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

By Regulatory News

January 24, 2018

Regulatory Reporting: US

FED published the final Federal Register notice adopting a proposal to extend for three years, with revision, the FR Y-9C reporting form, among others; FR Y-9C refers to the Consolidated Financial Statements for Holding Companies. FED also posted an OMB supporting statement and an initial Federal Register notice inviting comments on a proposal to extend, with revision, the mandatory reporting requirements associated with Regulation QQ. Comments must be submitted by March 23, 2018. FED also updated the description page of the form for Complex Institution Liquidity Monitoring Report (FR 2052a). FR 2052a report collects quantitative information on selected assets, liabilities, funding activities, and contingent liabilities on a consolidated basis and by material entity subsidiary.

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

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

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

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