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.
Effective Date: December 31, 2019
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, Call Reports, FED
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous ArticleAPRA Finalizes Measures to Strengthen Superannuation Member Outcomes
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.