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

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    ECB Publishes Eleventh Issue of the Macroprudential Bulletin

    ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Seeks Views on Review of Solvency II Regime for Insurers

    HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.

    October 19, 2020 WebPage Regulatory News
    News

    ESRB Responds to EC Consultation on Review of Solvency II

    ESRB responded to the EC consultation on review of Solvency II regime.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Consults on Phase II of Future Regulatory Framework Review

    HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.

    October 19, 2020 WebPage Regulatory News
    News

    EC Publishes Work Program for 2021

    EC adopted the work program for 2021.

    October 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5991