Featured Product

    FED Proposes to Revise and Extend FR Y-9 Reports

    October 08, 2020

    FED is proposing to extend for three years, with revision, the financial statements for holding companies (FR Y-9 reports) and the consolidated report of condition and income for Edge and Agreement Corporations (FR 2886b). Comments must be submitted by December 07, 2020. FED also published the draft forms for FR Y-9 reports, along with the draft supporting statement and instructions for FR Y-9 and FR 2889b reports. In addition, FED extended, to March 31, 2021, the temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions were originally set to expire on September 30, 2020 and are consistent with the series of actions FED announced to address the impact of COVID-19 pandemic.

    FED proposes to revise the instructions to the FR Y-9C and FR 2886b to clarify the treatment of savings deposits versus transaction accounts in light of a recent interim final rule that revised the definition of “savings deposit” in Regulation D. FED may consider further modifying the treatment of “savings deposits” and “transaction accounts” in the instructions for the FR Y-9C, after a review of the reported data. Any such changes would be proposed by FED through a separate Federal Register notice pursuant to the Paperwork Reduction Act. In addition, FED proposes to revise the FR Y-9C forms and instructions to be consistent with certain adopted or proposed changes to U.S. generally accepted accounting principles (GAAP) that relate to:

    • Provisions for credit losses on off-balance-sheet credit exposures
    • Expected recoveries of amounts previously charged-off and included in the allowances for credit losses
    • Nonaccrual treatment of purchased credit-deteriorated assets
    • Last-of-layer hedging

    The proposed revisions to FR Y-9C and FR 2886b reports are consistent with the recently approved revisions to the call reports (FFIEC 031, FFIEC 041, and FFIEC 051). These revisions, with two exceptions, would become effective for reports with a March 31, 2021 as-of date. Revisions associated with the last-of-layer hedge accounting change would be implemented following the FASB adoption of a final last-of-layer hedge accounting standard. Revisions associated with Regulation D would become effective for reports with a December 31, 2020 as-of date. 

     

    Related Links

    Comment Due Date: December 07, 2020

    Keywords: Americas, US, Banking, COVID-19, Reporting, Regulation D, CECL, US GAAP, FR Y-9C, FR 2886b, Call Reports, FED

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280