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

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7311