Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

As Enacted ( Federal Register)

Cited in

Published date	01 April 2020
Citation	85 FR 18230
Record Number	2020-06753
Section	Notices
Court	Federal Reserve System

18230

Federal Register / Vol. 85, No. 63 / Wednesday, April 1, 2020 / Notices

An SLHC must file one or more of the FR Y–

9 series of reports unless it is: (1) A grandfathered

unitary SLHC with primarily commercial assets and

thrifts that make up less than 5 percent of its

consolidated assets; or (2) a SLHC that primarily

holds insurance-related assets and does not

otherwise submit financial reports with the SEC

pursuant to section 13 or 15(d) of the Securities

Exchange Act of 1934.

Committee Act, Public Law 92–463, as

amended, this notice advises interested

persons that the GSA renewed the

charter of the WRC Advisory Committee

for two years, commencing April 2,

2020. Its scope of activities is to address

issues contained in the agenda for the

2023 World Radio Conference (WRC–

23). The WRC–23 Advisory Committee

will continue to provide to the FCC

advice, data, and technical analyses,

and will formulate recommendations

relating to the preparation of U.S.

proposals and positions for WRC–23.

Federal Communications Commission.

Troy Tanner,

Deputy Chief, International Bureau.

[FR Doc. 2020–06808 Filed 3–31–20; 8:45 am]

BILLING CODE 6712–01–P

FEDERAL MARITIME COMMISSION

Notice of Agreements Filed

The Commission hereby gives notice

of the filing of the following agreements

under the Shipping Act of 1984.

Interested parties may submit

comments, relevant information, or

documents regarding the agreements to

the Secretary by email at Secretary@

fmc.gov, or by mail, Federal Maritime

Commission, Washington, DC 20573.

Comments will be most helpful to the

Commission if received within 12 days

of the date this notice appears in the

Federal Register. Copies of agreements

are available through the Commission’s

website (www.fmc.gov) or by contacting

the Office of Agreements at (202)–523–

5793 or tradeanalysis@fmc.gov.

Agreement No.: 201288–003.

Agreement Name: Digital Container

Shipping Association Agreement.

Parties: CMA CGM S.A.; Evergreen

Marine Corporation; Hapag-Lloyd AG;

Hyundai Merchant Marine Co., Ltd.;

Maersk A/S; Mediterranean Shipping

Company S.A.; Ocean Network Express

Pte. Ltd.; Yang Ming Marine Transport

Corporation; and Zim Integrated

Shipping Services Ltd.

Filing Party: Wayne Rohde; Cozen

O’Connor.

Synopsis: The amendment revises

Article 6.2 and Appendices B, C, E and

F to revise the procedure for electing the

Chair and Vice Chair of the Supervisory

Board, the composition of the

Supervisory Board, and how certain

financial obligations will be handled in

the event of the resignation or voluntary

suspension of a member. It also changes

the name of the Maersk entity that is

party to the Agreement.

Proposed Effective Date: 5/9/2020.

Location: https://www2.fmc.gov/

FMC.Agreements.Web/Public/

AgreementHistory/21328.

Dated: March 27, 2020.

Rachel E. Dickon,

Secretary.

[FR Doc. 2020–06806 Filed 3–31–20; 8:45 am]

BILLING CODE 6730–02–P

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Announcement of Board

Approval Under Delegated Authority

and Submission to OMB

AGENCY

: Board of Governors of the

Federal Reserve System.

SUMMARY

: The Board of Governors of the

Federal Reserve System (Board) is

adopting a proposal to extend for three

years, with revision, the Financial

Statements for Holding Companies (FR

Y–9 reports; OMB No. 7100–0128). The

revisions are applicable as of March 31,

2020, June 30, 2020, and March 31,

2021.

FOR FURTHER INFORMATION CONTACT

Federal Reserve Board Clearance

Officer—Nuha Elmaghrabi—Office of

the Chief Data Officer, Board of

Governors of the Federal Reserve

System, Washington, DC 20551, (202)

452–3829. Office of Management and

Budget (OMB) Desk Officer—Alex

Goodenough—Office of Information and

Regulatory Affairs, Office of

Management and Budget, New

Executive Office Building, Room 10235,

725 17th Street NW, Washington, DC

20503, or by fax to (202) 395–6974. A

copy of the Paperwork Reduction Act

(PRA) OMB submission, including the

reporting form and instructions,

supporting statement, and other

documentation will be placed into

OMB’s public docket files. These

documents also are available on the

Federal Reserve Board’s public website

at https://www.federalreserve.gov/apps/

reportforms/review.aspx or may be

requested from the agency clearance

officer, whose name appears above.

SUPPLEMENTARY INFORMATION

: On June

15, 1984, OMB delegated to the Board

authority under the PRA to approve and

assign OMB control numbers to

collections of information conducted or

sponsored by the Board. Board-

approved collections of information are

incorporated into the official OMB

inventory of currently approved

collections of information. Copies of the

PRA Submission, supporting

statements, and approved collection of

information instrument(s) are placed

into OMB’s public docket files.

Final Approval Under OMB Delegated

Authority of the Extension for Three

Years, With Revision of the Following

Information Collection

Report Title: Financial Statements for

Holding Companies.

Agency form number: FR Y–9C, FR Y–

9LP, FR Y–9SP, FR Y–9ES, and FR Y–

9CS.

OMB control number: 7100–0128.

Effective Date: March 31, 2020, June

30, 2020, March 31, 2021.

Frequency: Quarterly, semiannually,

and annually.

Respondents: Bank holding

companies, savings and loan holding

companies,

securities holding

companies, and U.S. intermediate

holding companies (collectively, HCs).

Estimated number of respondents: FR

Y–9C (non-advanced approaches HCs

CBLR) with less than $5 billion in total

assets): 71; FR Y–9C (non-advanced

approaches HCs CBLR) with $5 billion

or more in total assets): 35; FR Y–9C

(non-advanced approaches HCs non-

CBLR) with less than $5 billion in total

assets): 84; FR Y–9C (non-advanced

approaches HCs non-CBLR) with $5

billion or more in total assets): 154; FR

Y–9C (advanced approaches HCs): 19;

FR Y–9LP: 434; FR Y–9SP: 3,960; FR Y–

9ES: 83; FR Y–9CS: 236.

Estimated average hours per response:

Reporting

FR Y–9C (non-advanced approaches

HCs CBLR) with less than $5 billion in

total assets): 29.14 hours; FR Y–9C (non-

advanced approaches HCs CBLR) with

$5 billion or more in total assets): 35.11

hours; FR Y–9C (non-advanced

approaches HCs non-CBLR) with less

than $5 billion in total assets): 40.98

hours; FR Y–9C (non-advanced

approaches HCs non-CBLR) with $5

billion or more in total assets): 46.95

hours; FR Y–9C (advanced approaches

HCs): 48.59 hours; FR Y–9LP: 5.27

hours; FR Y–9SP: 5.40 hours; FR Y–9ES:

0.50 hours; FR Y–9CS: 0.50 hours.

Recordkeeping

FR Y–9C (non-advanced approaches

HCs with less than $5 billion in total

assets), FR Y–9C (non-advanced

approaches HCs with $5 billion or more

in total assets), FR Y–9C (advanced

approaches HCs), and FR Y–9LP: 1.00

hour; FR Y–9SP, FR Y–9ES, and FR Y–

9CS: 0.50 hours.

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The Call Reports consist of the Consolidated

Reports of Condition and Income for a Bank with

Domestic Offices Only and Total Assets Less Than

$5 Billion (FFIEC 051), the Consolidated Reports of

Condition and Income for a Bank with Domestic

Offices Only (FFIEC 041) and the Consolidated

Reports of Condition and Income for a Bank with

Domestic and Foreign Offices (FFIEC 031).

Under certain circumstances described in the FR

Y–9C’s General Instructions, HCs with assets under

$3 billion may be required to file the FR Y–9C.

A top-tier HC may submit a separate FR Y–9LP

on behalf of each of its lower-tier HCs.

Section 165(b)(2) of Title I of the Dodd-Frank

Act, (12 U.S.C. 5365(b)(2)), refers to ‘‘foreign-based

bank holding company.’’ Section 102(a)(1) of the

Dodd-Frank Act, (12 U.S.C. 5311(a)(1)), defines

‘‘bank holding company’’ for purposes of Title I of

the Dodd-Frank Act to include foreign banking

organizations that are treated as bank holding

companies under section 8(a) of the International

Banking Act, (12 U.S.C. 3106(a)). The Board has

required, pursuant to section 165(b)(1)(B)(iv) of the

Dodd-Frank Act, (12 U.S.C. 5365(b)(1)(B)(iv)),

certain foreign banking organizations subject to

section 165 of the Dodd-Frank Act to form U.S.

intermediate holding companies. Accordingly, the

parent foreign-based organization of a U.S. IHC is

treated as a BHC for purposes of the BHC Act and

section 165 of the Dodd-Frank Act. Because Section

5(c) of the BHC Act authorizes the Board to require

reports from subsidiaries of BHCs, section 5(c)

provides additional authority to require U.S. IHCs

to report the information contained in the FR Y–

9 series of reports.

The FR Y–9CS is a supplemental report that may

be utilized by the Board to collect additional

information that is needed in an expedited manner

from HCs. The information collected on this

supplemental report is subject to change as needed.

Generally, the FR Y–9CS report is treated as public.

However, where appropriate, data items on the FR

Y–9CS report may be withheld under exemptions

4 and/or 8 of the Freedom of Information Act, (5

U.S.C. 552(b)(4) and (8)).

