FED Proposes to Revise Annual, Quarterly, and Monthly FR Y-14 Forms

In December 2017, FED approved modifications to the FR Y-14 series of reports. The proposal modified the FR Y-14Q, Schedule L (Counterparty) effective as of the March 31, 2018 report date. The changes included simplifying the ranking methodology required for reporting positions and combining the previously separate collections of counterparties as ranked by derivatives and securities financing transactions, respectively. Following the finalization and adoption of these proposed changes, FED became aware of unintended omissions from the report forms and instructions for the FR Y-14Q. The omitted items required respondents to report their total stressed net current exposure under the two supervisory stressed scenarios. To rectify the unintended changes, FED is proposing to revise sub-schedule L.5 (Derivatives and SFT Profile) on the FR Y-14Q by adding the mistakenly omitted items. This modification would allow continued operationalization of supervisory modeling and would provide for total stressed net current exposure reporting under the two supervisory stressed scenarios. These changes would result in a corresponding change in the instructions also.

The estimated number of respondents is 36 and the respondent panel consists of any top-tier bank holding company that has USD 100 billion or more in consolidated assets, as determined based on: (i) the average of the firm's total consolidated assets in the four most recent quarters as reported quarterly on the firm's FR Y-9C; or (ii) the average of the firm's total consolidated assets in the most recent consecutive quarters as reported quarterly on the firm's FR Y-9Cs, if the firm has not filed an FR Y-9C for each of the most recent four quarters. The respondent panel also consists of any U.S. intermediate holding company. Reporting is required as of the first day of the quarter immediately following the quarter in which the respondent meets this asset threshold, unless otherwise directed by FED.

Related Link: Proposed Rule in Federal Register

Comment Due Date: October 09, 2018

Keywords: Americas, US, Banking, Reporting, Stress Testing, FR Y-14, FED