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

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425