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 ArticleBCBS to Advance Work on Suptech, Climate Risk, and Basel Monitoring
Next ArticleBoE and PRA Revise Resolution Policy for Banks
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.