Featured Product

    FED Proposes Revisions to FR Y-9 Reports

    September 08, 2021

    The Board of Governors of the Federal Reserve System (FED) proposed revisions and three-year extension of the FRY-9 reports on financial statements for holding companies (OMB Control Number 7100-0128). The proposed revisions relate to the standardized approach for counterparty credit risk (SA-CCR), brokered deposits, and contact information of Chief Executive Officers. The comment period for the proposed revisions ends on November 08, 2021. FED has also published the draft reporting forms, draft instructions, and draft supporting statement for the FR Y-9 reports, which include the FRY-9C report.

    FED proposed to revise the FR Y-9C forms and instructions by adding the new line item 31.b titled “Standardized Approach for Counterparty Credit Risk opt-in election.” FED is proposing to add this new item to identify holding companies that have chosen to either early adopt or voluntarily elect SA-CCR. Due to the inherent complexity of adopting SA-CCR, this identification is important for the non-advanced approaches institutions that choose to voluntarily adopt SA-CCR. A non-advanced approaches holding company that adopts SA-CCR would enter “1” for “Yes” in line item 31.b. All other non-advanced approaches holding companies would leave this item blank. If a non-advanced approaches holding company has elected to use SA-CCR, the holding company may change its election only with the prior approval of FED. An advanced approaches holding company that elects to early adopt SA-CCR prior to the January 01, 2022 mandatory compliance date would enter “1” for “Yes” in line item 31.b. After January 01, 2022, an advanced approaches holding company would leave this item blank.

    This proposed reporting change would take effect starting with the FR Y-9C report from the December 31, 2021 reference date. This item would no longer be applicable to the advanced approaches holding companies starting with the March 31, 2022 report date. In the context of this revision, no material change in burden is estimated for the FR Y-9C report. In addition, FED proposes to revise the FR Y-9C Glossary entries on “Brokered Deposits” and “Brokered Retail Deposits” to clarify the term “deposit broker” consistent with recent changes to Federal Deposit Insurance Corporation (FDIC) regulations. FED is, however, not proposing to revise the FR Y-9C form or instructions with respect to brokered deposits. Finally, FED proposes to revise reports and instructions for the FR Y-9C and FR Y-9SP forms to collect the name, phone number, and e-mail address of the Chief Executive Officer of holding company.


    Related Links

    Comment Due Date: November 08, 2021

    Keywords: Americas, US, Banking, Reporting, FR Y-9C, SA CCR, Credit Risk, Standardized Approach, Brokered Deposits, Governance, FDIC, FED

    Featured Experts
    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267