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.
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Effective Date: December 31, 2019
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, Call Reports, FED
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