Proposed changes to holding company financial statements filed with the Federal Reserve Board (Fed) are out for a 60-day comment period and are expected to be implemented beginning with reports dated June 30, 2018.
The proposed revisions, scheduled for publication in the Federal Register April 30, are included the Fed’s notice of a proposed three-year extension of Financial Statements for Holding Companies (FR Y-9 family of reports). Most of the changes, the Fed notes, are consistent with proposed changes to the Federal Financial Institutions Examination Council (FFIEC) Consolidated Reports of Condition and Income (Call Reports), including FFIEC 031, FFIEC 041, and FFIEC 051.
The proposed revisions would delete certain data items, consolidate existing data items into new data items, and add new or raise existing reporting thresholds for certain data items to reduce reporting burden. “The [Fed] Board believes that consistent changes should be made to the FR Y-9C to ensure burden reductions are fully realized,” the notice says.