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 · Historical Active
⚠️ Notice: This information collection may be outdated.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.
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-7Q Annual Capital and Asset Report for Foreign Banking Organizations
FRY7N_NS_Q.200802.omb.doc
Annual Capital and Asset Report for Foreign Banking Organizations