Estimated annual burden hours:

Reporting

FR Y–9C (non-advanced approaches

HCs CBLR) with less than $5 billion in

total assets): 8,276 hours; FR Y–9C (non-

advanced approaches HCs CBLR) with

$5 billion or more in total assets): 4,915

hours; (non-advanced approaches HCs

non-CBLR) with less than $5 billion in

total assets): 13,769 hours; FR Y–9C

(non-advanced approaches HCs non-

CBLR) with $5 billion or more in total

assets): 28,921 hours; FR Y–9C

(advanced approaches HCs): 3,693

hours; FR Y–9LP: 9,149 hours; FR Y–

9SP: 42,768 hours; FR Y–9ES: 42 hours;

FR Y–9CS: 472 hours.

Recordkeeping

FR Y–9C: 1,452 hours; FR Y–9LP:

1,736 hours; FR Y–9SP: 3,960 hours; FR

Y–9ES: 42 hours; FR Y–9CS: 472 hours.

General description of report:

The FR Y–9C consists of standardized

financial statements similar to the Call

Reports filed by commercial banks.

The

FR Y–9C collects consolidated data from

HCs and is filed quarterly by top-tier

HCs with total consolidated assets of $3

billion or more.

The FR Y–9LP, which collects parent

company only financial data, must be

submitted by each HC that files the FR

Y–9C, as well as by each of its

subsidiary HCs.

The report consists of

standardized financial statements.

The FR Y–9SP is a parent company

only financial statement filed

semiannually by HCs with total

consolidated assets of less than $3

billion. In a banking organization with

total consolidated assets of less than $3

billion that has tiered HCs, each HC in

the organization must submit, or have

the top-tier HC submit on its behalf, a

separate FR Y–9SP. This report is

designed to obtain basic balance sheet

and income data for the parent

company, and data on its intangible

assets and intercompany transactions.

The FR Y–9ES is filed annually by

each employee stock ownership plan

(ESOP) that is also an HC. The report

collects financial data on the ESOP’s

benefit plan activities. The FR Y–9ES

consists of four schedules: A Statement

of Changes in Net Assets Available for

Benefits, a Statement of Net Assets

Available for Benefits, Memoranda, and

Notes to the Financial Statements.

The FR Y–9CS is a free-form

supplemental report that the Board may

utilize to collect critical additional data

deemed to be needed in an expedited

manner from HCs. The data are used to

assess and monitor emerging issues

related to HCs, and the report is

intended to supplement the other FR Y–

9 reports. The data items included on

the FR Y–9CS may change as needed.

Legal authorization and

confidentiality: The Board has the

authority to impose the reporting and

recordkeeping requirements associated

with the Y–9 family of reports on bank

holding companies (‘‘BHCs’’) pursuant

to section 5 of the Bank Holding

Company Act (‘‘BHC Act’’), (12 U.S.C.

1844); on savings and loan holding

companies pursuant to section 10(b)(2)

and (3) of the Home Owners’ Loan Act,

(12 U.S.C. 1467a(b)(2) and (3)), as

amended by sections 369(8) and

604(h)(2) of the Dodd-Frank Wall Street

Reform and Consumer Protection Act

(‘‘Dodd-Frank Act’’); on U.S.

intermediate holding companies (‘‘U.S.

IHCs’’) pursuant to section 5 of the BHC

Act, (12 U.S.C. 1844), as well as

pursuant to sections 102(a)(1) and 165

of the Dodd-Frank Act, (12 U.S.C.

511(a)(1) and 5365);

and on securities

holding companies pursuant to section

618 of the Dodd-Frank Act, (12 U.S.C.

1850a(c)(1)(A)). The obligation to

submit the FR Y–9 series of reports, and

the recordkeeping requirements set forth

in the respective instructions to each

report, are mandatory.

With respect to the FR Y–9C report,

Schedule HI’s item 7(g) ‘‘FDIC deposit

insurance assessments,’’ Schedule HC–

P’s item 7(a) ‘‘Representation and

warranty reserves for 1–4 family

residential mortgage loans sold to U.S.

government agencies and government

sponsored agencies,’’ and Schedule HC–

P’s item 7(b) ‘‘Representation and

warranty reserves for 1–4 family

residential mortgage loans sold to other

parties’’ are considered confidential

commercial and financial information.

Such treatment is appropriate under

exemption 4 of the Freedom of

Information Act (‘‘FOIA’’), (5 U.S.C.

552(b)(4)), because these data items

reflect commercial and financial

information that is both customarily and

actually treated as private by the

submitter, and which the Board has

previously assured submitters will be

treated as confidential. It also appears

that disclosing these data items may

reveal confidential examination and

supervisory information, and in such

instances, this information would also

be withheld pursuant to exemption 8 of

the FOIA, (5 U.S.C. 552(b)(8)), which

protects information related to the

supervision or examination of a

regulated financial institution.

In addition, for both the FR Y–9C

report and the FR Y–9SP report,

Schedule HC’s memorandum item 2.b.,

the name and email address of the

external auditing firm’s engagement

partner, is considered confidential

commercial information and protected

by exemption 4 of the FOIA, (5 U.S.C.

552(b)(4)), if the identity of the

engagement partner is treated as private

information by HCs.

Aside from the data items described

above, the remaining data items on the

FR Y–9C report and the FR Y–9SP

report are generally not accorded

confidential treatment. The data items

collected on FR Y–9LP, FR Y–9ES, and

FR Y–9CS

reports, are also generally

not accorded confidential treatment. As

provided in the Board’s Rules Regarding

Availability of Information (12 CFR part

261), however, a respondent may

request confidential treatment for any

data items the respondent believes

should be withheld pursuant to a FOIA

exemption. The Board will review any

such request to determine if confidential

treatment is appropriate, and will

inform the respondent if the request for

confidential treatment has been denied.

To the extent that the instructions, to

the FR Y–9C, FR Y–9LP, FR Y–9SP, and

FR Y–9ES reports, each respectively

direct a financial institution to retain

the workpapers and related materials

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12 CFR part 217.

85 FR 4780 (January 27, 2020)

84 FR 35234 (July 22, 2019).

In general, an advanced approaches HC, as

defined in the Board’s Regulation Q, has

consolidated total assets of $250 billion or more,

has consolidated total on-balance sheet foreign

exposure of $10 billion or more, has a subsidiary

depository institution that uses the advanced

approaches to calculate its total risk-weighted

assets, or elects to use the advanced approaches to

calculate its total risk-weighted assets. See 12 CFR

217.100.

84 FR 61804 (November 13, 2019).

used in preparation of each report, such

material would only be obtained by the

Board as part of the examination or

supervision of the financial institution.

Accordingly, such information may be

considered confidential pursuant to

exemption 8 of the FOIA (5 U.S.C.

552(b)(8)). In addition, the financial

institution’s workpapers and related

materials may also be protected by

exemption 4 of the FOIA, to the extent

such financial information is treated as

confidential by the respondent (5 U.S.C.

552(b)(4)).

Current Actions

Overview

On December 27, 2019, the Board

published an initial notice in the

Federal Register (84 FR 71414)

requesting public comment for 60 days

on the extension for three years, with

revision, of the FR Y–9 reports. The

comment period for this notice expired

on February 25, 2020. The Board

proposed revisions to the FR Y–9

reports that would have implemented,

for regulatory reporting purposes,

various recent changes to the Board’s

regulatory capital rule.

The changes to

the Board’s regulatory capital rule

included in the December 2019 notice

related to the capital simplifications

rule, the community bank leverage ratio

(CBLR) rule, the standardized approach

for counterparty credit risk (SA–CCR)

on derivative contracts, and the high

volatility commercial real estate

(HVCRE) land development rule, all

discussed further below.

The Board also proposed, in the

December 2019 notice, instructional

revisions for the reporting of operating

lease liabilities and home equity lines of

credit (HELOCs) that convert from

revolving to non-revolving status.

The Board received one comment,

from a bankers’ association, on the

proposed extension, with revision, of

the FR Y–9 reports.

In connection with the December

2019 notice, the Board also considered

comments submitted regarding a

proposal to make similar revisions to

the Call Reports

in order to promote

consistency between the Call Reports

and the FR Y–9 reports. The Board,

Federal Deposit Insurance Corporation

(FDIC), and Office of the Comptroller of

the Currency (OCC) (the agencies)

received comments on the proposed

Call Report changes from four entities:

Three bankers’ associations and one

savings association. These comments

are addressed in the following sections

of this notice.

After considering the comments

received on the December 2019 notice,

as well as the comments on the recent

proposed changes to the Call Report, the

Board is adopting the reporting changes

proposed in the December 2019 notice

with modifications discussed in the

following sections of this notice.

The Board has adopted final rules for

all of the regulatory capital rulemakings

addressed in the December 2019 notice.

The capital-related reporting changes

discussed in the December 2019 notice

will be effective in the same quarters as

the effective dates of the various final

capital rules.

Proposed Revisions to the FR Y–9C

Simplifications Rule

The Board proposed to revise the FR

Y–9C to implement the Board’s final

rule to simplify certain aspects of the

capital rule (simplifications rule), which

made a number of changes to the

calculation of common equity tier 1

(CET1) capital, additional tier 1 capital,

and tier 2 capital for non-advanced

approaches holding companies that do

not apply to advanced approaches

institutions.

910

The simplifications rule

results in different calculations for these

tiers of regulatory capital for non-

advanced approaches holding

companies and advanced approaches

HCs. To reflect the effects of the

simplifications rule for non-advanced

approaches HCs, the Board proposed to

adjust the existing regulatory capital

calculations reported on Schedule HC–

R, Part I. Although the proposed report

would have included two sets of

calculations (for non-advanced

approaches HCs and advanced

approaches HCs), a HC would have been

required to complete only the set

applicable to that holding company.

