FED Updates Forms and Instructions for FR Y-14 and FR 2590 Reporting
FED updated forms, instructions, and a questions and answers (Q&A) document for the capital assessments and stress testing reports (FR Y-14A/Q/M). Also update were the reporting forms and instructions for the FR 2590 report on single-counterparty credit limits, or SCCL. In addition, FED updated the frequently asked questions (FAQs) to clarify expectations of the Board and the Department of Treasury regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to the post-pandemic prospects. The FAQs also clarify supervisory expectations for lenders originating Main Street loans.
The Federal Reserve Bank of Boston anticipates that the Main Street program will begin accepting loans made to multiple co-borrowers when that functionality is deployed in September 2020. In anticipation of that added functionality, the updated FAQs also include details regarding co-borrower loans. The revised FAQs were developed with FDIC and OCC. The program supports lending to small and medium-size for-profit businesses and non-profit organizations that were in sound financial condition before the COVID-19 pandemic but lack access to credit on reasonable terms. The program offers several five-year loan options, with deferred principal and interest payments for qualified businesses and non-profits to allow borrowers time to recover from the pandemic.
- FR Y-14A: Reporting Forms and Instructions
- FR Y-14Q: Reporting Forms and Instructions
- FR Y-14M: Reporting Forms and Instructions
- FR 2590: Reporting Forms and Instructions
- Q&A on Form FR Y-14 (PDF)
- Reporting Form Updates
- Press Release on Main Street Lending
Keywords: Americas, US, Banking, COVID-19, Reporting, FR Y-14, FR 2590, Stress Testing, SCCL, Q&A, FAQ, Main Street Lending Program, SME, Credit Risk, Counterparty Credit Risk, Basel, FED
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting.
CFPB Finalizes Rule on Small Business Lending Data Collection
The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.
BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023
The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
US Congress Report Examines Data Privacy and Cybersecurity Regulations
The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
EU to Conduct One-Off Scenario Analysis to Assess Transition Risk
The European authorities recently made multiple announcements that impact the banking sector.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.