Featured Product

    FED Extends Information Collections Under BHC and Federal Reserve Acts

    February 04, 2020

    FED published a Federal Register notice adopting a proposal to extend for three years, without revision, certain reporting and recordkeeping requirements, including the notification of failure by banks to meet the certain prescribed capital or management requirements, also known as FR 4012.

    FED published, on October 18, 2019, a notice requesting public comment on the extension, without revision, of the filings related to GLB Act information collection. The comment period for this notice expired on December 17, 2019. FED did not receive any comments. The GLB Act amendments to the Bank Holding Company Act and the Federal Reserve Act allow a bank holding company that elects to become a financial holding company and a savings and loan holding company or foreign banking organization that elects to be treated as a financial holding company, to engage in a broad range of otherwise impermissible financial activities, including securities underwriting, insurance sales and underwriting, and merchant banking. The particular reporting and recordkeeping requirements being extended for three years via this Federal Register notice are:

    • Declarations to Become a Financial Holding Company (FR 4010)
    • Requests for Determinations and Interpretations Regarding Activities Financial in Nature (FR 4011)
    • Notices of Failure to Meet Capital or Management Requirements (FR 4012)
    • Notices by State Member Banks to Invest in Financial Subsidiaries (FR 4017)
    • Regulatory Relief Requests Associated with Merchant Banking Activities (FR 4019)
    • Recordkeeping Requirements Associated with Merchant Banking Activities (FR 4023)

    Both the GLB Act and the implementing regulations of FED impose certain reporting and recordkeeping requirements associated with operating as a financial holding company. The Bank Holding Company Act provides that a company is eligible for financial holding company status only if it and all of its subsidiary depository institutions are well-managed and well-capitalized. Regulations Y and LL of FED require a financial holding company that falls out of compliance with these requirements to notify FED of its non-compliance. Regulation Y provides that the FR 4012 notice must identify the non-compliant banking entity and the area of non-compliance. Regulation Y does not prescribe a format for such notices. A financial holding company must file an FR 4012 notice within 15 calendar days of becoming aware of failure to meet capital or management requirements. A request for an extension of the 45-day period in which the financial holding company must execute an agreement acceptable to FED must include an explanation of why an extension is necessary. 


    Related Links 

    Keywords: Americas, US, Banking, FR 4012, Regulation Y, BHC Act, Information Collection, Regulation II, Capital Requirements, Financial Holding Companies, Federal Reserve Act, FED

    Featured Experts
    Related Articles

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8798