On Mar. 14, 2025, Fed reported updated supporting statements for FR Y-7/Y-7NS/Y-7Q.
On Jun. 7, Fed proposed to revise foreign banking data collection.
Fed proposed to extend for three years, with revision, the information collection titled, the Reports of Foreign Banking Organizations (FR Y-7N, FR Y-7NS, and FR Y-7Q).
Follows Apr. 2024 Fed updates to the information collection forms, see rule #125923.
Overview of Collection
FR Y-7N, Financial statements of US nonbank subsidiaries held by foreign banking orgs
Y-7NS, Abbreviated financials of US nonbank subsidiaries held by foreign banking orgs.
FR Y-7N and FR Y-7NS collect financial information for certain non-functionally regulated US nonbank subsidiaries held by foreign banking organizations (FBOs).
Form FR Y-7Q collects consolidated regulatory capital information from all FBOs.
The data assess an FBO's ability to be a continuing source of strength to its US operations and to determine compliance with applicable US laws and regulations.
Proposed Revisions
Revise FR Y-7N per changes to US generally accepted accounting principles re troubled debt restructurings, provisions for credit losses on off-balance sheet credit exposures.
Also, expected recoveries of amounts charged off included within allowances for losses.
Revise, clarify instructions re recordkeeping requirements related to submitted form.
These revisions are proposed to take effect for the Dec. 31, 2024, as-of date.
Move Forms from OMB 7100-0125, to Forms FR 2314 and FR Y-11, OMB 7100-0073.
Consultation
Comments on the proposed revisions must be submitted on or before Aug. 6, 2024.
Feb. 5, 2025 Fed Adoption
On Feb. 5, 2025, Fed published approval of revised collection, effective Mar. 31, 2025.
Feb. 12, 2025 Fed Description Page Update
On Feb. 12, 2025, Fed updated FR Y-7Q description page, to update report frequency.
Report data are due 70 calendar days after the report date (was 90 calendar days).
Quarterly/annually, as of close of business last calendar day of quarter/fiscal quarter.
Mar. 14, 2025 Fed OMB Supporting Statements
On Mar. 14, 2025, Fed reported updated supporting statements for FR Y-7/Y-7NS/Y-7Q.
