FED is inviting comments on two of its proposals to extend for three years, without revision, the Policy Impact Survey (FR 3075) and Supervisory and Regulatory Survey (FR 3052). FED uses the survey to collect information used for certain quantitative impact studies sponsored by financial stability bodies such as BCBS and FSB. Recent collections have included the Basel III monitoring exercise, global systemically important bank (G-SIB) exercise, and a survey of the domestic systemic risk footprint of large foreign banking organizations. Additionally, FR 3052 collects information from financial institutions tailored to the supervisory, regulatory, and operational responsibilities of FED. Comments must be submitted on or before July 26, 2021. FED is also adopting a proposal to extend for three years, with revision, the Financial Statements for Holding Companies (FR Y-9 reports).
On December 02, 2020, US Agencies (FDIC, FED, and OCC) published an interim final rule permitting certain banking organizations to use asset data as of December 31, 2019, to determine the applicability of various regulatory asset thresholds during calendar years 2020 and 2021. In connection with the interim final rule, FED temporarily revised the instructions for the FR Y-9C to provide similar temporary relief with regard to the reporting requirements. FED also requested public comment for 60 days on an extension for three years of these collections. Under the proposal, the proposed revisions to these information collections would have remained in effect through December 31, 2021, consistent with the length of the regulatory relief provided by the interim final rule.
FED did not receive any comments on the reporting form and has adopted the extension of the FR Y-9C for three years, with revision, as originally proposed, with one minor clarification. However, in response to the consultation, one respondent sought clarification of the total asset amounts reported and used in calculations related to certain qualifying criteria for the community bank leverage ratio (CBLR) framework. Consistent with the clarifications to the Consolidated Reports of Condition and Income (Call Reports), FED is clarifying the FR Y-9C instructions to reflect that a holding company should continue to use its total as reported in FR Y-9C Schedule HC, item 12, as of the current quarter-end report date when reporting other qualifying criteria for the CBLR framework.
Additionally, FED is adopting a proposal to extend for three years, without revision, the interagency guidance on managing compliance and reputation risks for reverse mortgage products (FR 4029). The reverse mortgage guidance discusses the reporting, recordkeeping, and disclosures required by federal laws and regulations and discusses consumer disclosures that financial institutions typically provide as a standard business practice. On February 17, 2021, FED had published an initial notice on the extension, without revision, of the FR 4029. The comment period for this notice expired on April 19, 2021 and FED did not receive any comments. Thus, FED will adopt the extension with revising the FR 4029, as originally proposed.
- Proposal on Policy Impact Survey
- Proposal on Supervisory and Regulatory Survey
- Notice on FR Y-9C
- Notice on FR 4029
Comment Due Date: July 26, 2021
Keywords: Americas, US, Banking, FR Y-9C, Reporting, Basel, Basel III Monitoring, Compliance Risk, Reputation Risk, Mortgage Lending, US Agencies
Previous ArticleESMA Proposes Technical Standards on Synthetic Securitizations
The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.
The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).
The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.
The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.
The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.
The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.
The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).