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July 31, 2018

FED adopted the proposal to extend for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C on the consolidated financial statements for holding companies. The consultation ran from April 2018 to June 2018. FED also published the updated reporting form and instructions for FR Y-9C.

In response to the consultation, FED had received one comment from a banking association. The respondent noted several inconsistencies on the FR Y-9C report form and one inconsistency on the instructions when compared to the Call Report. FED updated the reporting form and instructions so that the report form and instructions align with the Call Report. 

FED had proposed to implement a number of revisions to the FR Y-9C requirements, most of which were consistent with changes now implemented on the FFIEC 031, FFIEC 041, and FFIEC 051 Call Reports. The proposed revisions included deleting certain data items and consolidating existing data items into new data items, as well as adding new or raising existing reporting thresholds for certain data items to reduce reporting burden. The revisions will be implemented as proposed, with certain modifications, effective for the June 30, 2018 reporting date.

 

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Keywords: Americas, US, Accounting, Banking, Reporting, FR Y-9C, Dodd Frank Act, FED

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