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Jun 6 -- The Board of Governors of the Federal Reserve System (Board) invites comments by August 6, 2024 on six proposed data collections, as follows:

1) Reporting, Recordkeeping, and Disclosure Requirements Associated with the Consumer Financial Protection Bureau's (CFPB) Home Mortgage Disclosure Act (HMDA) Loan/Application Register Required by Regulation C

The Home Mortgage Disclosure Act (HMDA) was enacted in 1975 and is implemented by Regulation C. Generally, the HMDA requires certain depository and non-depository institutions that make certain mortgage loans to collect, report, and disclose data about originations and purchases of mortgage loans, as well as loan applications that do not result in originations (for example, applications that are denied or withdrawn).

The FR HMDA LAR is the Board's information collection associated with the Consumer Financial Protection Bureau's (CFPB's) Regulation C. The FR HMDA LAR is used to (1) help determine whether financial institutions are serving the housing needs of their communities, (2) assist public officials in distributing public-sector investments so as to attract private investment to areas where it is needed, and (3) assist in identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes.

Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=82818870-3802-4D0F-BD68-ABCEE290963D
FRN: https://www.federalregister.gov/d/2024-12499

2) Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation Z

The Truth in Lending Act (TILA) and Regulation Z require creditors to provide consumers with disclosures about the costs, terms, and related information regarding a wide range of credit products for personal, family, or household purposes. Depending on the credit product, required disclosures include information that must be provided at the time of the consumer's application for credit, at consummation (for closed-end credit) or account-opening (for open-end credit), and throughout the term of the loan. The TILA and Regulation Z also contain rules concerning recordkeeping and credit advertising.

The FR Z is the Board's information collection associated with the Consumer Financial Protection Bureau's (CFPB's) Regulation Z. FR Z is used to promote the informed use of credit by consumers for personal, family, or household purposes by requiring these disclosures about the terms and costs of these products, as well as ensuring that consumers are provided with timely information on the nature and costs of the residential real estate settlement process.

Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=58500E1C-B9FE-4E18-A542-752771FB7086
FRN: https://www.federalregister.gov/d/2024-12500

3) Financial Statements for Holding Companies

The Board requires bank holding companies, most savings and loan holding companies, securities holding companies, and U.S. intermediate holding companies (collectively, HCs) to provide standardized financial statements through one or more of the FR Y-9 reports. The information collected on the FR Y-9 reports is necessary for the Board to identify emerging financial risks and monitor the safety and soundness of HC operations. . . .

Draft reporting form: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=C66D0E9E-D691-4388-90D7-C28858A75C66
Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=3AA1A4E5-8450-4A1E-978C-FE2077168050
FRN: https://www.federalregister.gov/d/2024-12553

4) Consolidated Report of Condition and Income for Edge and Agreement Corporations

The FR 2886b reporting form is filed quarterly or annually by Edge and agreement corporations (collectively, Edges or Edge corporations). The Board is responsible for authorizing, supervising, and assigning ratings to Edges. The Board and the Federal Reserve Banks use the data collected by the FR 2886b to supervise Edge corporations and to monitor and develop a better understanding of Edge activities.

The Board proposes to revise the FR 2886b form and instructions to be consistent with adopted changes to U.S. generally accepted accounting principles (GAAP) 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 2886b instructions by (1) specifying when respondents should submit their reports if the submission deadline falls on a weekend or holiday, and (2) adding a recordkeeping requirement for respondents to maintain a record of the data submitted for three years. These revisions are proposed to take effect as of the December 31, 2024, as-of date.

Draft reporting form: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=B3A2DF44-5B7A-488B-9838-1E9C364DB1A1
Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=0A424125-A7EE-4C32-A200-CB9C1D7F1403
FRN: https://www.federalregister.gov/d/2024-12556

5) Reports of Foreign Banking Organizations

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, 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. . . .

Draft reporting form: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=33D29423-4383-45E1-9809-3CA550F536AE
Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=1F611982-823D-4AF6-8037-81DE32A6AB8D
FRN: https://www.federalregister.gov/d/2024-12554

6) Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, and Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies

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. . . .

Draft reporting forms: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=860E8491-89A1-4A1F-A6EB-BC3075DFF269 and https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=308B4BF2-333A-465C-8479-5D721F8D58A3
Draft Supporting Statement: https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61604A29-2792-49E9-90FD-D8C3D5E2E028
FRN: https://www.federalregister.gov/d/2024-12555

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