The simplifications rule provides for

certain amendments to the capital rule,

associated with the proposed reporting

revisions to the FR Y–9C, with an

effective date of April 1, 2020. On

October 29, 2019, the Board issued a

final rule that permits non-advanced

approaches banking organizations to

implement the simplifications rule on

January 1, 2020.

As a result, non-

advanced approaches HCs have the

option to implement the simplifications

rule on the revised effective date of

January 1, 2020, or wait until the quarter

beginning April 1, 2020. The Board

proposed revisions to Schedule HC–R,

Regulatory Capital, to implement the

associated changes to the capital rule

effective as of the March 31, 2020,

report date, consistent with the

simplifications rule’s optional effective

date.

The Board proposed a number of

revisions that would have simplified the

capital calculations on Schedule HC–R,

Part I and Part II, and thereby reduced

burden. As previously mentioned, the

proposed FR Y–9C would have included

two sets of calculations (one that

incorporates the effects of the

simplifications rule and another that

does not); therefore, a holding company

would have been required to complete

only the column for the set of

calculations applicable to that holding

company. For the March 31, 2020,

report date, non-advanced approaches

HCs that elect to adopt the

simplifications rule on January 1, 2020,

would have been required to complete

the column for the set of calculations

that incorporates the effects of the

simplifications rule. Non-advanced

approaches HCs that elect to wait to

adopt the simplifications rule on April

1, 2020, and all advanced approaches

holding companies would have been

required to complete the column for the

set of calculations that does not reflect

the effects of this rule (i.e., that reflects

the capital calculation in effect for all

holding companies before this revision).

Beginning with the June 30, 2020, report

date, all non-advanced approaches

holding companies would have been

required to complete the column for the

set of calculations that incorporates the

effects of the simplifications. The

advanced approaches holding

companies would have been required to

complete the column that does not

reflect the effects of the simplifications

rule.

Currently, the regulatory capital

calculations in FR Y–9C Schedule HC–

R provide that a holding company’s

capital cannot include mortgage

servicing assets (MSAs), certain

temporary difference deferred tax assets

(DTAs), and significant investments in

the common stock of unconsolidated

financial institutions in an amount

greater than 10 percent of CET1 capital,

on an individual basis, and that those

three data items combined cannot

comprise more than 15 percent of CET1

capital. Under the simplifications rule,

the Board increased the threshold for

MSAs, DTAs that could not be realized

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The Board notes that the Tax Cuts and Jobs Act,

Public Law 115–97, 131 Stat. 2054 (2017),

eliminated the concept of net operating loss

carrybacks for U.S. federal income tax purposes,

although the concept may still exist in particular

jurisdictions for state or foreign income tax

purposes.

See 84 FR 35234 (July 22, 2019).

Note that for purposes of calculating the 10

percent nonsignificant equity bucket, the capital

rule excludes equity exposures that are assigned a

risk weight of zero percent or 20 percent and

community development equity exposures and the

effective portion of hedge pairs, both of which are

assigned a 100 percent risk weight. In addition, the

10 percent non-significant bucket excludes equity

exposures to an investment firm that would not

meet the definition of traditional securitization

were it not for the application of criterion 8 of the

definition of traditional securitization, and has

greater than immaterial leverage.

Equity exposures that exceed, in the aggregate,

10 percent of a non-advanced approaches banking

organization’s total capital would then be assigned

a risk weight based upon the approaches available

in sections 217.52 and 217.53 of the capital rule.

12 CFR 217.52 and .53.

See 84 FR 35234 (July 22, 2019).

84 FR 61776 (November 13, 2019).

See Public Law 115–174, 132 Stat. 1296 (2018).

through net operating loss carrybacks

(temporary difference DTAs),

and

investments in the capital of

unconsolidated financial institutions for

non-advanced approaches HCs. The

Board proposed to revise Schedule HC–

R to permit non-advanced approaches

HCs to include as capital MSAs and

temporary difference DTAs up to 25

percent of CET1 capital, on an

individual basis. In addition, the 15

percent aggregate limit would have been

be removed, and, the Board would have

revised the capital calculation for

minority interest included in the

various capital categories for non-

advanced approaches HCs and the

calculation of the capital conservation

buffer.

The simplifications rule also

combined the current three categories of

investments in financial institutions

(non-significant investments in the

capital of unconsolidated financial

institutions, significant investments in

the capital of unconsolidated financial

institutions that are in the form of

common stock, and significant

investments in the capital of

unconsolidated financial institutions

that are not in the form of common

stock) into a single category:

Investments in the capital of

unconsolidated financial institutions.

The simplifications rule will apply a

limit of 25 percent of CET1 capital on

the amount of these investments that

can be included in capital. Any

investments in excess of the 25 percent

limit would be deducted from capital

using the corresponding deduction

approach.

The Board proposed to

revise the FR Y–9C to implement this

change.

Consistent with the current capital

rule, a holding company must risk

weight MSAs, temporary difference

DTAs, and investments in the capital of

unconsolidated financial institutions

that are not deducted. As a result of the

simplifications rule, non-advanced

approaches banking organizations will

not be required to differentiate among

categories of investments in the capital

of unconsolidated financial institutions.

The risk weight for such equity

exposures generally will be 100 percent,

provided the exposures qualify for this

risk weight.

For non-advanced

approaches banking organizations, the

simplifications rule eliminates the

exclusion of significant investments in

the capital of unconsolidated financial

institutions in the form of common

stock from being eligible for a 100

percent risk weight.

The application of

the 100 percent risk weight (i) requires

a banking organization to follow an

enumerated process for calculating the

adjusted carrying value, and (ii)

mandates the inclusion of equity

exposures to determine whether the

threshold has been reached. Equity

exposures that do not qualify for a

preferential risk weight will generally

receive risk weights of either 300

percent or 400 percent, depending on

whether the equity exposures are

publicly traded.

The Board proposed

to revise the FR Y–9C to implement this

change, as discussed below.

In order to implement these

regulatory capital changes, a number of

revisions were proposed to Schedule

HC–R, Part I, for non-advanced

approaches HCs. Specifically, the Board

proposed to create two columns for

existing items 11 through 19 on the FR

Y–9C. Column A would have been

reported by non-advanced approaches

HCs that elect to adopt the

simplifications rule on January 1, 2020,

in the March 31, 2020, FR Y–9C report

and by all non-advanced approaches

HCs beginning in the June 30, 2020, FR

Y–9C report using the definitions under

the simplifications rule. Column A

would not have included items 11 or 16,

and items 13 through 15 would have

been designated as items 13.a, column

A through item 15.a, column A to reflect

the new calculation methodology.

Column B would have been reported by

advanced approaches HCs and by non-

advanced approaches HCs that elect to

wait to adopt the simplifications rule on

April 1, 2020, in the March 31, 2020, FR

Y–9C report and only by advanced

approaches HCs beginning in the June

30, 2020, FR Y–9C report using the

existing definitions. Existing items 13

through 15 would have been designated

as items 13.b, column B through item

15.b, column B to reflect continued use

of the existing calculation methodology.

With respect to the revisions related

to the capital calculation for minority

interests, the Board proposed to modify

the FR Y–9C instructions to reflect the

ability of non-advanced approaches HCs

to use the revised method under the

simplifications rule to calculate

minority interest in existing items 4, 22,

and 39 (CET1, additional tier 1, and tier

2 minority interest, respectively).

In addition, as a result of certain

changes made by the capital

simplifications rule, the Board proposal

would have clarified when a holding

company must report the amount of

distributions and discretionary bonus

payments in Schedule HC–R, Part I,

item 48 (which would have been

renumbered as item 52). The Board

would have clarified the instructions for

renumbered item 52 to explain that an

institution must report the amount of

distributions and discretionary bonus

payments made during the calendar

quarter ending on the report date, if the

amount of its capital conservation buffer

that it reported for the previous calendar

quarter-end report date was less than its

applicable required buffer percentage on

that previous calendar quarter-end

report date. This change would have

enhanced the Board’s ability to monitor

compliance with the limitations on

distributions and discretionary bonus

payments. Holding companies would

have been required to comply with this

instructional clarification beginning

with the March 31, 2020, report date.

The Board received no comments

regarding the proposed revisions to the

FR Y–9C related to the capital

simplifications rule, and the comments

received on the Call Reports were not

applicable to these proposed revisions.

The Board has adopted the proposed

revisions to the FR Y–9C related to the

simplifications rule without

modification.

Community Bank Leverage Ratio

The Board proposed to revise the FR

Y–9C to implement a simplified

alternative measure of capital adequacy,

the community bank leverage ratio

(CBLR), for qualifying HCs with less

than $10 billion in total consolidated

assets. The proposed revisions would

have aligned the FR Y–9C with the

CBLR final rule,

which implemented

section 201 of the Economic Growth,

Regulatory Relief, and Consumer

Protection Act (EGRRCPA).

The

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84 FR 61776 (November 13, 2019).

For example, if the CBLR HC no longer meets

one of the qualifying criteria as of February 15, and

still does not meet the criteria as of the end of that

quarter, the grace period for such an HC will begin

as of the end of the quarter ending March 31. The

banking organization may continue to use the CBLR

framework as of June 30, but will need to comply

fully with the generally applicable rule (including

the associated reporting requirements) as of

September 30, unless the HC once again meets all

qualifying criteria of the CBLR framework,

including a leverage ratio of greater than 9 percent,

by that date.

