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.
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
Next ArticleCBUAE Assesses Stability of Financial System in UAE
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.