Banking and Finance Law Daily Wrap Up, BANK HOLDING COMPANIES—Fed seeks comment on collecting information for holding company financial data, (Jan 27, 2014)

By Thomas G. Wolfe, J.D.

The Federal Reserve Board is seeking public comment on its proposed information collection activities pertaining to financial reporting by bank holding companies, financial institutions, and other designated entities.

More particularly, in its Jan. 27, 2014, notice of its proposed information collection, the Fed is requesting public comment on the manner in which it collects information pertaining to the “Consolidated Financial Statements for Holding Companies” (FR Y-9C), the “Annual Daylight Overdraft Capital Report for U.S. Branches and Agencies of Foreign Banks” (FR 2225), the “Report of Net Debit Cap” (FR 2226), the “Parent Company Only Financial Statements for Large Holding Companies” (FR Y-9LP), the “Parent Company Only Financial Statements for Small Holding Companies” (FR Y-9SP), the “Financial Statements for Employee Stock Ownership Plan Holding Companies” (FR Y-9ES), the “Supplement to the Consolidated Financial Statements for Holding Companies” (FR Y-9CS), and certain surveys regarding payment systems.

Highlights of Fed’s proposals. Among other things, the Fed proposes to:

1. discontinue the “voluntary advance collection” of summary FR Y-9C data from the largest bank holding companies;

2. revise the payment systems survey (FR 3054a) to ensure that the Fed has the flexibility to collect data from respondents that will inform the Fed’s decision-making on the education program and new banknote designs;

3. revise the payment systems survey (FR 3054a) to increase the number and type of respondents, from whom it collects data;

4. add individuals and law enforcement agencies to its current respondent group concerning the payment systems survey (FR 3054a);

5. increase the number of respondents for the payment systems survey (FR 3054a) from 100 to 12,000, while simultaneously reducing the frequency of reporting from 10 times per year to once per year;

6. revise the payment systems survey (FR 3054d) to include a perception study;

7. modify the payment systems survey (FR 3054d) to include additional respondent groups and to increase the number of respondents from 20 to 250; and

8. modify the payment systems survey (FR 3054d) to increase the frequency of the survey from once per year to four times per year.

Public comments. Public comments on the Fed’s proposed information collections are due to the Fed within 60 days after publication of the notice in the Federal Register, which is expected soon.

RegulatoryActivity: BankHolding BankingOperations FederalReserveSystem FinancialStability