84 FR 61776 (November 13, 2019).

As provided in the CBLR final rule, the Board

would reserve the authority to disallow the use of

the CBLR framework by an HC based on the risk

profile of the HC. This authority derives from the

general reservation of authority included in the

Board’s Regulation Q, in which the CBLR

framework is codified. See 12 CFR 217.1(d).

proposed revisions to the FR Y–9C

would have become effective for the

March 31, 2020, report date, the first

report date in respect of which a HC

could elect to opt into the framework

established by the community leverage

bank ratio final rule (CBLR framework).

Under the CBLR final rule, HCs that

have less than $10 billion in total

consolidated assets, meet risk-based

qualifying criteria, and have a leverage

ratio of greater than 9 percent would be

eligible to opt into the CBLR framework.

A HC that opts into the CBLR

framework, maintains a leverage ratio of

greater than 9 percent, and continues to

meet the other qualifying criteria will be

considered to have satisfied the

generally applicable risk-based and

leverage capital requirements and any

other capital or leverage requirements to

which it is subject.

Under the CBLR final rule, a holding

company that opts into the CBLR

framework (CBLR HC) may opt out of

the CBLR framework at any time,

without restriction, by reverting to the

generally applicable capital

requirements in the Board’s capital rule

and reporting its regulatory capital

information in the FR Y–9C Schedule

HC–R, ‘‘Regulatory Capital,’’ Parts I and

II, at the time of opting out.

As described in the CBLR final rule,

a CBLR HC that no longer meets the

qualifying criteria for the CBLR

framework will be required within two

consecutive calendar quarters (grace

period) either to satisfy once again the

qualifying criteria or demonstrate

compliance with the generally

applicable capital requirements. During

the grace period, the HC would continue

to be treated as a CBLR HC and would

be required to report its leverage ratio

and related components in FR Y–9C

Schedule HC–R, Part I.

A CBLR HC

that ceases to meet the qualifying

criteria as a result of a business

combination (such as a merger) will

receive no grace period, and will

immediately become subject to the

generally applicable capital

requirements. Similarly, a CBLR HC that

fails to maintain a leverage ratio greater

than 8 percent would not be permitted

to use the grace period and would

immediately become subject to the

generally applicable capital

requirements.

The Board proposed to incorporate

revisions related to the CBLR framework

into Schedule HC–R, Part I. As provided

in the CBLR final rule, the numerator of

the community bank leverage ratio will

be tier 1 capital, which is currently

reported on Schedule HC–R, Part I, item

26. Therefore, the Board did not propose

any changes related to the numerator of

the CBLR.

As provided in the planned CBLR

final rule, the denominator of the

community bank leverage ratio will be

average total consolidated assets.

Specifically, average total consolidated

assets would be calculated in

accordance with the existing reporting

instructions for Schedule HC–R, Part I,

items 36 through 39. The Board did not

propose any substantive changes related

to the denominator of the community

bank leverage ratio. However, the Board

proposed to move existing items 36

through 39 of Schedule HC–R, Part I,

and renumber them as items 27 through

30 of Schedule HC–R, Part I, to

consolidate all of the CBLR-related

capital items earlier in Schedule HC–R,

Part I.

As provided in the CBLR final rule, an

HC will calculate its community bank

leverage ratio by dividing tier 1 capital

by average total consolidated assets (as

adjusted), and the community bank

leverage ratio would be reported as a

percentage, rounded to four decimal

places. Since this calculation is

essentially identical to the existing

calculation of the tier 1 leverage ratio in

Schedule HC–R, Part I, item 44, the

Board did not propose a separate item

for the community bank leverage ratio

in Schedule HC–R, Part I. Instead, the

Board proposed to move the tier 1

leverage ratio from item 44 of Part I and

renumber it as item 31, and rename the

item to the Leverage Ratio, as this ratio

would apply to all HCs (as the

community bank leverage ratio for

qualifying HCs or the tier 1 Leverage

Ratio for all other HCs).

As provided in the CBLR final rule, a

CBLR bank will need to satisfy certain

qualifying criteria in order to be eligible

to opt into the CBLR framework. The

proposed items identified below would

have collected information necessary to

ensure that a HC continuously meets the

qualifying criteria for using the CBLR

framework.

Qualifying Criteria for Using the CBLR

Framework

A HC will need to satisfy certain

qualifying criteria to be eligible to opt

into the CBLR framework. The proposed

items below would have collected the

information necessary to ensure that an

HC continuously meets the qualifying

criteria for using the CBLR framework.

Specifically, a qualifying HC must not

be an advanced approaches HC and

must meet the following criteria:

•A leverage ratio of greater than 9

percent;

•Total consolidated assets of less

than $10 billion;

•Total trading assets and trading

liabilities of 5 percent or less of total

consolidated assets; and

•Total off-balance sheet exposures

(excluding derivatives other than sold

credit derivatives and unconditionally

cancelable commitments) of 25 percent

or less of total consolidated assets.

Accordingly, the Board proposed to

collect the items described below from

CBLR HCs only:

•In proposed item 32 of Schedule

HC–R, Part I, a CBLR HC would have

reported total assets, as reported in

Schedule HC, item 12.

•In proposed item 33, a CBLR HC

would have reported the sum of trading

assets from Schedule HC, item 5, and

trading liabilities from Schedule HC,

item 15, in Column A. The HC would

also have reported that sum divided by

total assets from Schedule HC, item 12,

and expressed as a percentage in

Column B. As provided in the CBLR

final rule, trading assets and trading

liabilities would have been added

together, not netted, for purposes of this

calculation. Also as discussed in the

CBLR final rule, a HC would not meet

the definition of a qualifying

community banking organization for

purposes of the CBLR framework if the

percentage reported in Column B were

greater than 5 percent.

•In proposed items 34.a through

34.d, a CBLR HC would have reported

information related to commitments,

other off-balance sheet exposures, and

sold credit derivatives.

—In proposed item 34.a, a CBLR HC

would have reported the unused

portion of conditionally cancellable

commitments. This amount would

have been the amount of all unused

commitments less the amount of

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See definition of ‘‘unconditionally cancellable’’

in 12 CFR 217.2.

unconditionally cancellable

commitments, as discussed in the

CBLR final rule and defined in the

agencies’ capital rule.

This item

would have been calculated

consistent with the sum of Schedule

HC–R, Part II, items 18.a and 18.b,

Column A.

—In proposed item 34.b, a CBLR HC

would have reported total securities

lent and borrowed, which would have

been the sum of Schedule HC–L,

items 6.a and 6.b.

—In proposed item 34.c, a CBLR HC

would have reported the sum of

certain other off-balance sheet

exposures and sold credit derivatives.

Specifically, a CBLR HC would have

reported the sum of self-liquidating,

trade-related contingent items that

arise from the movement of goods;

transaction-related contingent items

(performance bonds, bid bonds,

warranties, and performance standby

letters of credit); sold credit

protection in the form of guarantees

and credit derivatives; credit-

enhancing representations and

warranties; financial standby letters of

credit; forward agreements that are

not derivative contracts; and off-

balance sheet securitizations. A CBLR

HC would not have included

derivatives that are not sold credit

derivatives, such as foreign exchange

swaps and interest rate swaps, in

proposed item 34.c.

—In proposed item 34.d, a CBLR HC

would have reported the sum of

proposed items 34.a through 34.c in

Column A. The HC would also have

reported that sum divided by total

assets from Schedule HC, item 12, and

expressed as a percentage in Column

B. As discussed in the CBLR final

rule, a HC would not have been

eligible to opt into the CBLR

framework if this percentage is greater

than 25 percent.

•In proposed item 35, a CBLR HC

would have reported the total of

unconditionally cancellable

commitments, which would have been

calculated consistent with the

instructions for existing Schedule HC–

R, Part II, item 19. This item would not

have been used specifically to calculate

a HC’s eligibility for the CBLR

framework. However, the Board

proposed to collect this information in

order to monitor balance sheet

exposures that are not reflected in the

CBLR framework and to identify any

CBLR HCs with elevated concentrations

in unconditionally cancellable

commitments.

•In proposed item 36, a CBLR HC

would have reported the amount of

investments in the capital instruments

of an unconsolidated financial

institution that would qualify as tier 2

capital. Since the CBLR framework does

not have a total capital requirement, a

CBLR HC is neither required to calculate

tier 2 capital nor make any deductions

that would be taken from tier 2 capital.

Therefore, if a CBLR HC has

investments in the capital instruments

of an unconsolidated financial

institution that would qualify as tier 2

capital of the CBLR HC under the

generally applicable capital

requirements (tier 2 qualifying

instruments), and the CBLR HC’s total

investments in the capital of

unconsolidated financial institutions

exceed 25 percent of its CET1 capital,

the CBLR HC is not required to deduct

the tier 2 qualifying instruments. A

CBLR HC is required to make a

deduction from CET1 capital or T1

capital only if the sum of its

investments in the capital of an

unconsolidated financial institution is

in a form that would qualify as CET1

capital or T1 capital instruments of the

CBLR HC and the sum exceeds the 25

percent CET1 threshold. However, the

Board believes it is important to

continue collecting information on the

amount of investments in these capital

instruments in order to identify any

instances where such activity

potentially creates an unsafe or unsound

practice or condition.

Because a CBLR HC would not be

subject to the generally applicable

capital requirements, a CBLR HC would

not have been required to complete any

of the items in Schedule HC–R, Part I,

after proposed item 36, nor would the

holding company have been required to

complete Schedule HC–R, Part II, Risk-

Weighted Assets.

In connection with moving the

leverage ratio calculations and inserting

items for the CBLR qualifying criteria in

Schedule HC–R, Part I, existing items 27

through 35 of Schedule HC–R, Part I,

would have been renumbered as items

37 through 45. Existing items 40

through 43 would have been

renumbered as items 46 through 49,

while existing items 46 through 48

would have been renumbered as items

50 through 52. For advanced approaches

HCs, existing item 45 for total leverage

exposure and the supplementary

leverage ratio, would have been

renumbered as item 53.

