On Jan. 16, Fed reported, updated financial information Form 2886b.
Fed posted updated instructions for reporting form FR 2886b Consolidated report of condition and income for edge and agreement corporations, expires Jul. 31, 2024.
Revisions to FR 2886b re capital requirements were last made in 2021, see #58174.
On Jun. 7, 2024, Fed proposed to extend for 3 years, with revision, data collection Consolidated report of condition and income for edge and agreement corporations.
The proposal makes revisions to FR 2886b form and instructions to be consistent with recently adopted changes to U.S. generally accepted accounting principles (GAAP).
GAAP changes in relation to troubled debt restructurings, credit losses on off-balance sheet credit exposures, expected recoveries of amounts previously charged off.
Also proposes to revise the FR 2886b instructions by specifying when respondents should submit their reports if the submission deadline falls on a weekend or holiday.
Adding a recordkeeping requirement to maintain a record of the data for three years.
These revisions are proposed to take effect as of the December 31, 2024, as-of date.
Comments on the proposed extension must be submitted on or before Aug. 6, 2024.
