Featured Product

    FED Supporting Statement for Reporting Requirements for Foreign Banks

    November 27, 2019

    FED published a supporting statement for the "Structure Reporting Requirements for Domestic and Foreign Banking Organizations. FED has extended for three years, with revision, the Structure Reporting Requirements for Domestic and Foreign Banking Organizations (OMB No. 7100-0297). This information collection comprises four reports: FR Y-6, FR Y-7, FR Y-10, and FR Y-10E. The revisions pertain to the FR Y-7 report, which is the Annual Report of Foreign Banking Organizations. FR Y-6 is the Annual Report of Holding Companies, FR Y-10 is the Report of Changes in Organizational Structure, and FR Y-10E is the (formless) Supplement to the Report of Changes in Organizational Structure.

    FED adopted a final rule that establishes risk-based categories for determining prudential standards for large U.S. banking organizations and foreign banking organizations, consistent with section 165 of Dodd-Frank Act. The final rule amends certain prudential standards, including standards relating to liquidity, risk management, stress testing, and single-counterparty credit limits, to reflect the risk profile of banking organizations under each category. The final rule applies prudential standards to certain large savings and loan holding companies using the same categories; makes corresponding changes to reporting forms; and makes additional modifications to the company-run stress test and supervisory stress test rules of FED, consistent with section 401 of Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. The final rule becomes effective from December 31, 2019.

    FED revised item 5 on the FR Y-7, with respect to Regulation YY on compliance for foreign banking organization, to align the reporting form with the applicability thresholds set forth in the final rule and other regulatory changes that are consistent with FED’s July 2018 statement concerning EGRRCP Act. The first as-of date for the amended FR Y-7 is the next report after the effective date of the final rule. There are no changes to the FR Y-6, FR Y-10, or FR Y-10E.

    FR Y-6 collects financial and organizational information from holding companies and foreign banking organizations that are non-qualifying. Covered financial institutions submit the FR Y-6 annually, no later than 90 calendar days after the end of the respondent’s fiscal year. FR Y-7 collects financial and organizational information from qualifying foreign banking organizations. Qualifying foreign banking organizations submit the FR Y-7 annually as of the end of the fiscal year and the data are due no later than four months after the report date. FR Y-10 is an event-generated report that captures changes in organizational structure or the regulated investments and activities of various entities. Covered financial institutions submit the data within 30 calendar days of a reportable transaction or event. FR Y-10E is a formless supplement to the FR Y-10 that FED may use to collect additional structural information on an emergency basis. 

     

    Related Links

    Keywords: Americas, US, Banking, Foreign Banks, Reporting, Stress Testing, Liquidity Risk, Dodd-Frank Act, EGRRCP Act, FED

    Featured Experts
    Related Articles
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    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.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    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.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    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.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    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.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    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.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    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.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    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.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116