Three agencies would combine their separate and identical stress-test report forms into a single document under the auspices of the Federal Financial Institutions Examination Council (FFIEC), under a proposal issued Friday.
The Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) said the new, proposed form – FFIEC 016 — reflects the company-run stress testing requirements promulgated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (as reflected in the agencies’ current information collections). The form is filed by depository institutions and holding companies with $10 billion to $50 billion in total consolidated assets.
The three federal banking agencies said that, in making the proposal, they are implementing a “limited number of revisions” that would align the new report with recent actions taken to reduce regulatory burden in forms FFIEC 031 and FFIEC 041 Consolidated Reports of Condition and Income and the Board’s FR Y-9C Consolidated Financial Statements for Holding Companies.
In addition, the banking agencies said they are proposing to have institutions provide their Legal Entity Identifier (LEI) on the report form, if they already have one.
The proposed new form would replace:
- For the Federal Reserve: FR Y-16 (Annual Company-Run Stress Test Report For State Member Banks, Bank Holding Companies, and Savings and Loan Holding Companies with Total Consolidated Assets Greater Than $10 Billion and Less Than $50 Billion);
- For the OCC: DFAST 10-50B (Annual Company-Run Stress Test Reporting Template and Documentation for Covered Institutions with Total Consolidated Assets of $10 Billion to $50 Billion under the Dodd-Frank Act);
- For the FDIC: DFAST 10-50 (Company-Run Annual Stress Test Reporting Template and Documentation for Covered Institutions with Total Consolidated Assets of $10 Billion to $50 Billion under the Dodd-Frank Act).
“The respondents for the proposed FFIEC 016 are institutions with average total consolidated assets of at least $10 billion, but less than $50 billion,” the agencies stated in the Federal Register notice. The proposed FFIEC 016 would take effect for the Dec. 31, 2017, as-of date of the stress test report. The submission deadline for the report would be the following July 31, the agencies stated.
Comments are due Dec. 5.