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View ICR - OIRA Conclusion

OMB Control No: 7100-0244	ICR Reference No: 200711-7100-002
Status: Historical Active	Previous ICR Reference No: 200709-7100-009
Agency/Subagency: FRS	Agency Tracking No: FR Y-11, FR Y-11S
Title: Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies, and Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/27/2008
	Date Received in OIRA: 02/27/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2011	36 Months From Approved	03/31/2008
Responses	2,370	0	7,338
Time Burden (Hours)	12,625	0	38,700
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	2,370	7,338	-4,968
Annual Time Burden (Hours)	12,625	38,700	-26,075
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Federal Reserve proposes to eliminate reporting by subsidiaries that were created for the purposes of issuing trust preferred securities to substantially reduce burden on the industry. The Federal Reserve also proposes to collect: (1) certain data on the FR Y-11 from all institutions that choose, under generally accepted accounting principles, to apply a fair value option to one or more financial instruments and one or more classes of servicing assets and liabilities and (2) a new data item on the income statement to collect fees and commissions from annuity sales. On the FR Y-11S, the Federal Reserve proposes to add a question to determine whether the subsidiary has adopted a fair value option. The total current annual burden for the FR Y-11/S is estimated to be 38,700 hours and is estimated to decrease by 26,075 hours with these revisions.

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