The FR Y-7N and FR Y-7NS collect financial information for certain non-functionally regulated U.S. nonbank subsidiaries held by foreign banking organizations (FBOs) other than through a U.S. bank holding company (BHC), financial holding company (FHC), or U.S. bank. For purposes of these reports, an FBO is a foreign bank that operates a branch, agency, or commercial lending company subsidiary in the United States; controls a bank in the United States; or controls an Edge corporation acquired after March 5, 1987. FBOs file the FR Y-7N quarterly or annually or the FR Y-7NS annually predominantly based on asset size thresholds. The FR Y-7Q collects consolidated regulatory capital information from all FBOs either quarterly or annually.
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 3105(c)
Name of Law: International Banking Act of 1978
US Code:
12 USC 3106(c)
Name of Law: International Banking Act of 1978
US Code:
12 USC 3108
Name of Law: International Banking Act of 1978
US Code:
12 USC 5365
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The estimated total annual burden for the FR Y-7N, FR Y-7NS, and FR Y-7Q is 2,100 hours, and would increase to 2,610 hours with the revisions. The Board revised the FR Y-7Q report to (1) add a line item on Part 1A to collect the total combined U.S. assets net of intercompany balances and transactions, based on a quarterly average, (2) require the three items that capture U.S. assets be filed by all respondents on a calendar quarter-end or year-end basis, (3) as of December 31, 2023, change the due date from 90 days to 70 days after the report date for all FR Y-7Q filers that also file the Systemic Risk Report (FR Y-15; OMB No. 7100-0352) and as of December 31, 2024, change the due date from 90 days to 70 days after the report date for the remaining FR Y-7Q filers who are not eligible to file the FR Y-15, and (4) make other minor clarifications and conforming edits to the form and instructions.
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 FR Y-7Q (annual)
FRY7N_FRY7NS_FRY7Q_20231211_omb.pdf
FR Y-7Q (annual)