A CBLR HC would have indicated

that it has elected to apply the CBLR

framework by completing Schedule HC–

R, Part I, items 32 through 36. HCs not

subject to the CBLR framework would

have been required to report all data

items in Schedule HC–R, Part I, except

for items 32 through 36.

Comments Received and Final CBLR

Rule Reporting Revisions

The Board did not receive any

comments on the FR Y–9C report

related to the CBLR changes. However,

the Board considered comments

received on the Call Report proposal,

and adopted changes on the FR Y–9C to

maintain consistency with the Call

Report. Several comments were received

on the Call Report proposal related to

the CBLR proposed changes. One

commenter supported the proposed line

item additions to Schedule RC–R, Part

I, to support changes to the leverage

ratio, but another commenter

recommended removing proposed items

35 through 38.c (items 37 through 38.c

are not applicable to the FR Y–9C) of

Part I because the data to be reported are

not qualifying criteria under the CBLR

framework. Two commenters did not

favor the proposal to move existing

items 36 through 39 of Schedule RC–R,

Part I, which are used to measure total

assets for the leverage ratio, and existing

item 44, ‘‘Tier 1 leverage ratio,’’ from

their present locations in Part I of the

schedule to an earlier position in Part I

where all of the CBLR-related items

would have been reported, with these

five items renumbered as items 27

through 31. One of the commenters

stated that, although this proposed

change in the presentation of Part I of

Schedule RC–R would not affect the

results of individual items in Part I, the

proposed new presentation could be

confusing to end users of the schedule.

The second commenter expressed

concern about inserting the data items

for the CBLR framework within existing

Schedule RC–R, Part I, rather than in a

separate version of the schedule, as had

been originally proposed in April 2019,

because the insertion of these data items

would be confusing and could lead to

reporting errors. Thus, this commenter

suggested a break-up of the proposed

revised structure of Part I of Schedule

RC–R into three separate parts, with

existing Part II of Schedule RC–R

becoming the fourth part of the

schedule. In addition, this commenter

noted that an institution that is eligible

to opt into the CBLR framework may opt

into and out of the framework at any

time, and that there is a grace period for

an institution that no longer meets the

qualifying criteria for the CBLR

framework.

The Board has considered these

comments on the Call Report and will

retain proposed FR Y–9C items 35

through 36 for reporting by CBLR

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85 FR 4362 (January 24, 2020).

84 FR 59230 (November 1, 2019).

The Board’s final tailoring rule, approved on

October 10, 2019, describes a Category III banking

organization generally as a banking organization

with $250 billion or more in total consolidated

assets that is not a global systemically important

bank (GSIB) nor has significant international

activity, or a banking organization with total

consolidated assets of $100 billion or more, but less

than $250 billion, that meets or exceeds other

specified risk-based indicators. See ‘‘Prudential

Standards for Large Bank Holding Companies,

Savings and Loan Holding Companies, and Foreign

holding companies in Schedule HC–R,

Part I, as proposed for the reasons cited

in the December 2019 notice. While

these items are not used specifically to

calculate a holding company’s eligibility

for the CBLR framework, the Board

considers collecting information on

unconditionally cancellable

commitments or investments in the tier

2 capital instruments important for

identifying instances where such

activity potentially creates an unsafe or

unsound practice or condition.

The Board will also retain the

proposed movement of the data items

related to the leverage ratio to a position

immediately after the calculation of tier

1 capital (designated items 27 through

31 of Schedule HC–R, Part I, as it would

be revised) as well as the placement of

the proposed data items to be completed

only by CBLR holding companies,

including those within the grace period

(designated items 32 through 36 of

Schedule HC–R, Part I, as it would be

revised). Because all holding companies

are subject to a leverage ratio

requirement, all institutions must

calculate and report the ratio’s

numerator, which is tier 1 capital, and

its denominator, which is based on

average total assets. As a consequence,

items 1 through 31 of Part I would be

applicable to and completed by all

institutions. Moving the leverage ratio

data items as proposed would allow

CBLR holding companies to avoid

completing the remainder of Schedule

HC–R after item 36 of Part I. The Board

considers this option less confusing for

CBLR holding companies than having to

complete the leverage ratio items in

their current location, which is after

numerous items that will not be

applicable to CBLR holding companies.

Furthermore, the Board will modify

the formatting of Schedule HC–R, Part I,

to better distinguish the data items that

should be completed only by CBLR

holding companies and those that

should be completed only by those

institutions applying the generally

applicable capital requirements. This

will be accomplished by improving the

captioning before Schedule HC–R, Part

I, item 32, which is the first data item

to be completed only by CBLR holding

companies, and between items 36,

which is the final data item only for

CBLR holding companies banks, and

item 37, which is the first data item

applicable only to other institutions

subject to the generally applicable

capital requirements. The portion of

Schedule HC–R, Part I, applicable only

to CBLR holding companies also will be

marked by bordering. These

modifications to the formatting of Part I

should functionally achieve an outcome

similar to the comment suggesting that

Part I be split into Parts 1, 2, and 3 with

existing Part II then renumbered as Part

4. In addition, the Board acknowledges

that, under the CBLR final rule, a

holding company that is eligible to opt

into the CBLR framework may choose to

opt into or out of this framework at any

time and for any reason. Accordingly,

the Board agrees with the commenter’s

recommendation that an institution

should report its status as of the report

date regarding the use of the CBLR

framework. Therefore, the Board will

add a ‘‘yes/no’’ item 31.a to Schedule

HC–R, Part I, after item 31, ‘‘Leverage

ratio,’’ in which each holding company

would report whether it has a CBLR

framework election in effect as of the

quarter-end report date. An institution

would answer ‘‘yes’’ if it qualifies for

the CBLR framework (even if it is within

the grace period) and has elected to

adopt the framework as of that report

date. Otherwise, the institution would

answer ‘‘no.’’ Captioning after the ‘‘yes/

no’’ response to item 31.a would

indicate which of the subsequent data

items in Schedule HC–R should be

completed based on the response to

item 31.a. This ‘‘yes/no’’ response

should assist a holding company in

understanding which specific data items

it should complete in the rest of

Schedule HC–R. The response also

should assist users of Schedule HC–R in

understanding the regulatory capital

regime an institution is following as of

the report date. The Board is not

adopting a commenter’s

recommendation to add additional data

items relating to use of the CBLR, for

example by differentiating between

holding companies that currently meet

the CBLR qualifying criteria and those

that are within the grace period, as the

Board does not need this additional

level of detail in the FR Y–9C report.

The Board is adopting modifications

to the format and structure of Part I of

Schedule HC–R to limit the burden on

reporting institutions and lessen

possible confusion for both qualifying

community institutions that elect to

adopt the CBLR framework and other

data users.

Aside from these changes, the Board

has adopted the proposed revisions to

the FR Y–9C related to the CBLR.

Standardized Approach for

Counterparty Credit Risk on

Derivatives

The Board proposed to revise the FR

Y–9C instructions to implement changes

to the capital rule regarding how to

calculate the exposure amount of

derivative contracts (the standardized

approach for counterparty credit risk, or

‘‘SA–CCR’’) that were implemented by

final rule (the ‘‘SA–CCR final rule’’).

The SA–CCR final rule amends the

capital rule by replacing the current

exposure methodology (CEM) with SA–

CCR for advanced approaches HCs. The

final rule requires holding companies

subject to Category I and II standards

(Category I and II holding companies)

under the Board’s tailoring final rule

to use SA–CCR to calculate their

standardized total risk-weighted assets

and permits non-advanced approaches

banking organizations the option of

using SA–CCR in place of CEM to

calculate the exposure amount of their

noncleared and cleared derivative

contracts.

Category I and II banking

organizations will have to choose either

SA–CCR or the internal models

methodology (IMM) to calculate the

exposure amount of their noncleared

and cleared derivative contracts in

connection with calculating their risk-

based capital under the advanced

approaches. The SA–CCR final rule

provides for the eventual elimination of

the current methods for Category I and

II banking organizations to determine

the risk-weighted asset amount for their

default fund contributions to a central

counterparty (CCP) or a qualifying

central counterparty (QCCP) and

implements a new and simpler method

that would be based on the banking

organization’s pro rata share of the

CCP’s and QCCP’s default fund.

However, the final rule allows banking

organizations that elect to use SA–CCR

to continue to use method 1 and method

2 under CEM to calculate the risk-

weighted asset amount for default fund

contributions until January 1, 2022.

Under the SA–CCR final rule, a non-

advanced approaches HC will be able to

use either CEM or SA–CCR to calculate

the exposure amount of any noncleared

and cleared derivative contracts and to

determine the risk-weighted asset

amount of any default fund

contributions under the standardized

approach. A HC that meets the criteria

for a banking organization subject to

Category III standards

will also use

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Banking Organizations,’’ 84 FR 59032 (November 1,

2019).

12 CFR part 217.2.

84 FR 68019 (December 13, 2019).

Section 214 became effective upon enactment

of the EGRRCPA. Accordingly, on July 6, 2018, the

Board, along with the Office of the Comptroller of

the Currency (OCC) and the Federal Deposit

Insurance Corporation (FDIC), issued a statement

advising institutions that, when determining which

loans should be subject to a heightened risk weight,

they may choose to continue to apply the current

regulatory definition of HVCRE exposure, or they

may choose to apply the heightened risk weight

only to those loans they reasonably believe meet the

definition of ‘‘HVCRE ADC loan’’ set forth in

section 214 of the EGRRCPA. See Board, FDIC, and

OCC, Interagency statement regarding the impact of

the Economic Growth, Regulatory Relief, and

Consumer Protection Act (EGRRCPA). https://

www.federalreserve.gov/newsevents/pressreleases/

files/bcreg20180706a1.pdf.

