FED Revises and Extends Form FR Y-9C for Three Years
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.
Related Links
- Federal Register Notice (PDF)
- Form FR Y-9C (PDF)
- Reporting Instructions for FR Y-9C (PDF)
- Reporting Form Updates
Keywords: Americas, US, Accounting, Banking, Reporting, FR Y-9C, Dodd Frank Act, FED
Featured Experts
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Laurent Birade
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.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
OSFI Proposes Changes to Guideline on Large Exposure LimitsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
