FED Revises and Extends for Three Years Reporting Form FR Y-9C
FED is adopting the proposal to revise and extend for three years 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. The revisions are applicable as of December 31, 2019.
FED had published, on September 26, 2019, an initial notice requesting public comment on the revision and extension of the FR Y-9 reports. The comment period for this notice expired on November 25, 2019. FED did not receive any comments. The revisions will be implemented as proposed. In its proposal, FED stated that it no longer needs certain FR Y-9C items from financial institutions with less than USD 5 billion in total assets. FED had proposed 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, and FFIEC 051 (OMB No. 7100-0036). The FR Y-9C form consists of standardized financial statements similar to the Call Reports filed by commercial banks. Instructions to the FR Y-9C, FR Y-9LP, FR Y-9SP, and FR Y-9ES include recordkeeping provisions for respondent institutions. FED proposed to revise the FR Y-9 information collection to take account of these recordkeeping provisions. The FR Y-9 reports constitute, for FED, the primary source of financial data on holding companies.
Related Links
Effective Date: December 31, 2019
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, Call Reports, FED
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
OCC Publishes Mortgage Metrics Report for Third Quarter of 2019Related Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.
