Featured Product

    FED Proposes to Revise and Extend FR Y-9 Reports

    October 08, 2020

    FED is proposing to extend for three years, with revision, the financial statements for holding companies (FR Y-9 reports) and the consolidated report of condition and income for Edge and Agreement Corporations (FR 2886b). Comments must be submitted by December 07, 2020. FED also published the draft forms for FR Y-9 reports, along with the draft supporting statement and instructions for FR Y-9 and FR 2889b reports. In addition, FED extended, to March 31, 2021, the temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions were originally set to expire on September 30, 2020 and are consistent with the series of actions FED announced to address the impact of COVID-19 pandemic.

    FED proposes to revise the instructions to the FR Y-9C and FR 2886b to clarify the treatment of savings deposits versus transaction accounts in light of a recent interim final rule that revised the definition of “savings deposit” in Regulation D. FED may consider further modifying the treatment of “savings deposits” and “transaction accounts” in the instructions for the FR Y-9C, after a review of the reported data. Any such changes would be proposed by FED through a separate Federal Register notice pursuant to the Paperwork Reduction Act. In addition, FED proposes to revise the FR Y-9C forms and instructions to be consistent with certain adopted or proposed changes to U.S. generally accepted accounting principles (GAAP) that relate to:

    • Provisions for credit losses on off-balance-sheet credit exposures
    • Expected recoveries of amounts previously charged-off and included in the allowances for credit losses
    • Nonaccrual treatment of purchased credit-deteriorated assets
    • Last-of-layer hedging

    The proposed revisions to FR Y-9C and FR 2886b reports are consistent with the recently approved revisions to the call reports (FFIEC 031, FFIEC 041, and FFIEC 051). These revisions, with two exceptions, would become effective for reports with a March 31, 2021 as-of date. Revisions associated with the last-of-layer hedge accounting change would be implemented following the FASB adoption of a final last-of-layer hedge accounting standard. Revisions associated with Regulation D would become effective for reports with a December 31, 2020 as-of date. 

     

    Related Links

    Comment Due Date: December 07, 2020

    Keywords: Americas, US, Banking, COVID-19, Reporting, Regulation D, CECL, US GAAP, FR Y-9C, FR 2886b, Call Reports, FED

    Featured Experts
    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004