These reports collect financial information for U.S. nonbank subsidiaries held by foreign banking organizations (FBOs) other than through a U.S. bank holding company or bank. The FR Y-7N consists of a balance sheet and income statement; information on changes in equity capital, changes in the allowance for loan and lease losses, off-balance-sheet items, and loans; and a memoranda section. The FR Y-7NS collects four financial data items for smaller, less complex subsidiaries.
Purpose: The Federal Reserve uses data from these reports to assess an FBO's ability to be a continuing source of strength to its U.S. operations and to determine compliance with U.S. laws and regulations. This information is not available from other sources.
Prior to December 2002, similar information was collected as part of the FR Y-7, Annual Report of FBOs, as part of the Nonbank Financial Information Summary. In December 2002, the reports were separated from the FR Y-7 and streamlined to collect information consistent with that filed by domestic organizations about their nonbank subsidiaries. Also, the thresholds for filing the reports were revised and consolidation of individual subsidiaries was no longer allowed. Finally, quarterly reporting for significant subsidiaries was implemented.
FBOs must file the FR Y-7N report quarterly for each nonbank subsidiary that has total assets of $1 billion or total off-balance-sheet activity of at least $5 billion. The FR Y-7N is filed annually for each individual nonbank subsidiary with total assets of $500 million and less than $1 billion. The FR Y-7NS report is filed annually by nonbank subsidiaries with assets of at least $250 million and less than $500 million. Participation is mandatory.
Quarterly or annually, as of close of business the last calendar day of the quarter, based on the thresholds described above.
With certain exceptions, microdata are considered public information and are available through the Board's Freedom of Information Office.