FED Proposes to Revise and Extend Form FR Y-9C
FED proposed to extend for three years, with revision, the mandatory financial statements for holding companies (FR Y-9 reports; OMB No. 7100-0128). The FR Y-9 information collection includes the reporting form FR Y-9C on the consolidated financial statements for holding companies. Comments must be submitted by November 25, 2019. The proposed revisions would be effective with the December 31, 2019 report date. FED also published drafts of form, instructions, and the OMB supporting statement for FR Y-9C.
FED has determined it no longer needs certain FR Y-9C items from financial institutions with less than USD 5 billion in total assets. FED proposes to reduce burden on these financial institutions by adding new and revised reporting thresholds, reducing the reporting frequency for certain items and schedules from quarterly to semiannually or annually, and combining certain items. These revisions would be consistent with the recent and proposed reporting changes to the Call Reports FFIEC 031, FFIEC 041, FFIEC 051 (OMB No. 7100-0036). The FR Y-9C consists of standardized financial statements similar to the Call Reports filed by commercial banks.
Additionally, the instructions to the FR Y-9C, FR Y-9LP, FR Y-9SP, and FR Y-9ES include recordkeeping provisions for respondent institutions. FED proposes to revise the FR Y-9 information collection to take account of these recordkeeping provisions. The FR Y-9 reports constitute the FED's primary source of financial data on holding companies.
Related Links
- Federal Register Notice
- Draft Form (PDF)
- Draft Instructions (PDF)
- Draft Supporting Statement (PDF)
- Reporting Form Updates
Comment Due Date: November 25, 2019
Effective Date: December 31, 2019 (FR Y-9C)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, Call Reports, FED
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