FED updated the reporting form and supplemental instructions for the information collection on consolidated financial statements for holding companies (FR Y-9C). FED has temporarily revised the FR Y-9C report to implement changes arising from the interim final rules published from March through June 2020, in response to COVID-19 pandemic; these rules revise certain aspects of the regulatory capital rule and amend the Regulation D of FED on reserve requirements. The changes to FR Y-9C report also arise from Section 4013 of the CARES Act. The reporting changes either took effect as of March 31, 2020 or take effect from June 30, 2020.
Revisions to the FR Y-9C report include the following:
- Updates to instructions for the calculation of certain amounts reported on Schedule HC-R, Regulatory Capital, to implement the interim final rules related to the regulatory capital rule.
- Addition of new items on the FR Y-9C report Schedule HC-C, Part I, Loans and Leases, and Schedule HC-M, Memoranda, to collect data on eligible loan modifications under Section 4013 of the CARES Act and on Small Business Administration (SBA) Paycheck Protection Program (PPP) loans under the PPP Liquidity Facility (PPPLF) (FED expects the collection of these new items to be time-limited.)
- Revisions to the definitions of certain deposits reported on the FR Y-9C report Schedule HC-E, Deposit Liabilities, in response to interim final rule amending Regulation D of FED
The FR Y-9C report instruction book will be updated to incorporate relevant information from the supplemental instructions after FED has completed the standard Paperwork Reduction Act process for these FR Y-9C report revisions.
Keywords: Americas, US, Baking, COVID-19, Paycheck Protection Program, Reporting, CARES Act, PPPLF, FR Y-9C, Liquidity Facility, Credit Risk, Liquidity Capital, Regulatory Capital, Basel, FED
Previous ArticleESAs Respond to EC Proposal on Renewed Sustainable Finance Strategy
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).
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.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
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.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
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.
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.
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.
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.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.