Billing Code 6210-01-P
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) invites comment
on a proposal to extend for three years, with revision, the Financial Statements of Foreign
Subsidiaries of U.S. Banking Organizations, and Financial Statements of U.S. Nonbank
Subsidiaries of U.S. Holding Companies (FR 2314, FR 2314S Y-11, Y-11S; OMB No. 71000073).
DATES: Comments must be submitted on or before [insert date 60 days after publication in the
Federal Register].
ADDRESSES: You may submit comments, identified by FR 2314 and FR Y-11, by any of the
following methods:
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Agency Website: https://www.federalreserve.gov/. Follow the instructions for submitting
comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.

•

E-mail: regs.comments@federalreserve.gov. Include the OMB number or FR number in the
subject line of the message.

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FAX: (202) 452-3819 or (202) 452-3102.

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Mail: Federal Reserve Board of Governors, Attn: Ann E. Misback, Secretary of the Board,
Mailstop M-4775, 2001 C St NW, Washington, DC 20551.
All public comments are available from the Board’s website at

https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless modified for
technical reasons or to remove personally identifiable information at the commenter’s request.
Accordingly, comments will not be edited to remove any confidential business information,
identifying information, or contact information. Public comments may also be viewed

electronically or in paper in Room M-4365A, 2001 C St NW, Washington, DC 20551, between
9:00 a.m. and 5:00 p.m. on weekdays, except for Federal holidays. For security reasons, the
Board requires that visitors make an appointment to inspect comments. You may do so by calling
(202) 452-3684. Upon arrival, visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the Office of
Management and Budget (OMB) Desk Officer for the Federal Reserve Board, Office of
Information and Regulatory Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street, NW, Washington, DC 20503, or by fax to (202) 3956974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer –
Nuha Elmaghrabi – Office of the Chief Data Officer, Board of Governors of the Federal Reserve
System, nuha.elmaghrabi@frb.gov, (202) 452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control
numbers to collections of information conducted or sponsored by the Board. In exercising this
delegated authority, the Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board will consider all
comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed PRA OMB
submission, including the draft reporting form and instructions, supporting statement (which
contains more detail about the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board’s public website at
https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the
agency clearance officer, whose name appears above. Final versions of these documents will be
made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal
The Board invites public comment on the following information collection, which is being
reviewed under authority delegated by the OMB under the PRA. Comments are invited on the
following:
a. Whether the proposed collection of information is necessary for the proper performance
of the Board’s functions, including whether the information has practical utility;
b. The accuracy of the Board’s estimate of the burden of the proposed information
collection, including the validity of the methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the information to be collected;
d. Ways to minimize the burden of information collection on respondents, including through
the use of automated collection techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of
services to provide information.
At the end of the comment period, the comments and recommendations received will be
analyzed to determine the extent to which the Board should modify the proposal.
Proposal under OMB Delegated Authority to Extend for Three Years, With Revision, the
Following Information Collection
Collection title: Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations,
and Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies.
Collection identifier: FR 2314, FR 2314S, Y-11, Y-11S; OMB No. 7100-0073.
OMB control number: 7100-0073.1

As part of this clearance, the Board will clear the FR 2314, FR 2314S, Y-11, and FR Y-11S under the FR 2314
OMB control number (7100-0073), and then discontinue the FR Y-11’s separate OMB control number (7100-0244).
This non-substantive change is aimed at simplifying the tracking and clearance process for the four related forms.
This change would not modify the reporting or recordkeeping requirements of the forms described in this
Supporting Statement in any way. The collection will then be titled Financial Statements of U.S. Nonbank
Subsidiaries of U.S. Holding Companies and Financial Statements of Foreign Subsidiaries of U.S. Banking
Organizations (FR 2314, FR 2314S, FR Y-11, and FR Y-11S; OMB No. 7100-0073).
General description of collection: The FR 2314 reporting forms collect financial information for
non-functionally regulated direct or indirect foreign subsidiaries of U.S. state member banks,
Edge and agreement corporations, and holding companies (i.e., bank holding companies, savings
and loan holding companies, securities holding companies, and intermediate holding companies).
The data from the FR 2314 forms are used to identify current and potential problems at the
foreign subsidiaries of U.S. parent companies, to monitor the activities of U.S. banking
organizations in specific countries, and to develop a better understanding of activities within the
industry, in general, and of individual institutions, in particular.
The FR Y-11 reporting forms collect financial information for individual non-functionally
regulated U.S. nonbank subsidiaries of domestic holding companies (HCs), which is essential for
monitoring the subsidiaries’ potential impact on the condition of the HC or its subsidiary banks.
HCs file the FR Y-11 on a quarterly or annual basis, or the FR Y-11S on an annual basis,
predominantly based on whether the organization meets certain asset size thresholds. The data
from the FR Y-11 forms are used with other holding company data to assess the condition of
HCs that are heavily engaged in nonbanking activities and to monitor the volume, nature, and
condition of their nonbanking operations.
Proposed revisions: The Board proposes to revise the FR 2314 and FR Y-11 forms and
instructions to be consistent with adopted changes to U.S. generally accepted accounting
principles related to troubled debt restructurings, provisions for credit losses on off-balance sheet
credit exposures, and expected recoveries of amounts previously charged off included within the
allowances for credit losses. The Board also proposes to revise the FR 2314 and FR Y-11
instructions by modifying and clarifying the recordkeeping requirements related to the submitted
form. Additionally, the Board proposes to incorporate six line items from the FR 2502q,
Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (OMB Control
No. 7100-0079), into the FR 2314. The revisions are proposed to take effect for the December
31, 2024, as-of date.

Lastly, following the completion of this clearance, the Board will remove the Financial
Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N)
and Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking
Organizations (Y-7NS) from OMB No. 7100-0125. These reports will be moved to the OMB
No. for the Financial Statement of Foreign Subsidiaries of U.S. Banking Organizations, Financial
Statement of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR 2314, FR 2314S, FR
Y-11, FR Y-11S; OMB No. 7100-0073). There are no proposed revisions to the FR 2314S and
FR Y-11S at this time.
Frequency: Quarterly and annually.
Respondents: U.S. banking organizations and U.S. holding companies.
Total estimated number of respondents: Reporting: FR 2314 (quarterly): 434; FR 2314
(annually): 223; FR 2314S: 295; FR Y-11 (quarterly): 386; FR Y-11 (annually): 211; FR Y-11S:
286. Recordkeeping: FR 2314 (quarterly): 421; FR 2314 (annually): 223; FR 2314S: 295; FR
Y-11 (quarterly): 386; FR Y-11 (annually): 211; FR Y-11S: 286.
Estimated average hours per response: Reporting: FR 2314 (quarterly): 8.1; FR 2314
(annually): 7.9; FR 2314S: 1; FR Y-11 (quarterly): 8.3; FR Y-11 (annually): 8.3; FR Y-11S: 1.
Recordkeeping: FR 2314 (quarterly): 0.2; FR 2314 (annually): 0.2; FR 2314S: 0.2; FR Y-11
(quarterly): 0.2; FR Y-11 (annually): 0.2; FR Y-11S: 0.2.
Total estimated change in burden: 3,796.
Total estimated annual burden hours: 31,820.

Board of Governors of the Federal Reserve System, June 4, 2024.

Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-12555 Filed: 6/6/2024 8:45 am; Publication Date: 6/7/2024]