FED published the final Federal Register notice adopting a proposal to extend for three years, with revision, the FR Y-9C reporting form, among others; FR Y-9C refers to the Consolidated Financial Statements for Holding Companies. FED also posted an OMB supporting statement and an initial Federal Register notice inviting comments on a proposal to extend, with revision, the mandatory reporting requirements associated with Regulation QQ. Comments must be submitted by March 23, 2018. FED also updated the description page of the form for Complex Institution Liquidity Monitoring Report (FR 2052a). FR 2052a report collects quantitative information on selected assets, liabilities, funding activities, and contingent liabilities on a consolidated basis and by material entity subsidiary.
FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). Additionally, FED is eliminating the concept of extraordinary items on various reports, adding a new item to the FR Y-9SP report, and revising instructions to clarify the reporting of certain tax benefits on various reports. The changes would be effective for reports reflecting the March 31, 2018 reporting date. The changes include deletion of existing data items, addition of one data item, increase in one reporting threshold, addition of one new reporting threshold on the FR Y-9C for certain data items, elimination of extraordinary items, and revisions to certain data items.
Regulation QQ applies to bank holding companies with assets of USD 50 billion or more and nonbank financial firms that have been designated for FED supervision. These entities are required to annually report to FED and FDIC their plans for rapid and orderly resolution under the U.S. Bankruptcy Code, in the event of material financial distress or failure. FED proposes to revise its original burden estimates, with the burden increase being mitigated by postponement of the July 2018 submission date for resolution plans of the complex, domestic filers, which account for the largest percentage of overall burden hours.
- Federal Register Notice on FR Y-9C
- Federal Register Notice on Regulation QQ
- Supporting Statement for Regulation QQ (PDF)
- FR 2052a Update
- Reporting Form Updates
Comment Due Date: March 23, 2018 (Regulation QQ)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, FR 2052a, Regulation QQ, FED
Previous ArticleBCBS Paper on Implications of Fintech for Banks and Bank Supervisors
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.