FED Proposes to Revise and Extend Form FR Y-9C for Three Years
FED proposed to extend for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C, which refers to the Consolidated Financial Statements for Holding Companies. Comments must be submitted on or before June 29, 2018. The proposed revisions would be effective beginning with the reports reflecting the June 30, 2018 report date. FED also published draft form and instructions for FR Y-9C.
FED is proposing a number of revisions to the FR Y-9C requirements, most of which are consistent with the proposed changes to the FFIEC 031, FFIEC 041, and FFIEC 051 Call Reports. The proposed revisions to FR Y-9C include deletion of certain data items, consolidation of existing data items into new data items, and addition of new, or raising existing, reporting thresholds for certain data items to reduce reporting burden. The proposed changes resulted from an extensive analysis of the uses of Call Report data, which is generally aggregated on the FR Y-9C report, to include a series of nine surveys conducted over a 19-month period that began in mid-July 2015 and ended in mid-February 2017. Based on the user survey results, FED identified data items to be considered for removal and new, or revised, reporting thresholds to reduce burden. FED believes that consistent changes should be made to the FR Y-9C to ensure that burden reductions are fully realized.
Related Links
- Federal Register Notice
- Draft Form FR Y-9C (PDF)
- Draft Instructions for FR Y-9C (PDF)
- Reporting Form Updates
Comment Due Date: June 29, 2018
Effective Date: June 30, 2018
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd Frank Act, FED
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