US Agencies Submit Reporting Form FFIEC 016 to OMB for Review
The US Agencies (FDIC, FED, and OCC) are submitting the form FFIEC 016, as originally proposed, to OMB for review. Subject to OMB approval, the proposed FFIEC 016 would take effect for the stress test report due on July 31, 2018. Comments close on March 26, 2018.
US Agencies, on October 06, 2017, under the auspices of FFIEC, had requested public comment for 60 days on the implementation of the proposed FFIEC 016, which is the Annual Dodd-Frank Act Company-Run Stress Test Report for Depository Institutions and Holding Companies with USD 10 to USD 50 Billion in Total Consolidated Assets. The comment period for the proposal had expired on December 05, 2017 and the agencies did not receive any comments.
The proposed FFIEC 016 would combine the agencies' three separate, yet identical, stress test reporting forms, which are currently approved collections of information, into a single new FFIEC report. The US Agencies proposed FFIEC 016 to replace the forms DFAST 10-50 of FDIC, FR Y-16 of FED, and DFAST 10-50B of OCC. As part of their proposed adoption of the new FFIEC 016 report, the agencies are proposing to implement a limited number of revisions that would align the report with recent changes to the FFIEC 031 and FFIEC 041 Call Reports and FR Y-9C of the FED. In addition, the agencies are proposing to have institutions provide their Legal Entity Identifier (LEI) on the reporting form, if they already have one. The proposed FFIEC 016 reporting requirements reflect the company-run stress testing requirements promulgated by the Dodd-Frank Act (as reflected in the agencies' current information collections).
Related Link: Federal Register Notice
Comment Due Date: March 26, 2018
Keywords: Americas, US, Banking, FR Y-16, Stress Testing, Reporting, US Agencies
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