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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations plan rule. These commenters noted that the definition provided in the proposal was overly broad and could capture capital actions that may not be considered dividends from corporate law or accounting perspectives.
Additionally, they noted that the definition could have unforeseen consequences on intercompany agreements, including payments for intercompany services, tax sharing, and other purposes.
The Board is not at this time adopting a definition of dividends for the capital plan rule. The FR Y14A defines dividends by referencing the definition of dividend in the Glossary to the FR Y
9C instructions. That definition provides, among other things, that cash dividends are payments of cash to shareholders in proportion to the number of shares they own. Firms should continue to use this definition when reporting the FR Y14A.
The Board will continue to monitor firm behavior on the classification of capital actions and the timing of those actions over the capital plan projection horizon. Using this information, the Board will continue to consider whether a definition of dividends for the capital plan rule is required in order to provide comparable treatment to all firms subject to the requirements.

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G. Impact Analysis The regulatory reporting aspects of the final rule include additional compliance burden on firms subject to Category I through III standards, but a reduction in compliance burden on firms subject to Category IV standards.
Covered savings and loan holding companies have not been subject to supervisory stress testing requirements to date. One covered savings and loan holding company would become subject to the requirements based on third quarter 2020 data, and this firm is currently constrained by its leverage requirement. It is estimated that this firms stress capital buffer would need to be over 2.75 times the median of firms 2020 stress capital buffers for there to be an increase in its capital requirements.
II. Board Guidance on Capital Planning The Board has issued guidance related to sound capital planning practices that has been tailored based on the size, scope of operations, activities, and systemic importance of a firm. In the proposal, the Board requested comment on all aspects of its guidance on capital planning for firms of all sizes, consistent with its ongoing practice of reviewing its policies to ensure that they are having their intended effect. The
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Boards key capital planning guidance includes supervision and regulation SR letters, Federal Reserve Supervisory Assessment of Capital Planning and Positions for LISCC Firms and Large and Complex Firms SR 15
18,31 Federal Reserve Supervisory Assessment of Capital Planning and Positions for Large and Noncomplex Firms SR 1519,32 Applying Supervisory Guidance and Regulations on the Payment of Dividends, Stock Redemptions, and Stock Repurchases at Bank Holding Companies SR 094,33
and the Policy Statement on the Payment of Cash Dividends. 34 The Board also encouraged feedback on any other aspects of its guidance that relate to capital planning.
The Board received numerous comments on its capital planning guidance. The Board will address these comments separately.
III. Administrative Law Matters A. Paperwork Reduction Act Certain provisions of the final rule contain collections of information within the meaning of the Paperwork Reduction Act of 1995 PRA 44 U.S.C.
35013521. The Board may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget OMB control number. The Board reviewed the final rule under the authority delegated to the Board by OMB.
The proposed rule would have revised collection of information requirements subject to the PRA. The Board proposed to revise the FR Y14A/
Q/M, FR LL, and the FR YY to reflect the changes proposed in the proposed rule. The OMB control numbers are 71000341, 71000380, and 71000350, respectively. The Board received no 31 SR letter 1518, Federal Reserve Supervisory Assessment of Capital Planning and Positions for LISCC Firms and Large and Complex Firms, December 18, 2015. See https
www.federalreserve.gov/supervisionreg/srletters/
sr1518.htm.
32 SR letter 1519, Federal Reserve Supervisory Assessment of Capital Planning and Positions for Large and Noncomplex Firms, December 18, 2015.
See https www.federalreserve.gov/supervisionreg/
srletters/sr1519.htm.
33 SR letter 094, Applying Supervisory Guidance and Regulations on the Payment of Dividends, Stock Redemptions, and Stock Repurchases at Bank Holding Companies, February 24, 2009. See https
www.federalreserve.gov/boarddocs/srletters/2009/
SR0904.htm.
34 UNSOUND BANKING PRACTICESCash Dividends Not Fully Covered by Earnings, November 14, 1985. See https
www.federalreserve.gov/boarddocs/srletters/2009/
sr0904a2.pdf.

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comments regarding these proposed revisions under the PRA, and is adopting the revisions as proposed, with certain modifications to account for changes between the proposed rule and final rule.
Revisions, With Extension for Three Years, of the Following Information Collections:
1 Report title: Capital Assessments and Stress Testing Reports.
Agency form number: FR Y14A/Q/
M.
OMB control number: 71000341.
Frequency: Annually, quarterly, and monthly.
Respondents: These collections of information are applicable to bank holding companies BHCs, U.S.
intermediate holding companies IHCs, and covered savings and loan holding companies SLHCs 35 with $100 billion or more in total consolidated assets, as based on: i The average of the firms total consolidated assets in the four most recent quarters as reported quarterly on the firms Consolidated Financial Statements for Holding Companies FR Y9C; OMB No. 7100
0128; or ii if the firm has not filed an FR Y9C for each of the most recent four quarters, then the average of the firms total consolidated assets in the most recent consecutive quarters as reported quarterly on the firms FR Y9Cs.
Reporting is required as of the first day of the quarter immediately following the quarter in which the respondent meets this asset threshold, unless otherwise directed by the Board.
Estimated number of respondents: FR
Y14A/Q: 36; FR Y14M: 34.36
Estimated average hours per response:
FR Y14A: 1,250 hours; FR Y14Q:
2,143 hours; FR Y14M: 1,072 hours; FR
Y14 On-going Automation Revisions:
480 hours; FR Y14 Attestation Ongoing Attestation: 2,560 hours.
Estimated annual burden hours: FR
Y14A: 45,000 hours; FR Y14Q:
308,592 hours; FR Y14M: 437,376
hours; FR Y14 On-going Automation 35 Covered SLHCs are those which are not substantially engaged in insurance or commercial activities. For more information, see the definition of covered savings and loan holding company provided in 12 CFR 217.2 and 12 CFR 238.2ff.
Covered SLHCs with $100 billion or more in total consolidated assets became members of the FR Y
14Q and FR Y14M panels effective June 30, 2020, and will become members of the FR Y14A panel effective December 31, 2021. See 84 FR 59032
November 1, 2019.
36 The estimated number of respondents for the FR Y14M is lower than for the FR Y14Q and FR
Y14A because, in recent years, certain respondents to the FR Y14A and FR Y14Q have not met the materiality thresholds to report the FR Y14M due to their lack of mortgage and credit activities. The Board expects this situation to continue for the foreseeable future.

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