1467a(b)(2) Name of Law: Home Owners’ Loan Act
US Code:
12 USC 1467a(b)(3) Name of Law: Home Owners’ Loan Act
US Code:
12 USC 511(a)(1) Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
US Code: 12
USC 1844 Name of Law: Bank Holding Company Act of 1956
US Code: 12
USC 5365 Name of Law: Dodd-Frank Wall Street Reform and
Consumer Protection Act
US Code:
12 USC 1850a(c)(1)(A) Name of Law: Dodd-Frank Wall Street
Reform and Consumer Protection Act
PL: Pub.L. 116 - 136 134 Stat. 281 Name of
Law: Coronavirus Aid, Relief, and Economic Security Act
The estimated total annual
burden for the FR Y-9 is 119,667 hours, and would increase to
119,725 hours with the temporary revisions. The Board estimates
that the revisions would increase the estimated average hours per
response for FR Y-9C non AA HCs filers by 0.03 hours and FR Y-9C AA
HCs filers by 0.21 hours.
$2,050,800
No
Yes
No
No
No
No
Yes
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.