Federal Reserve Approves Changes to FR Y-6

Earlier in 2007, the Federal Reserve approved changes to The Annual Report of Bank Holding Companies (FR Y-6), which became effective December 31, 2007. The report is due to the appropriate Federal Reserve Bank no later than 5:00 p.m., no later than 90 calendar days after the top-tier bank holding company’s fiscal year end, which for most institutions will be Monday, March 31, 2008.

The following is a summary of the modifications for the FR Y-6:

• The cover page questions regarding SEC registration and confidential treatment have been separated for additional clarity.

• A new annual requirement is added to Report Item 2: Organization Chart, Item 2b. Domestic Branch Listing, to verify a list of domestic branches for each depository institution, Edge Act corporation and agreement corporation in the organization, effective December 31, 2007.

• The list of domestic branches includes those of depository institutions and of Edge Act and agreement corporations held directly or indirectly by the respondent.

• The Federal Reserve provides a website, http://y6branchlist.federalreserve.gov, for respondents to download branch information in spreadsheet format for review, verification and, if necessary, correction. It is important to note that a branch verification spreadsheet must accompany each FR Y-6 filing, even if no changes need to be reported.

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Federal Reserve Approves Changes to FR Y-10

In 2007, the Federal Reserve Board approved changes to The Report of Changes in Organizational Structure (FR Y-10), which will become effective April 30, 2008. The FR Y-10 is an event-generated report due within thirty calendar days of changes to the worldwide organizational structure of bank holding companies (BHCs), member banks, Edge and agreement corporations, and to the U.S. operations of foreign banking organizations.

The following is a summary of the modifications that will take effect April 30, 2008:

 • A new schedule will be added to collect information on domestic branches and offices of depository institutions held directly or indirectly and domestic branches of Edge Act and agreement corporations.

• BHCs will be required to provide data for any domestic branch events or changes described below occurring between January 1, 2008 and April 30, 2008, by May 30, 2008. Following April 30, 2008, branch data will be collected on an event-generated basis, parallel to the other schedules on the FR Y-10, within thirty calendar days.

• Following April 30, 2008, BHCs will be required to provide data by “event type” and “service type”. “Event types” include branch openings, acquisitions, purchases, sales, closings, relocations or changes to service type or popular name and deletions of erroneously reported branches or offices. “Service types” include full service branches, limited service branches, trust offices and electronic banking facilities.

• Respondents also will be required to provide the name and location of the head office of the domestic branch.

• For event types of sales and purchases of branches, the name and location of the other domestic depository institution involved in the transaction, as well as the number of branches sold or purchased, are required.