Featured Product

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    July 08, 2020

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic. The temporary revisions are applicable to reports beginning with the July 31, 2020 or September 30, 2020 as-of date. The revised reports would collect data on certain aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, on firm activity associated with various FED lending facilities, and on emerging risks arising from the COVID-19 pandemic. Additionally, FED invites comments on a proposal to extend for three years, with revision, the FR Y-14A/Q/M reports to address questions related to the reporting of certain current expected credit losses (CECL) and capital data, which would be applicable to reports beginning with the December 31, 2020 as-of date. Comments must be submitted on or before September 08, 2020. FED has published draft supporting statement and reporting forms and instructions for FR Y-14A/Q/M.

    FED has temporarily revised the FR Y-14A/Q/M reports to

    • Collect data pertaining to certain aspects of CARES Act
    • Collect information on firm activity associated with the Paycheck Protection Program (PPP) and FED lending facilities, such as the Main Street Lending Program, that have been established to support markets and the broader economy during the COVID-19 pandemic
    • Change the submission frequency of FR Y-14Q, Schedule H (Wholesale)
    • Make other revisions, to better understand the evolving effects of the COVID-19 pandemic on bank positions and the broader economy

    The revised submission frequency of FR Y-14Q, Schedule H (Wholesale) is effective beginning with the report as of July 31, 2020. All other FR Y-14Q and FR Y-14M temporary revisions are effective beginning with reports as of September 30, 2020. The FR Y-14Q instructions specify that attestations are not required for non-quarter-end submissions or for new items temporarily added as part of this notice. These temporary revisions expire six months after the date of publication of this notice in the Federal Register, unless extended by FED. Data associated with these temporary revisions are only required to be submitted up to and including data as of December 31, 2020—firms are not required to continue to submit data associated with these temporary revisions for any as-of dates in 2021 without explicit re-authorization from FED. 

    In addition, in response to various questions received from industry following the publication (in March 2020) of the interim final rule to change the CECL transition provisions, FED is proposing to revise the FR Y-14A to allow firms to accurately reflect in their reporting the greater flexibility on CECL implementation afforded in the interim final rule and to make minor revisions and clarifications to several capital items on the FR Y-14A and FR Y-14Q reports. 

     

    Related Links

    Comment Due Date: September 08, 2020

     Keywords: Americas, US, Banking, COVID-19, Paycheck Protection Program, Reporting, CARES Act, Credit Risk, FR Y-14, CECL, Regulatory Capital, Stress Testing, FED

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201