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    US Agencies Publish Multiple Regulatory and Reporting Updates

    March 31, 2022

    US regulatory authorities issued a proposal on comment period extension on the supervisory framework for certain insurance organizations, a proposal to update policies and procedures governing administrative proceedings, and a proposal to extend the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102). Additionally, the Board of Governors of the Federal Reserve System (FED) updated reporting forms and instructions for single-counterparty credit limits (FR 2590) and for consolidated financial statements for holding companies (FR Y-9C).

    Below are key details of the recent updates:

    • FED announced that it will extend, until May 05, 2022, the comment period for its proposal to implement supervisory framework for depository institution holding companies that are significantly engaged in insurance activities or supervised insurance organizations. Originally, comments were due by April 05, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or a company that has over 25% of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and describe how examiners work with state insurance regulators.
    • FED, the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) are proposing changes to the Uniform Rules of Practice and Procedure (Uniform Rules) to recognize the use of electronic communications in all aspects of administrative hearings and to otherwise increase the efficiency and fairness of administrative adjudications. FDIC, FED, and OCC are also proposing to modify their agency-specific rules of administrative practice and procedure. OCC proposes to integrate its Uniform Rules and Local Rules so that one set of rules applies to both national banks and Federal savings associations and to amend its rules on organization and functions to address service of process. Comments will be accepted for 60 days after publication in the Federal Register.
    • FDIC, FED, and OCC are proposing to extend for three years, without revision, the FFIEC 102 form related to the market risk capital rule. Comments must be submitted on or before May 27, 2022. FFIEC 102 is filed quarterly with the agencies and provides information for market risk institutions, which are defined for this purpose as those institutions that are subject to the market risk capital rule as incorporated into Subpart F of the agencies' regulatory capital rules.
    • The FR 2590 report collects general information about the covered company or covered foreign entity under the single-counterparty credit limits (SCCL) rule of FED. The FR Y-9C report collects basic financial data from a domestic bank holding company, a savings and loan holding company, a U.S intermediate holding company, and a securities holding company on a consolidated basis in the form of balance sheet, income statement, and detailed supporting schedules, including a schedule of off balance-sheet items.

     

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    Keywords: Americas, US, Banking, Credit Risk, Regulatory Capital, Reporting, Supervisory and Regulatory Framework, Market Risk, FFIEC 102, Market Risk Capital Rule, SCCL, FR 2590, FR Y 9C, FED, OCC, FDIC, US Agencies

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