The Board requires bank holding companies, savings and loan holding companies, securities holding companies, and U.S. intermediate holding companies (collectively holding companies (HCs)) to provide standardized financial statements to fulfill the Boardâs statutory obligation to supervise these organizations. HCs file the FR Y-9C and FR Y-9LP quarterly, the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined when this supplement is used.
The Board has revised the FR Y-9C report effective beginning with the June 30, 2018, report date. As described further below, the revisions arise from Congressional enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The Board has revised the FR Y-9C to reflect section 202 of EGRRCPA, which amends the definitions of reciprocal brokered deposits and brokered deposits. Section 214 of EGRRCPA provides that the Board may only require a depository institution, when calculating its risk-weighted assets and, hence, its risk-based capital ratios, to assign a heightened risk weight to an HVCRE exposure if the exposure meets certain conditions. So that holding companies report in a manner consistent with their subsidiary depository institutions, the Board is implementing this revision to the FR Y 9C.
In order for the FR Y-9C to reflect sections 202 and 214 of EGRRCPA, which became effective immediately when EGRRCPA was signed on May 24, 2018, the Board cannot comply with the normal clearance process and still receive the June 30, 2018, financial data in a timely manner. Therefore, the Board has determined that the revisions to the FR Y-9C described above must be instituted quickly and public participation in the approval process would substantially interfere with the Boardâs ability to perform its statutory obligations arising from EGRRCPA.
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act
US Code:
12 USC 1467a(b)
Name of Law: Home Owners' Loan Act
US Code:
12 USC 1850a(c)(1)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 5365
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
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-9ES Financial Statements for Employee Stock Ownership Plan Holding Companies
BoardStatement_EGRRCPA_20180706.pdf
Financial Statements for Employee Stock Ownership Plan Holding Companies