Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

Following the consultation in March 2023, FED has released amendments. Please see eventid=20378 for more information.
Financial Statements for Holding Companies (FR Y–9 reports; OMB No. 7100–0128) will be extended for the next 3 years, as per FED’s decision.
Under the current law, holding companies (HC) are required to submit their yearly financial reporting via FR Y–9 reports in order to identify and monitor possible financial risks stemming from operations. The following reports make up the FR Y-9:
– FR Y–9C: standardized financial statements, submitted quarterly and consists of data of top-tier HC’s with total consolidated assets of $3 billion or more.
– FR Y–9LP: financial parent data, submitted quarterly by any HC that submits the FR Y–9C and contains „standardized financial statements, including the following schedules: Income Statement, Cash Flow Statement, Balance Sheet, Investments in Subsidiaries and Associated Companies, Memoranda, and Notes to the Parent Company Only Financial Statements.“
– FR Y–9SP: balance sheet and income data of the parent company only, submitted semianually by HC’s with total consolidated assets of less than $3 billion
– FR Y–9ES: financial data on employee stock ownership plan (ESOP), submitted annually and consists of „Statement of Changes in Net Assets Available for Benefits, Statement of Net Assets Available for Benefits, Memoranda, and Notes to the Financial Statements.“
All these forms must be retained by HC’s for of 3 years (original and signed copies).
– FR Y–9CS: this is a voluntary form which can be requested by the FED, in case additional information on ongoing issues with the HC’s is needed.
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The March 2023 consultation paper received solely one comment, supporting the FED’s decision to remove unnecessary points however the follwing points of FR Y-9Cwill be retained:
1. „Schedule HC–M, item 6.b.(7), “Portion of covered other real estate owned included in items 6.b.(1) through 6.b.(6) above that is protected by FDIC loss-sharing agreements“
2. „Schedule HC–N, item 12.f, “Portion of covered loans and leases included in items 12.a through 12.e above that is protected by FDIC loss-sharing agreements”
With regards to previous changes to the reporting instructions of the FR Y-9C report relating to the „reporting of securitizations conducted by Federal Home Loan Mortgage Corporation“, one comment received „supported reporting these securities in item 5.b.“ despite questioning its transparency and suggested it be added to „5.b to report the amount that was guaranteed by the U.S. government or an agency.“
In addition, the commenter has proposed „that the [FED] provide clarification on how long an institution would continue to report a loan subsequent to its modification that met the criteria in Accounting Standards Update 2022–02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (ASU 2022–02) in the FR Y–9C.“ The FED will take this comment into consideration.