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
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7866