The Board temporarily implemented this revision

to the FR Y–9C through an emergency PRA

clearance that permitted, but did not require, a HC

to use the definition of HVCRE ADC loan in place

of the existing definition of HVCRE loan.

SA–CCR for calculating its

supplementary leverage ratio if it

chooses to use SA–CCR to calculate its

derivative and default fund exposures.

Accordingly, the Board proposed to

revise the instructions for HC–R Part II,

consistent with the SA–CCR final rule.

Generally, the proposed revisions to the

reporting of derivatives elements in

Schedule HC–R, Part II, were driven by

differences in the methodology for

determining the exposure amount of a

derivative contract under SA–CCR

relative to CEM. The General

Instructions for Schedule RC–R, Part II,

and the instructions for Schedule RC–R,

Part II, items 20, 21, and Memorandum

items 1 through 3 would have been

revised. These proposed revisions

would have been effective for the June

30, 2020, report date, the same quarter

as the effective date of the SA–CCR final

rule, with a mandatory compliance date

of January 1, 2022.

Comments Received and Instructions

for Reporting Derivatives

The Board received a comment from

a bankers’ association requesting

additional clarification to the FR Y–9C

instructions that conform to changes on

the Call Report related to certain

derivatives reporting issues. The Call

Report commenters sought clarification

as to whether, for purposes of reporting

derivatives referred to as settled-to-

market contracts in Memorandum item

3, the remaining maturity of such

derivatives should be the remaining

maturity used to determine the

conversion factor for the calculation of

the potential future exposures (PFE) of

these contracts or the contractual

remaining maturity of these contracts.

The derivatives information reported in

Memorandum items 1 through 3 of

Schedule HC–R, Part II, is collected to

assist the Board in understanding, and

assessing the reasonableness of, the

credit equivalent amounts of the over-

the-counter derivatives and the centrally

cleared derivatives reported in Schedule

HC–R, Part II, items 20 and 21, column

B. Accordingly, when reporting settled-

to-market centrally cleared derivative

contracts in Memorandum item 3, the

remaining maturity used to determine

the applicable conversion factor should

be the basis for reporting. The Board

revised the instructions for Schedule

HC–R, Part II, Memorandum item 3, to

clarify the reporting of settled-to-market

centrally cleared derivative contracts.

The commenter on the Call Report

proposal also expressed concerns

related to the reporting of notional

amounts in Schedule HC–R by

institutions that use SA–CCR. The

commenter recommended that the

notional amounts for institutions that

use SA–CCR should be based on the

contractual notional amount, i.e., the

notional amount as defined in U.S.

generally accepted accounting

principles, consistent with current

practice in Schedule HC–R. Institutions

report the notional amounts of over-the-

counter and centrally cleared derivative

contracts by remaining maturity in

Schedule HC–R, Part II, Memorandum

items 2 and 3. After considering this

comment, the Board will clarify the

instructions for Schedule HC–R, Part II,

Memorandum items 2 and 3, to indicate

that all institutions, including those that

use SA–CCR to calculate exposure

amounts, should report contractual

notional amounts. The Board also

clarified the reporting instructions to

Schedule HC–L that all notional

amounts should be based on U.S. GAAP

contractual notional amounts.

The commenter recommended that

the Board revise the FR Y–9C

instructions on reporting of notional

amounts in Schedule HC–L, Derivatives

and Off-Balance Sheet Items, and

Schedule HC–R, Part II, Risk-Weighted

Assets, for derivatives that have

matured, but have associated unsettled

receivables or payables that are reported

as assets or liabilities, respectively, on

the balance sheet as of the quarter-end

report date. In seeking clarification of

the reporting requirements for such

situations, the commenter

recommended not reporting the notional

amounts for derivatives that have

matured. The Board agrees and has

clarified the FR Y–9C, Schedule HC–L

and Schedule HC–R, instructions to

exclude reporting of the notional

amounts of derivatives that have

matured. The Board considered another

comment received on the Call Report

regarding clarification on whether the

client facing leg of a derivative cleared

through a central counterparty or a

qualified central counterparty should be

reported as an OTC or centrally cleared

derivative. The Board has clarified the

FR Y–9C instructions for HC–R, Part II,

items 20 and 21 to clarify that such

derivatives should be reported in HC–R,

Part II, item 20, as an over-the-counter

derivative.

Two Call Report commenters

addressed the reporting of the fair value

of collateral held against over-the-

counter (OTC) derivative exposures by

type of collateral and type of derivative

counterparty in Schedule RC–L, item

16.b, and questioned whether this

information is meaningful. One

commenter requested clarification of the

purpose for collecting this information

while the other recommended no longer

collecting this information. The data

items for reporting the fair value of

collateral are applicable to institutions

with total assets of $10 billion or more.

In general, the Board uses this

information collected on the FR Y–9C in

its oversight and supervision of holding

companies engaging in OTC derivative

activities. The breakdown of the fair

value of collateral posted for OTC

derivative exposures in Schedule HC–L,

item 15.b provides the Board with

important insights into the extent to

which collateral is used as part of the

credit risk management practices

associated with derivative credit

exposures to different types of

counterparties and changes over time in

the nature and extent of the collateral

protection.

Aside from the changes discussed

above, the Board has adopted the

proposed revisions to the FR Y–9C

relating to SA–CCR.

High Volatility Commercial Real Estate

(HVCRE)

The Board proposed to revise the FR

Y–9C instructions to implement changes

to the HVCRE exposure definition in

section 2 of the capital rule

conform to the statutory definition of an

HVCRE Acquisition, Development, or

Construction (ADC) loan (HVCRE final

rule).

The revisions align the capital

rule with section 214 of the EGRRCPA

to exclude from the definition of HVCRE

exposure credit facilities that finance

the acquisition, development, or

construction of one- to four-family

residential properties.

The HVCRE final rule also clarifies

the definition of HVCRE exposure in the

capital rule by adding a new paragraph

that provides that the exclusion for one-

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https://www.federalreserve.gov/reportforms/

supplemental/SI_FRY9_201903.pdf.

Holding companies report additional

information on open-end and closed-end loans

secured by 1–4 family residential properties in

certain other FR Y–9C schedules in accordance

with the loan category definitions in Schedule HC–

C, items 1.c.(1), 1.c.(2)(a), and 1.c.(2)(b).

to four-family residential properties

would not include credit facilities that

solely finance land development

activities, such as the laying of sewers,

water pipes, and similar improvements

to land, without any construction of

one- to four-family residential

structures. In order for a loan to be

eligible for this exclusion, the credit

facility is required to include financing

for construction of one- to four-family

residential structures.

The Board proposed to make

conforming revisions to the instructions

for Schedule HC–R, Part II, items 4.b

and 5.b in order to implement the

HVCRE final rule for all reporting HCs.

The Board received no comments on

these proposed revisions for HVCRE and

will implement them as proposed.

Operating Lease Liabilities

In February 2016, the FASB issued

ASU No. 2016–02, ‘‘Leases,’’ which

added Topic 842, Leases, to the

Accounting Standards Codification

(ASC). Once ASU 2016–02 is effective

for a holding company, the ASU’s

accounting requirements, as amended

by certain subsequent ASUs, supersede

ASC Topic 840, Leases.

The most significant change that ASC

Topic 842 makes to the previous lease

accounting requirements is to lessee

accounting. Under the lease accounting

standards in ASC Topic 840, lessees

recognize lease assets and lease

liabilities on the balance sheet for

capital leases, but do not recognize

operating leases on the balance sheet.

The lessee accounting model under

Topic 842 retains the distinction

between operating leases and capital

leases, which the new standard labels

finance leases. However, the new

standard requires lessees to record a

right-of-use (ROU) asset and a lease

liability on the balance sheet for

operating leases. (For finance leases, a

lessee’s lease asset also is designated an

ROU asset.) In general, the new standard

permits a lessee to make an accounting

policy election to exempt leases with a

term of one year or less at their

commencement date from on-balance

sheet recognition.

For HCs that are public business

entities, as defined under U.S. GAAP,

ASU 2016–02 is effective for fiscal years

beginning after December 15, 2018,

including interim reporting periods

within those fiscal years. For HCs that

are not public business entities, at

present, the new standard is effective for

fiscal years beginning after December

15, 2019, and interim reporting periods

within fiscal years beginning after

December 15, 2020. Early application of

the new standard is permitted for all

HCs.

The Board proposed to revise the FR

Y–9C instructions to implement changes

for operating leases to be reported as

other liabilities instead of other

borrowings for regulatory reporting

purposes. The proposed changes would

have better aligned the reporting of the

single noninterest expense item for

operating leases in the income statement

(which is the presentation required by

ASC Topic 842) with their balance sheet

classification.

The FR Y–9C Report Supplemental

Instructions for March 2019

stated

that a lessee should report lease

liabilities for operating leases and

finance leases, including lease liabilities

recorded upon adoption of the ASU, in

Schedule HC–M, item 14, ‘‘Other

borrowings,’’ which is consistent with

the current FR Y–9C instructions for

reporting a lessee’s obligations under

capital leases under ASC Topic 840. In

response to this instructional guidance,

the Board received questions from HCs

concerning the reporting of a bank

lessee’s lease liabilities for operating

leases. These HCs indicated that

reporting operating lease liabilities as

other liabilities instead of other

borrowings would better align the

reporting of the single noninterest

expense item for operating leases in the

income statement (which is the

presentation required by ASC Topic

842) with their balance sheet

classification and would be consistent

with how these HCs report operating

lease liabilities internally.

