FED Revises Reporting Requirements Under Regulation QQ

FED had proposed to revise its original burden estimates based on a reassessment of the burden hours associated with responding to the informational requirements of Regulation QQ and to guidance, feedback, and additional requests for information by the agencies as part of the iterative resolution planning process. The increase in burden is mitigated by the postponement of the July 2018 submission date for the resolution plans of the complex domestic filers, which account for the largest percentage of overall burden hours.

FED received one comment on the proposal. The respondent recommended a number of potential changes to Regulation QQ; the changes were intended to enhance the quality of the information collected and to reduce the burden of the information collection requirements. FED is not adopting any of the recommended changes. Either a revision to the Regulation QQ of FED or a joint action with FDIC would be necessary to implement the recommended changes. However, FED will consider the recommended changes in due course, as it determines, in consultation with the FDIC, whether to conduct a joint rule making. 

Related Link: Federal Register Notice

Keywords: Americas, US, Reporting, Regulation QQ, Bank Regulation, Resolution Planning, FED