FED Proposes to Revise and Extend FR Y-9 Reports

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

• Federal Register Notice
• Draft Supporting Statement (PDF)
• Data Collections Page
• Reporting Form Updates
• Press Release on Extension of Temporary Actions

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