The Board agrees with the views

expressed by these HCs and proposed to

require that operating lease liabilities be

reported on the FR Y–9C balance sheet

in Schedule HC, item 20, ‘‘Other

liabilities.’’ In Schedule HC–G, Other

Liabilities, operating lease liabilities

would be reported in item 4, ‘‘Other’’

effective March 31, 2020. The Board

received no comments on these

proposed revisions for operating lease

liabilities and will implement them as

proposed.

Reporting Home Equity Lines of Credit

That Convert From Revolving to Non-

Revolving Status

Holding companies report the amount

outstanding under revolving, open-end

lines of credit secured by 1–4 family

residential properties (commonly

known as home equity lines of credit or

HELOCs) in item 1.c.(1) of Schedule

HC–C, Loans and Lease Financing

Receivables. The amounts of closed-end

loans secured by 1–4 family residential

properties are reported in Schedule HC–

C, item 1.c.(2)(a) or (b), depending on

whether the loan is a first or a junior

lien.

A HELOC is a line of credit secured

by a lien on a 1–4 family residential

property that generally provides a draw

period followed by a repayment period.

During the draw period, a borrower has

revolving access to unused amounts

under a specified line of credit. During

the repayment period, the borrower can

no longer draw on the line of credit, and

the outstanding principal is either due

immediately in a balloon payment or

repaid over the remaining loan term

through monthly payments. The FR Y–

9C instructions previously did not

address the reporting treatment for a

home equity line of credit when it

reaches its end-of-draw period and

converts from revolving to nonrevolving

status. This led to inconsistency in how

these credits were reported in Schedule

HC–C, items 1.c.(1), 1.c.(2)(a), and

1.c.(2)(b), and in other holding company

items that use the definitions of these

three loan categories.

To address this absence of

instructional guidance and promote

consistency in reporting, the Board

proposed to clarify the instructions for

reporting loans secured by 1–4 family

residential properties by specifying that

after a revolving open-end line of credit

has converted to non-revolving closed-

end status, the loan should be reported

as closed-end in Schedule HC–C, item

1.c.(2)(a) or (b), as appropriate.

The Board believes that it is important

to collect accurate data on loans secured

by 1–4 family residential properties in

the FR Y–9C report. Consistent

classification of HELOCs based on the

status of the draw period is particularly

important for the Board’s safety and

soundness monitoring. Due to the

structure of HELOCs discussed above,

borrowers generally are not required to

make principal repayments during the

draw period, which may create a

financial shock for borrowers when they

must make a balloon payment or begin

regular monthly repayments after the

draw period. Some HCs have reported

HELOCs past the draw period as

revolving, and this practice increases

the amounts outstanding, charge-offs,

recoveries, past dues, and nonaccruals

reported in the open-end category

relative to the amounts reported by HCs

that treat HELOCs past the draw period

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Accounting Standards Update No. 2019–04,

‘‘Codification Improvements to Topic 326,

Financial Instruments—Credit Losses, Topic 815,

Derivatives and Hedging, and Topic 825, Financial

Instruments,’’ issued in April 2019.

Capital Assessments and Stress Testing Report

(FR Y–14M), OMB Number 7100–0341.

as closed-end, which makes the data

less useful for analysis and safety and

soundness monitoring. In addition, in

Accounting Standards Update No.

2019–04,

the FASB amended ASC

Subtopic 326–20 on credit losses to

require that, when presenting credit

quality disclosures in notes to financial

statements prepared in accordance with

U.S. GAAP, an entity must separately

disclose line-of-credit arrangements that

are converted to term loans from line-of-

credit arrangements that remain in

revolving status. The Board determined

that there would be little or no impact

to the regulatory capital calculations or

other regulatory reporting requirements

as a result of this clarification.

Therefore, the Board proposed to clarify

the FR Y–9C instructions for Schedule

HC–C, items 1.c.(1), 1.c.(2)(a), and

1.c.(2)(b), to state that revolving open-

end lines of credit that have converted

to non-revolving closed-end status

should be reported as closed-end loans.

The effect of this clarification would

have extended to the instructions for

numerous data items elsewhere in the

FR Y–9C that reference the Schedule

HC–C, Part I, loan category definitions

for open-end and closed-end loans

secured by 1–4 family residential

properties and were identified in the

December 2019 notice.

In light of prior comments regarding

the time needed for any systems

changes, the Board proposed that

compliance with the clarified

instructions would not have been

required until the March 31, 2021,

report date. The Board’s December 2019

notice further proposed that institutions

not currently reporting in accordance

with the clarified instructions would

have been permitted, but not required,

to report in accordance with the

clarified instructions before that date.

Comments Received and Final

Reporting Revisions

The Board received a comment from

a bankers’ association requesting that

the Board ensure consistency across

regulatory reports by modifying the

proposed reporting of HELOCs in line

with comments on proposed Call Report

changes. In connection with the Call

Report proposal, three commenters

opposed the proposal to require that

HELOCs that have converted to non-

revolving closed-end status should be

reported as closed-end loans.

Commenters cited the numerous data

items in multiple Call Report schedules

that would be affected by this proposed

instructional clarification and the

reconfiguration of systems that would

need to be undertaken as well as a

definitional conflict between the Call

Report instructions as proposed for

clarification and the instructions for the

Board’s FR Y–14M report filed by

holding companies with total

consolidated assets of $100 billion or

more.

In addition, one commenter

stated that the proposed Call Report

instructional clarification may lead to

inconsistencies between the reporting of

HELOCs in open-end and closed-end

status in the Call Report and disclosures

of HELOCs made in filings with the

Securities and Exchange Commission

under the federal securities laws.

Another commenter cited differences in

the risk profiles of loans underwritten as

HELOCs and those underwritten as

closed-end loans at origination and

indicated that the proposed

instructional clarification could distort

performance trends for loans secured by

1–4 family residential properties as

HELOCs migrate between the open-end

and closed-end loan categories in the

Call Report. Two of the commenters

opposing the proposed instructional

clarification instead recommended the

creation of a memorandum item in the

Call Report loan schedule (Schedule

RC–C, Part I) to identify for supervisory

purposes the amount of HELOCs that

have converted to non-revolving closed-

end status. The other commenter

suggested segregating closed-end

HELOCs using a separate loan category

code, which may also imply separate

reporting and disclosure of such

HELOCs.

One Call Report commenter also

requested that the agencies clarify the

reporting treatment for ‘‘drawdowns of

a HELOC Flex product that contain

‘lock-out’ features,’’ which was

described as the borrower’s exercise of

an option to convert a draw on the line

of credit to ‘‘a fixed rate interest

structure with defined payments and

term.’’

After considering the comments

received on the FR Y–9C proposal and

the Call Report comments, the Board

will not implement the proposed

clarification to the instructions for

Schedule HC–C, Part I, items 1.c.(1),

1.c.(2)(a), and 1.c.(2)(b) that would have

resulted in revolving, open-end lines of

credit secured by 1–4 family residential

properties that have converted to non-

revolving closed-end status being

reported as closed-end loans. In light of

the guidance in the instructions for the

Board’s FR Y–14M report that directs

reporting entities to continue to report

HELOCs that are no longer revolving

credits in the Home Equity schedule,

the Board will adopt this treatment for

FR Y–9C purposes. However,

recognizing the existing diversity in

practice in which some institutions

report HELOCs that have converted

from revolving to non-revolving status

as closed-end loans in the FR Y–9C

while other institutions continue to

report such HELOCs as open-end loans,

the Board will instruct institutions to

report all HELOCs that convert to

closed-end status on or after January 1,

2021, as open-end loans in Schedule

HC–C, Part I, item 1.c.(1). A holding

company that currently reports HELOCs

that have converted to non-revolving

closed-end status as open-end loans in

Schedule HC–C, Part I, item 1.c.(1),

should not change its reporting practice

for these loans and should continue to

report these loans in item 1.c.(1)

regardless of their conversion date. A

holding company that currently reports

HELOCs that convert to non-revolving

closed-end status as closed-end loans in

Schedule HC–C, Part I, item 1.c.(2)(a) or

1.c.(2)(b), as appropriate, may continue

to report HELOCs that convert on or

before December 31, 2020, as closed-end

loans in FR Y–9C for report dates after

that date. Alternatively, the institution

may choose to begin reporting some or

all of these closed-end HELOCs as open-

end loans in item 1.c.(1) as of the March

31, 2020, or any subsequent report date,

provided this reporting treatment is

consistently applied. With respect to

HELOC Flex products, the proposed

reporting treatment described above

would mean that amounts drawn on a

HELOC during its draw period that a

borrower converts to a closed-end

amount before the end of this period

also should be reported as open-end

loans in Schedule HC–C, Part I, item

1.c.(1), subject to the transition guidance

above.

The Board also agrees with

commenter’s suggestion to create a

memorandum item in Schedule HC–C,

Part I, in which institutions would

report the amount of HELOCs that have

converted to non-revolving closed-end

status that are included in item 1.c.(1),

‘‘Revolving, open-end loans secured by

1–4 family residential properties and

extended under lines of credit.’’ This

new Memorandum item 15 in Schedule

HC–C, Part I, would enable the Board to

monitor the proportion of an

institution’s home equity credits in

revolving and non-revolving status and

changes therein and assess whether

changes in this proportion in relation to

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changes in past due and nonaccrual

home equity credits and charge-offs and

recoveries of such credits warrant

supervisory follow-up. To provide time

needed for any systems changes, the

Board will implement this new

memorandum item as of the March 31,

2021.

