Financial institutions with $5 billion or less in total assets will not face supervisory action for submitting March 31, 2020, financial statements to the Federal Reserve past the official filing deadline as long as the reporting is done within 30 days of that deadline, the central bank said Thursday in recognition of the difficulties caused by the coronavirus.
“The Federal Reserve recognizes that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19),” the Fed said. “The Federal Reserve will not take action against a financial institution with $5 billion or less in total assets for submitting its March 31, 2020, Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) or Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies (FR Y-11) after the official filing deadline, as long as the applicable report is submitted within 30 days of the official filing due date.”
The FR Y-9C for March 31 is normally due 40 days after the report date; the FR Y-11 is normally due 60 days after the report date.
“Institutions are encouraged to contact their Reserve Bank in advance of the official filing deadline if they anticipate a delayed submission,” the Fed said. “Institutions anticipating difficulty submitting their reports within the 30 days following the official filing due date, or experiencing challenges in obtaining director attestations, should likewise contact their Reserve Bank.”
Thursday’s announcement by the Fed follows a joint statement issued Wednesday by all the federal financial institution regulators; that statement provides for an additional 30 days for banks, savings institutions, and credit unions to file their March 31 reports.