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    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. 

     

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    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

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