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September 15, 2017

FED published the Federal Register notice deferring the proposed implementation date for FR Y-9, FR Y-7N, FR 2886b, FR Y-11, and FR 2314, on which comments must be submitted by September 18, 2017. FED has changed the implementation date for reporting the proposed revisions from September 30, 2017 to March 31, 2018. The proposed collection of information is amended effective September 11, 2017.

These reporting forms are Consolidated Financial Statements for Holding Companies (FR Y-9C), the Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP), the Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP), Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N), Consolidated Report of Condition and Income for Edge and Agreement Corporations (FR 2886b), Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11), and Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314). FED believes that making the proposed changes effective with the reports reflecting the March 31, 2018 report date, which are submitted on or after April 01, 2018, would give institutions ample notice to prepare for the revisions and would minimize burden by allowing institutions to prepare their systems once for these proposed changes and any future burden reducing changes targeted for that report date. FED also believes that notifying the public of this deferral prior to the end of the comment period would minimize the burden on institutions associated with system changes and other processes necessary to implement the reporting changes.

 

Related Link: Federal Register Notice (PDF)

Comment Due Date: September 18, 2017

Keywords: Americas, United States of America, Accounting, Banking, Reporting, FED

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