The FR Y-7 is an annual report of foreign banking organizations (FBOs) that have a U.S. banking presence. The report collects financial statements, organizational structure information, shares and shareholder information, and data on the eligibility to be a qualified FBO as defined in Regulation K.
Purpose: The Federal Reserve uses this information to assess the FBO's ability to be a continuing source of strength to its U.S. banking operations and to determine compliance with U.S. laws and regulations.
The Federal Reserve implemented the FR Y-7 in 1956 and since then has revised the report several times to improve its usefulness as a supervisory tool. In 2002, the FR Y-7 was revised to conform to changes in regulations, facilitate the use of the data collected, to reduce burden on reporters, and to lower system costs.
The panel consists of all FBOs that are organized under the laws of a foreign country and that are engaged in the business of banking in the United States through subsidiary banks, Edge or agreement corporations, subsidiary commercial lending companies, or their own branches or agencies. These are mandatory reports.
Annually, as of the end of the FBO's fiscal year. The reports are due no later than four months after the as-of date.
Respondents may request confidential treatment for certain information; nonconfidential data are available to the public upon request. Data from the FR Y-7 are not published.