Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires the Board to implement Regulation YY - Enhanced Prudential Standards (12 CFR 252) for bank holding companies (BHCs) and foreign banking organizations (FBOs) with total consolidated assets of $50 billion or more. The enhanced prudential standards include risk-based and leverage capital requirements, liquidity standards, requirements for overall risk management (including establishing a risk committee), stress test requirements, and debt-to-equity limits for companies that the Financial Stability Oversight Council (FSOC) has determined pose a grave threat to financial stability.
US Code:
12 USC 1844(c)(1)(A)
Name of Law: Bank Holding Company Act
US Code:
12 USC 3106(a)
Name of Law: International Banking Act
US Code:
12 USC 5361
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The current annual burden for FR YY is estimated to be 118,842 hours. The proposed reporting requirements would increase the estimated annual burden hours by 422 hours. The estimated average hours per response for the reporting requirements in section 252.85(b) would be 40 hours and the estimated average hours per response for the reporting requirements in section 252.87(b) would be 1 hour.
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.
FRYY_20180216_omb.pdf
Disclosure Subpart P, section 252.167