FED Issues Federal Register Notices on FR Y-9C and Regulation QQ

FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). Additionally, FED is eliminating the concept of extraordinary items on various reports, adding a new item to the FR Y-9SP report, and revising instructions to clarify the reporting of certain tax benefits on various reports. The changes would be effective for reports reflecting the March 31, 2018 reporting date. The changes include deletion of existing data items, addition of one data item, increase in one reporting threshold, addition of one new reporting threshold on the FR Y-9C for certain data items, elimination of extraordinary items, and revisions to certain data items.

Regulation QQ applies to bank holding companies with assets of USD 50 billion or more and nonbank financial firms that have been designated for FED supervision. These entities are required to annually report to FED and FDIC their plans for rapid and orderly resolution under the U.S. Bankruptcy Code, in the event of material financial distress or failure. FED proposes to revise its original burden estimates, with the burden increase being mitigated by postponement of the July 2018 submission date for resolution plans of the complex, domestic filers, which account for the largest percentage of overall burden hours. 

Related Links

• Federal Register Notice on FR Y-9C
• Federal Register Notice on Regulation QQ
• Supporting Statement for Regulation QQ (PDF)
• FR 2052a Update
• Reporting Form Updates

Comment Due Date: March 23, 2018 (Regulation QQ)

Keywords: Americas, US, Banking, Reporting, FR Y-9C, FR 2052a, Regulation QQ, FED