US regulatory authorities issued a proposal on comment period extension on the supervisory framework for certain insurance organizations, a proposal to update policies and procedures governing administrative proceedings, and a proposal to extend the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102). Additionally, the Board of Governors of the Federal Reserve System (FED) updated reporting forms and instructions for single-counterparty credit limits (FR 2590) and for consolidated financial statements for holding companies (FR Y-9C).
Below are key details of the recent updates:
- FED announced that it will extend, until May 05, 2022, the comment period for its proposal to implement supervisory framework for depository institution holding companies that are significantly engaged in insurance activities or supervised insurance organizations. Originally, comments were due by April 05, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or a company that has over 25% of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and describe how examiners work with state insurance regulators.
- FED, the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) are proposing changes to the Uniform Rules of Practice and Procedure (Uniform Rules) to recognize the use of electronic communications in all aspects of administrative hearings and to otherwise increase the efficiency and fairness of administrative adjudications. FDIC, FED, and OCC are also proposing to modify their agency-specific rules of administrative practice and procedure. OCC proposes to integrate its Uniform Rules and Local Rules so that one set of rules applies to both national banks and Federal savings associations and to amend its rules on organization and functions to address service of process. Comments will be accepted for 60 days after publication in the Federal Register.
- FDIC, FED, and OCC are proposing to extend for three years, without revision, the FFIEC 102 form related to the market risk capital rule. Comments must be submitted on or before May 27, 2022. FFIEC 102 is filed quarterly with the agencies and provides information for market risk institutions, which are defined for this purpose as those institutions that are subject to the market risk capital rule as incorporated into Subpart F of the agencies' regulatory capital rules.
- The FR 2590 report collects general information about the covered company or covered foreign entity under the single-counterparty credit limits (SCCL) rule of FED. The FR Y-9C report collects basic financial data from a domestic bank holding company, a savings and loan holding company, a U.S intermediate holding company, and a securities holding company on a consolidated basis in the form of balance sheet, income statement, and detailed supporting schedules, including a schedule of off balance-sheet items.
- Press Release on Extension of Comment Period
- Federal Register Notice on Extension of Comment Period
- Press Release on Rules for Administrative Proceedings
- Proposed Rules for Administrative Proceedings (PDF)
- Federal Register Notice on Proposal on FFIEC 102
- FR 2590: Reporting Forms and Instructions
- FR Y-9C: Reporting Forms and Instructions
Keywords: Americas, US, Banking, Credit Risk, Regulatory Capital, Reporting, Supervisory and Regulatory Framework, Market Risk, FFIEC 102, Market Risk Capital Rule, SCCL, FR 2590, FR Y 9C, FED, OCC, FDIC, US Agencies
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 European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
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.