FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128). The form has been revised to collect four new data items related to the Paycheck Protection Payment (PPP) loans and the Paycheck Protection Program Liquidity Facility (PPPLF). The form has also been revised to collect two new items related to Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Section 4013 of the CARES Act allows holding companies the flexibility to modify loans related to the COVID-19 pandemic. Additionally, FED invites comments on a proposal to extend the FR Y-9 family of reports for three years, with these revisions to the FR Y-9C. Comments must be submitted on or before 60 days after publication in the Federal Register. FED published a draft reporting form for FR Y-9C and a draft supporting statement for FR Y-9 reports.
The temporary revisions to FR Y-9C include the following:
- New Data Items related to the PPP loans and PPPLF—Starting with the June 30, 2020 reporting period, a holding company will be required to report the total number of PPP loans outstanding and the outstanding balance of PPP loans. A holding company will also be required to report the outstanding balance of PPP loans pledged to the liquidity facility of FED and the quarterly average amount of PPP loans pledged to the liquidity facility and excluded from average total assets in the calculation of the leverage ratio. These items have been added to Schedule HC-M, as items 25.a, 25.b, 25.c, and 25.d, and would enable supervisory staff to monitor credit and liquidity risk, aggregate industry trends, and individual institutions’ use of the PPPLF. Therefore, FED temporarily approved the addition of four new data items to collect this information, with the collection of these items expected to be time-limited.
- New Data Items related to Section 4013 of the CARES Act—Consistent with section 4013(d)(2) of the CARES Act, FED has added two new data items for section 4013 loans to the FR Y-9C. These would be collected quarterly beginning with the June 30, 2020, report date. These new items, Memorandum item 16.a, “Number of Section 4013 loans outstanding,” and Memorandum item 16.b, “Outstanding balance of Section 4013 loans,” have been added to Schedule HC-C, Part I, Loans and Leases. These items would enable supervisory staff to monitor credit risk, aggregate industry trends, and individual institutions’ use of the temporary relief provided by section 4013. FED will collect institution-level section 4013 loan information on a confidential basis.
FED would collect these items through the December 31, 2021, as-of date. If FED subsequently determines that there is a supervisory need for this information beyond December 31, 2021, an extension of these items would be published for comment in a separate Federal Register notice.
- Notice (PDF)
- Draft Reporting Form for FR Y-9C (PDF)
- Supporting Statement for FR Y-9 Reports (PDF)
- Reporting Form Updates
Comment Due Date: FR+60 days
Keywords: Americas, US, Banking, COVID-19, Paycheck Protection Program, Reporting, CARES Act, PPPLF, FR Y-9C, Liquidity Facility, Credit Risk, Liquidity Risk, FED
Previous ArticleEC Launches Consultation on Review of Solvency II Directive
HKMA has published a circular that sets out the regulatory and reporting treatment for loans that participating authorized institutions may grant to eligible borrowers under the 100% Personal Loan Guarantee Scheme.
ECB published the results of the assessment of internal models that banks use to calculate risk-weighted assets for credit, market, and counterparty credit risks.
PRA published a statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, or MGS.
FCA is consulting, via CP21/7, on the second phase of proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR).
HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK.
EIOPA published an opinion to set out its expectations on the supervision of the integration of climate change risk scenarios by insurers in their Own Risk and Solvency Assessment (ORSA).
Bundesbank published two circulars on AnaCredit reporting requirements. Circular 27/2021 covers changes to the reporting of branches, additional attributes to be reported for investment funds from August 01, 2021, and updates to the list of international organizations.
EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL).
BCBS has set out the strategic work priorities, as part of its the work program for 2021-22.
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.