Timing

As stated in the December 2019

notice, the Board planned to make the

capital-related reporting changes

described above to be effective the same

quarters as the effective dates of the

various final capital rules discussed in

this notice. Thus, the reporting revisions

to the FR Y–9C, as applicable, will take

effect March 31, 2020, for the capital

simplifications rule and the community

bank leverage ratio rule. Non-advanced

approaches institutions may elect to

wait to adopt the capital simplifications

rule for reporting purposes until the

June 30, 2020, report date. The reporting

revisions to the FR Y–9C, as applicable,

will take effect June 30, 2020, for the

standardized approach for counterparty

credit risk on derivative contracts final

rule and the high volatility commercial

real estate exposures final rule.

However, the mandatory compliance

date for reporting in accordance with

the standardized approach for

counterparty credit risk final rule is the

March 31, 2022, report date.

In addition, the reporting of operating

lease liabilities as ‘‘All other liabilities’’

in FR Y–9C will take effect March 31,

2020, and the change in the reporting of

construction, land development, and

other land loans with interest reserves

in FR Y–9 Schedule HC–C, Part I, will

take effect March 31, 2021. The

requirement to continue reporting

HELOCs that convert to closed-end

status as open-end loans in Schedule

HC–C, Part I, will apply to those

HELOCs that convert on or after January

1, 2021, with pre-2021 conversions

subject to the transition guidance

described in Section II.I. above; new

Memorandum item 15 in Schedule HC–

C, for HELOCs in non-revolving closed-

end status that are reported as open-end

loans will take effect March 31, 2021.

The specific wording of the captions

for the new or revised FR Y–9C data

items discussed in this notice and the

numbering of these data items should be

regarded as preliminary, and may be

changed prior to the effective date of

these items.

Proposed Revisions to the FR Y–9CS

The Board proposed to revise the FR

Y–9CS to clarify that response to the

report is voluntary. No comments were

received during the comment period.

Board of Governors of the Federal Reserve

System, March 27, 2020.

Ann Misback,

Secretary of the Board.

[FR Doc. 2020–06753 Filed 3–31–20; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Notice of Proposals To Engage in or

To Acquire Companies Engaged in

Permissible Nonbanking Activities

The companies listed in this notice

have given notice under section 4 of the

Bank Holding Company Act (12 U.S.C.

1843) (BHC Act) and Regulation Y, (12

CFR part 225) to engage de novo, or to

acquire or control voting securities or

assets of a company, including the

companies listed below, that engages

either directly or through a subsidiary or

other company, in a nonbanking activity

that is listed in § 225.28 of Regulation Y

(12 CFR 225.28) or that the Board has

determined by Order to be closely

related to banking and permissible for

bank holding companies. Unless

otherwise noted, these activities will be

conducted throughout the United States.

Each application is available for

inspection at the Federal Reserve Bank

indicated. The application also will be

available for inspection at the offices of

the Board of Governors. Interested

persons may express their views in

writing on the question whether the

proposal complies with the standards of

section 4 of the BHC Act.

Unless otherwise noted, comments

regarding the applications must be

received at the Reserve Bank indicated

or the offices of the Board of Governors,

Ann E. Misback, Secretary of the Board,

20th Street and Constitution Avenue,

NW, Washington, DC 20551–0001, not

later than May 1, 2020.

A. Federal Reserve Bank of New York

(Ivan Hurwitz, Senior Vice President) 33

Liberty Street, New York, New York

10045–0001. Comments can also be sent

electronically to

Comments.applications@ny.frb.org:

1. Morgan Stanley, New York, New

York; to acquire E*TRADE Financial

Corporation, and thereby indirectly

acquire E*TRADE Bank and E*TRADE

Savings Bank, all of Arlington, Virginia,

and thereby operate savings

associations, pursuant to Section 4(c)(8)

of the BHC Act.

Board of Governors of the Federal Reserve

System, March 27, 2020.

Yao-Chin Chao,

Assistant Secretary of the Board.

[FR Doc. 2020–06814 Filed 3–31–20; 8:45 am]

BILLING CODE P

FEDERAL RESERVE SYSTEM

Privacy Act of 1974; System of

Records

AGENCY

: Board of Governors of the

Federal Reserve System.

ACTION

: Notice of a New System of

Records.

SUMMARY

: Pursuant to the provisions of

the Privacy Act of 1974, notice is given

that the Board of Governors of the

Federal Reserve System (Board)

proposes to establish a new system of

records, BGFRS–43, ‘‘FRB—Security

Sharing Platform.’’

DATES

: Comments must be received on

or before May 1, 2020. This new system

of records will become effective May 1,

2020, without further notice, unless

comments dictate otherwise.

The Office of Management and Budget

(OMB), which has oversight

responsibility under the Privacy Act,

requires a 30-day period prior to

publication in the Federal Register in

which to review the system and to

provide any comments to the agency.

The public is then given a 30-day period

in which to comment, in accordance

with 5 U.S.C. 552a(e)(4) and (11).

ADDRESSES

: You may submit comments,

identified by BGFRS–43 ‘‘FRB—Security

Sharing Platform,’’ by any of the

following methods:

•Agency Website: https://

www.federalreserve.gov. Follow the

instructions for submitting comments at

https://www.federalreserve.gov/apps/

foia/proposedregs.aspx.

•Email: regs.comments@

federalreserve.gov. Include SORN name

and number in the subject line of the

message.

•Fax: (202) 452–3819 or (202) 452–

3102.

•Mail: Ann E. Misback, Secretary,

Board of Governors of the Federal

Reserve System, 20th Street and

Constitution Avenue NW, Washington,

DC 20551.

All public comments will be made

available on the Board’s website at

https://www.federalreserve.gov/apps/

foia/proposedregs.aspx as submitted,

unless modified for technical reasons or

to remove sensitive personally

identifiable information. Public

comments may also be viewed

electronically or in paper in Room 146,

1709 New York Avenue NW,

Washington, DC 20006, between 9:00

a.m. and 5:00 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT

David B. Husband, Counsel, (202) 530–

6270, or david.b.husband@frb.gov; Legal

Division, Board of Governors of the

Federal Reserve System, 20th Street and

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Founded over 20 years ago, vLex provides a first-class and comprehensive service for lawyers, law firms, government departments, and law schools around the world.

Subscribers are able to see the revised versions of legislation with amendments.

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Over 100 Countries

Search over 120 million documents from over 100 countries including primary and secondary collections of legislation, case law, regulations, practical law, news, forms and contracts, books, journals, and more.
Thousands of Data Sources

Updated daily, vLex brings together legal information from over 750 publishing partners, providing access to over 2,500 legal and news sources from the world’s leading publishers.
Find What You Need, Quickly

Advanced A.I. technology developed exclusively by vLex editorially enriches legal information to make it accessible, with instant translation into 14 languages for enhanced discoverability and comparative research.
Over 2 million registered users

Founded over 20 years ago, vLex provides a first-class and comprehensive service for lawyers, law firms, government departments, and law schools around the world.

Subscribers are able to see any amendments made to the case.

You can sign up for a trial and make the most of our service including these benefits.

Request your trial

Why Sign-up to vLex?

Over 100 Countries

Search over 120 million documents from over 100 countries including primary and secondary collections of legislation, case law, regulations, practical law, news, forms and contracts, books, journals, and more.
Thousands of Data Sources

Updated daily, vLex brings together legal information from over 750 publishing partners, providing access to over 2,500 legal and news sources from the world’s leading publishers.
Find What You Need, Quickly

Advanced A.I. technology developed exclusively by vLex editorially enriches legal information to make it accessible, with instant translation into 14 languages for enhanced discoverability and comparative research.
Over 2 million registered users

Founded over 20 years ago, vLex provides a first-class and comprehensive service for lawyers, law firms, government departments, and law schools around the world.

Subscribers are able to see a visualisation of a case and its relationships to other cases. An alternative to lists of cases, the Precedent Map makes it easier to establish which ones may be of most relevance to your research and prioritise further reading. You also get a useful overview of how the case was received.

Request your trial

Why Sign-up to vLex?

Over 100 Countries

Search over 120 million documents from over 100 countries including primary and secondary collections of legislation, case law, regulations, practical law, news, forms and contracts, books, journals, and more.
Thousands of Data Sources

Updated daily, vLex brings together legal information from over 750 publishing partners, providing access to over 2,500 legal and news sources from the world’s leading publishers.
Find What You Need, Quickly

Advanced A.I. technology developed exclusively by vLex editorially enriches legal information to make it accessible, with instant translation into 14 languages for enhanced discoverability and comparative research.
Over 2 million registered users

Founded over 20 years ago, vLex provides a first-class and comprehensive service for lawyers, law firms, government departments, and law schools around the world.

Subscribers are able to see the list of results connected to your document through the topics and citations Vincent found.

You can sign up for a trial and make the most of our service including these benefits.

Request your trial

Why Sign-up to vLex?

Over 100 Countries

Search over 120 million documents from over 100 countries including primary and secondary collections of legislation, case law, regulations, practical law, news, forms and contracts, books, journals, and more.
Thousands of Data Sources

Updated daily, vLex brings together legal information from over 750 publishing partners, providing access to over 2,500 legal and news sources from the world’s leading publishers.
Find What You Need, Quickly

Advanced A.I. technology developed exclusively by vLex editorially enriches legal information to make it accessible, with instant translation into 14 languages for enhanced discoverability and comparative research.
Over 2 million registered users

Founded over 20 years ago, vLex provides a first-class and comprehensive service for lawyers, law firms, government departments, and law schools around the world.

Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users