Featured Product

    FED Proposes to Revise and Extend FR Y-14 Reporting Forms for Banks

    FED issued a proposal to extend for three years, with revision, the Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M; OMB No. 7100-0341). Comments must be submitted on or before September 30, 2019. The collections of information are applicable to the top-tier bank holding companies with total consolidated assets of USD 100 billion or more as well as the U.S. intermediate holding companies that have consolidated assets of USD 50 billion or more and that are subsidiaries of foreign banking organizations. Additionally, FED has published draft forms and instructions, along with the draft OMB supporting statement, for FR Y-14A/Q/M.

    FED proposes to implement a number of changes to schedules of FR Y-14A, FR Y-14Q, and FR Y-14M reports. The proposed revisions consist of deleting or adding items, adding or expanding schedules or sub-schedules, and modifying or clarifying the instructions for existing data items, primarily on FR Y-14Q and FR Y-14M reports. FED is proposing most of the changes to reduce reporting burden for firms, clarify reporting instructions and requirements, address inconsistencies between the FR Y-14 reports and other regulatory reports, and to account for revised rules and accounting principles. A limited number of proposed revisions would modify the reporting requirements and add or expand sub-schedules to improve the availability and quality of data to enhance supervisory modeling and for use in the Dodd-Frank Act Stress Test (DFAST). FED proposes to implement the revisions with the FR Y-14 reports as of September 30, 2019. 

    Mos of the FED-proposed changes are intended to bring the reports in alignment with the current accounting standards, rules, and other regulatory reports. This includes modifications to the existing items and the addition of items in conformance with:

    • FASB Accounting Standards Update (ASU) 2016-01 on recognition and measurement of financial assets and financial liabilities
    • ASU 2017-12 on targeted improvements to accounting for hedging activities
    • Revisions made to the Consolidated Financial Statements for Holding Companies (FR Y-9C)
    • Changes to the regulatory capital rules
    • The Tax Cuts and Jobs Act 
    • The new U.S. London Interbank Offered Rate (LIBOR) alternative

    Many of the proposed revisions are intended to reduce inconsistent reporting due to ambiguous, contradictory, or unclear instructions. The proposal would also incorporate editorial or technical edits. FED is proposing revisions to more accurately capture the data needed for running the stress tests and in support of the DFAST and Comprehensive Capital Analysis and Review (CCAR) exercises. This includes the proposed elimination of certain items from the FR Y-14M that are no longer needed because they are available from alternative data sources or are not necessary for stress tests, DFAST, or CCAR. 

    Similarly, the proposal would incorporate and formalize on the FR Y-14 several collections FED collects from a limited number of firms directly in support of running the supervisory stress test. Given the ongoing use of these data in the supervisory stress test, FED is proposing to collect them on FR Y-14 reports on new or existing schedules to reduce operational challenges with data submission and processing and to improve data quality. Finally, FED is proposing modifications to how burden estimates are displayed and seeks further comment on burden estimates. The estimated total annual burden for the FR Y-14 is 858,384 hours. The proposed revisions would result in a net decrease in burden of 17,336 hours, for a total of 841,048 hours.

     

    Related Links

    Comment Due Date: September 30, 2019

    Keywords: Americas, US, Banking, Stress Testing, FR Y-14, Dodd-Frank Act, DFAST, CCAR, Reporting, Supporting Statement, FED

    Featured Experts
    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571