Featured Product

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    July 08, 2020

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic. The temporary revisions are applicable to reports beginning with the July 31, 2020 or September 30, 2020 as-of date. The revised reports would collect data on certain aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, on firm activity associated with various FED lending facilities, and on emerging risks arising from the COVID-19 pandemic. Additionally, FED invites comments on a proposal to extend for three years, with revision, the FR Y-14A/Q/M reports to address questions related to the reporting of certain current expected credit losses (CECL) and capital data, which would be applicable to reports beginning with the December 31, 2020 as-of date. Comments must be submitted on or before September 08, 2020. FED has published draft supporting statement and reporting forms and instructions for FR Y-14A/Q/M.

    FED has temporarily revised the FR Y-14A/Q/M reports to

    • Collect data pertaining to certain aspects of CARES Act
    • Collect information on firm activity associated with the Paycheck Protection Program (PPP) and FED lending facilities, such as the Main Street Lending Program, that have been established to support markets and the broader economy during the COVID-19 pandemic
    • Change the submission frequency of FR Y-14Q, Schedule H (Wholesale)
    • Make other revisions, to better understand the evolving effects of the COVID-19 pandemic on bank positions and the broader economy

    The revised submission frequency of FR Y-14Q, Schedule H (Wholesale) is effective beginning with the report as of July 31, 2020. All other FR Y-14Q and FR Y-14M temporary revisions are effective beginning with reports as of September 30, 2020. The FR Y-14Q instructions specify that attestations are not required for non-quarter-end submissions or for new items temporarily added as part of this notice. These temporary revisions expire six months after the date of publication of this notice in the Federal Register, unless extended by FED. Data associated with these temporary revisions are only required to be submitted up to and including data as of December 31, 2020—firms are not required to continue to submit data associated with these temporary revisions for any as-of dates in 2021 without explicit re-authorization from FED. 

    In addition, in response to various questions received from industry following the publication (in March 2020) of the interim final rule to change the CECL transition provisions, FED is proposing to revise the FR Y-14A to allow firms to accurately reflect in their reporting the greater flexibility on CECL implementation afforded in the interim final rule and to make minor revisions and clarifications to several capital items on the FR Y-14A and FR Y-14Q reports. 

     

    Related Links

    Comment Due Date: September 08, 2020

     Keywords: Americas, US, Banking, COVID-19, Paycheck Protection Program, Reporting, CARES Act, Credit Risk, FR Y-14, CECL, Regulatory Capital, Stress Testing, FED

    Featured Experts
    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821