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OMB Control No: 7100-0125	ICR Reference No: 200711-7100-004
Status: Historical Active	Previous ICR Reference No: 200709-7100-010
Agency/Subagency: FRS	Agency Tracking No: FR Y-7N, FR Y-7NS, FR Y-7Q
Title: Financial Statements of U.S. Nonbank Subsidiaries Held by FBOs, Abbreviated Financial Statements of U.S. Nonbank Subsidiares Held by FBOs, Capital and Asset Report for Foreign Banking Organizations
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	1,552	0	1,631
Time Burden (Hours)	6,626	0	6,741
Cost Burden (Dollars)	0	0	0

Abstract: The FR Y-7N and FR Y-7NS collect financial information for non-functionally regulated U.S. nonbank subsidiaries held by foreign banking organizations (FBOs) other than through a U.S. bank holding company (BHC), U.S. financial holding company (FHC) or U.S. bank. The FR Y-7Q collects consolidated regulatory capital information from all FBOs either quarterly or annually. The Federal Reserve System uses the information to assess an FBO's ability to be a continuing source of strength to its U.S. operations and to determine compliance with U.S. laws and regulations.

Authorizing Statute(s): US Code: 12 USC 3106, 3108(a) Name of Law: International Banking Act
US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 63580	11/09/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 10442	02/27/2008
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	1,552	1,631	-79
Annual Time Burden (Hours)	6,626	6,741	-115
Annual Cost Burden (Dollars)	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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 on the FR Y-7N/NS to substantially reduce burden on the industry. On the FR Y-7N, the Federal Reserve also proposes to collect: (1) certain data from all institutions that choose, under generally 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-7NS, the Federal Reserve proposes to add a question to determine whether the nonbank subsidiary has adopted a fair value option. The Federal Reserve also proposes the following changes to make the FR Y-7N consistent with changes made previously to other nonbank subsidiary reports: (1) add one new equity capital component on the balance sheet for reporting partnership interests and (2) add a new section, Notes to the Financial Statements. The Federal Reserve also proposes to add clarifying language to the instructions for the reporting of trading revenue and noninterest income from related organizations. The total current annual burden for this family of reports is estimated to be 6,741 hours and is estimated to decrease by 115 hours with these revisions.

Annual Cost to Federal Government: $46,706

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Scott Farmer 202-452-2253 Scott.W.Farmer@frb.gov

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