Featured Product

    FED Extends and Revises Capital Assessment and Stress Testing Reports

    FED has adopted two proposals to extend for three years, with revision, the capital assessment and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341). FED published two Federal Register notices (on July 08, 2020 and September 17, 2020) that temporarily revised the FR Y-14 reports. The approved revisions include adopting most of the temporary revisions announced in the July 2020 notice. The temporary revisions will automatically expire following the March 31, 2021 as-of date. In addition, FED has adopted revisions related to the current expected credit losses (CECL) and capital data, as proposed in the July 08, 2020 notice, as well as revisions related to the FR Y-14 submission requirements in connection with a firm's resubmission of its capital plan, as in the September 17, 2020, notice. All revisions become effective beginning with the December 31, 2020 as-of date. In this context FED also updated forms, instructions, and question and answer (Q&A) document for FR Y-14A/Q/M.

    The temporary revisions, announced in the July 08, 2020 notice, captured data pertaining to certain aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, information on firm activity associated with various Federal Reserve lending facilities, and information regarding emerging risks arising from COVID-19 pandemic. In addition to a proposal to extend these temporary revisions, FED proposed revisions to the FR Y-14 reports intended to address questions related to the reporting of certain CECL and capital data. Two respondents recommended that FED  should only reauthorize specific temporary revisions to the extent those revisions are critical and should consider the resource constraints facing firms during the COVID-19 crisis when deciding whether to reauthorize any temporary revisions. Additional two respondents recommended that FED should provide reporting firms and the public with as much notice as possible, preferably at least three months, before requiring firms to continue to report any reauthorized revisions, to ease the reporting burden. To reduce reporting burden, temporary revisions associated with the FED lending facilities, which are set to expire at the end of December 2020, including the Main Street Lending Program, will only remain in place through the December 31, 2020 as-of date. All other temporary revisions will remain in place through the reports as of March 31, 2021.

    FED temporarily revised the FR Y-14Q instructions to indicate that in times of crisis, FED may temporarily request submissions of schedules more frequently than firms are generally required to submit the schedules. FED would provide firms with as much notice as possible, given the circumstances. The temporary revisions, which were announced in the September 17, 2020 notice, implemented changes necessary to collect information used to conduct additional analysis in connection with the resubmission of firms' capital plans, including consideration of the global market shock component, using data as of June 30, 2020. In addition to these temporary revisions, the notice proposed revisions to the FR Y-14 reports that would have allowed FED to require the submission of additional FR Y-14A and FR Y-14Q data in connection with a firm's resubmission of its capital plan. FED did not receive any comments on this notice.

     

    Related Links

    Keywords: Americas, US, Banking, COVID-19, Reporting, FR Y-14, Regulatory Capital, Stress Testing, Q&A, CARES Act, Credit Risk, CECL, Lending Facility, FED

    Featured Experts
    Related Articles
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868