FED Publishes Notice on Temporary Approval of Revisions to FR Y-9C
FED has temporarily approved revisions to the mandatory Consolidated Financial Statements for Holding Companies (FR Y-9C) pursuant to the authority delegated to FED by the Office of Management and Budget (OMB). The temporary approval is valid until March 31, 2019. The revisions are applicable as of June 30, 2018. FED also published the OMB supporting statement for the FR Y-9 family of reports on financial statements for holding companies.
The Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act of May 24, 2018 amended various provisions of banking law to eliminate or reduce statutory and regulatory requirements for certain banking organizations. EGRRCP Act, among other things, provides that state member banks and other depository institutions may only be required to assign a heightened risk-weight to a high volatility commercial real estate (HVCRE) exposure if such exposure is an HVCRE acquisition, development, or construction Loan, as defined in section 214 of EGRRCP Act. Section 202 of EGRRCP Act also amended the statutory definition of brokered deposits. The current instructions for reporting HVCRE and brokered deposits in the FR Y-9C are inconsistent with these provisions of EGRRCP Act.
To avoid the regulatory burden associated with different definitions for HVCRE exposures and brokered deposits within a single organization, FED has amended the FR Y-9C instructions to permit bank holding companies, savings and loan holding companies, and intermediate holding companies of foreign banks to report HVCRE and brokered deposits on the FR Y-9C report in a manner consistent with their subsidiary depository institution(s). The FR Y-9 family of reporting forms continues to be the primary source of financial data on holding companies that examiners rely on between on-site inspections. Financial data from these reporting forms is used to detect emerging financial problems, review performance, conduct pre-inspection analysis, monitor and evaluate capital adequacy, evaluate holding company mergers and acquisitions, and analyze a holding company's overall financial condition to ensure the safety and soundness of its operations.
Related Links
Keywords: Americas, US, Banking, Accounting, Reporting, FR Y-9C, Dodd-Frank Act, HVCRE, Commercial Real Estate, EGRRCP Act, FED
Previous Article
GLEIF Publishes Report Examining Benefits of LEI Adoption in USRelated Insights
|
News
PRA Delays Final Direction on Reporting of Private SecuritizationsPRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.
January 15, 2019
WebPage
Regulatory News
|
|
News
BCBS Finalizes Market Risk Capital Framework and Work Program for 2019BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.
January 14, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: First Update for January 2019EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.
January 11, 2019
WebPage
Regulatory News
|
|
News
PRA Proposes to Amend Supervisory Statement on Credit Risk MitigationPRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.
January 10, 2019
WebPage
Regulatory News
|
|
News
FASB Issues Q&A on Estimating Credit Loss ReservesFASB issued a question-and-answer (Q&A) document that addresses particular issues related to the weighted average remaining maturity (WARM) method for estimating the allowance for credit losses.
January 10, 2019
WebPage
Regulatory News
|
|
News
FED Updates Reporting and Supplemental Instructions for Form FR Y-9CFED published the updated reporting instructions and supplemental instructions for the FR Y-9C reporting form. The reporting frequency for FR Y-9C is quarterly, as of the last calendar day of the quarter.
January 09, 2019
WebPage
Regulatory News
|
|
News
PRA Updates Policy on Liquidity Reporting Under FSA047/048 and PRA110PRA published the policy statement PS1/19 that provides feedback to responses to the consultation paper CP22/18 titled "Liquidity reporting: FSA047 and FSA048" and the proposal in CP16/18, which intended to correct the level of consolidation of the PRA110 reporting requirements.
January 08, 2019
WebPage
Regulatory News
|
|
News
FED Proposes to Amend Company-Run Stress Testing RequirementsFED proposed to modify company-run stress testing requirements to conform with the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
January 08, 2019
WebPage
Regulatory News
|
|
News
ESMA RTS on Supervisory Cooperation Under Securitization RegulationESMA issued the final regulatory technical standards (RTS) for cooperation between competent authorities and ESAs under the Securitization Regulation (2017/2402).
January 08, 2019
WebPage
Regulatory News
|
|
News
ESAs Publish Joint Report on Regulatory Sandboxes and Innovation HubsESAs published a joint report providing a comparative analysis of the innovation facilitators (that is, regulatory sandboxes and innovation hubs) established to date within the EU.
January 07, 2019
WebPage
Regulatory News
|
