Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations and Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations

Forms and Documents

Document Name	Status
Form FR 2314S Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified
Form FR 2314 (Annual) Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified
Form FR 2314 Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified
FRY11-S.2314-S.200802.omb.doc Supporting Statement A	2008-02-27

IC Document Collections

IC ID	Document Title	Status
46647	Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified
46646	Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified
36062	Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations Form	Modified

ICR Details

OMB Control No: 7100-0073	ICR Reference No: 200711-7100-003
Status: Historical Active	Previous ICR Reference No: 200709-7100-007
Agency/Subagency: FRS	Agency Tracking No: FR 2314, FR 2314S
Title: Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations and Abbreviated 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: 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	1,312	0	1,312
Time Burden (Hours)	6,928	0	6,876
Cost Burden (Dollars)	0	0	0

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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 BHCs. 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.

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Authorizing Statute(s): US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act
   US Code: 12 USC 324, 602, 625 Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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

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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

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

IC Title	Form No.	Form Name
Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations	FR 2314S	Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations
Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations	FR 2314	Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations
Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations	FR 2314 (Annual)	Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,312	1,312	0	0	0	0
Annual Time Burden (Hours)	6,928	6,876	0	52	0	0
Annual Cost Burden (Dollars)	0	0	0	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: No

Burden Reduction Due to:

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 2314 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 2314S, 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 2314 is estimated to be 6,876 hours and is estimated to increase by 52 hours with these revisions.

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Annual Cost to Federal Government: $65,500

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

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/27/2008

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