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OMB Control No: 7100-0073	ICR Reference No: 202103-7100-003
Status: Historical Active	Previous ICR Reference No: 201903-7100-013
Agency/Subagency: FRS	Agency Tracking No: FR 2314; FR 2314S
Title: Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 03/16/2021
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/18/2021
	Date Received in OIRA: 03/16/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2021	6 Months From Approved	03/31/2022
Responses	2,295	0	2,295
Time Burden (Hours)	14,664	0	14,664
Cost Burden (Dollars)	0	0	0

Abstract: The FR 2314 reporting forms collect financial information for non-functionally regulated direct or indirect foreign subsidiaries of U.S. state member banks (SMBs), Edge and agreement corporations, and holding companies (i.e., bank holding companies, savings and loan holding companies, securities holding companies, and intermediate holding companies). Parent organizations (SMBs, Edge and agreement corporations, or holding companies) file the FR 2314 on a quarterly or annual basis, or the FR 2314S on an annual basis, predominantly based on whether the organization meets certain asset size thresholds. The FR 2314 data 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.

Emergency Justfication: The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the Paperwork Reduction Act includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a new collection of information or a change to an existing collection must be instituted quickly and that public participation in the approval process would substantially interfere with the Board’s ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board must conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment. To mitigate temporary transition costs on banking organizations related to the coronavirus disease 2019 (COVID event), the Board temporarily revised the instructions for the FR 2314, FR 2314S, FR Y-11, and FR Y-11S reports to allow a holding company to use asset data as of December 31, 2019, in order to determine reporting requirements.

Authorizing Statute(s): US Code: 12 USC 1850a Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
   US Code: 12 USC 602 Name of Law: Federal Reserve Act
   US Code: 12 USC 625 Name of Law: Federal Reserve Act
   US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 3106 Name of Law: International Banking Act of 1978
   US Code: 12 USC 1467a(b) Name of Law: Home Owners’ Loan 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
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
FR 2314 (annual)	FR 2314
FR 2314 (quarterly)	FR 2314
FR 2314S	FR 2314S

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	2,295	2,295
Annual Time Burden (Hours)	14,664	14,664
Annual Cost Burden (Dollars)	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: No

Burden Reduction Due to:

Short Statement:

Annual Cost to Federal Government: $83,200

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

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

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