On Jun. 7, Fed requested comments on FR Y-9 reports revisions.
Fed issued notice requesting comments on a proposal to extend for three years, with revision, the Financial statements for holding companies form (FR Y-9 reports).
Follows Fed May 2023 request for comment on FR Y-9 reports revisions, see #167833.
Proposed Revisions
Seeks to revise FR Y-9C and FR Y-9LP to align with definition of loan modifications to borrowers experiencing financial difficulty, per Accounting Standards Update 2022-02.
Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, see #122178.
Also proposed to replace references to troubled debt restructurings with modifications to borrowers experiencing financial difficulty in both forms FR Y-9C and FR Y-9LP.
Revisions to FR Y-9C and FR Y-9LP would take effect as of Dec. 31, 2024, report date.
There are no proposed revisions at this time for the FR Y-9SP, FR Y-9ES, or FR Y-9CS.
Consultation
Comments on the proposed revisions must be submitted by Aug. 6, 2024.
In Aug. 2024, BPI issued comment letter on Fed reporting proposals, see #222396.
Sep. 2024 Fed Form FR Y-9C
On Sep. 25, 2024, Fed issued updated supplemental instructions to FR Y-9C.
Nov. 2024 Fed FR Y-9 Adoption
On Nov. 15, 2024, Fed adopted form FR Y-9 proposal, effective Dec. 31, 2024.
Information collected on the FR Y-9 reports is necessary for Board to identify emerging financial risks and monitor the safety and soundness of Holding Company operations.
The Y-9 series address reporting for holding companies that are large, small, employee stock option, parent company only, and free-form supplemental report for critical data.
Instructions on each form States that holding companies should retain workpapers and other records used to prepare the reports for a period of three years after submission.
