Financial Reporting Updates Archive

Quinquennial Report Stage One Completed, Stage Two Ends October

August 2, 2016 - Since June 1955, the Federal Reserve System has surveyed the assets and liabilities of finance companies at five-year intervals through its Quinquennial Census and Survey of Finance Companies (the Quinquennial). Over the past year, the Chicago statistics group, as well as groups from all of the Reserve Banks, has been gathering information from a pool of 35,000 domestic companies throughout the System via the Quinquennial.

The Quinquennial is a two-stage survey of finance companies. The first stage is the Census of Finance Companies (FR 3033p) that is sent to all known domestic companies that are likely to supply credit or lease financing to households and businesses. From the questionnaire respondents, the Federal Reserve draws a random sample of companies for the second stage, the Survey of Finance Companies (FR 3033s). This survey requests detailed information from the respondents' balance sheets.

The data obtained from the Quinquennial survey have been instrumental in identifying finance companies in the United States and supplementing the data in the monthly domestic finance company reports (FR 2248). The FR 2248 report data is presented in the Federal Reserve System’s G.20 statistical release and provides a comprehensive update on these companies’ sources of funds. This information in turn becomes an important input to the estimates of total consumer credit presented in the Federal Reserve’s G.19 statistical release

and the U.S. flow of funds accounts all produced by the Federal Reserve System. Currently all districts are in the second survey stage and will begin contacting nonresponsive companies in July. The Quinquennial will come to an end in October and begin again in 2020. 

Additional information about these reports can be found on the Board website.

Starting September, Reporting Central Will Be the New Application for Submitting Bank Holding Company Reports (FR Y-9C and FR Y-9LP)

May 18, 2015 - The Consolidated Financial Statements for Bank Holding Companies (FR Y‐9C) and the Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y‐9LP) are migrating to the  Reporting Central application from the Internet Electronic Submission (IESUB) application. You may begin submitting data for either of these two series in Reporting Central for the September 30, 2015, as of date. At that time, the IESUB application will be no longer available for these reports.

The Federal Reserve developed Reporting Central to enhance the overall reporting functionality of the Federal Reserve Banks’ data collection and processing activities. These enhancements will allow for a more secure, technically advanced and efficient system that will encompass a single point of entry for electronic submission and file uploads. Financial and nonfinancial institutions will access Reporting Central via the FedLine® web access solution to submit reports and gain access to electronic reporting applications, report forms and instructions. These reports are required to be submitted electronically, so please take the necessary steps to gain access to the Reporting Central application as soon as possible.

The Federal Reserve Board Issues Final Rule to Expand the Small Bank Holding Company Policy Statement

April 9, 2015 - The Federal Reserve Board on Thursday issued a final rule to expand the applicability of its Small Bank Holding Company Policy Statement and also apply it to certain savings and loan holding companies. The policy statement facilitates the transfer of ownership of small community banks and savings associations by allowing their holding companies to operate with higher levels of debt than would normally be permitted. While holding companies that qualify for the policy statement are excluded from consolidated capital requirements, their depository institution subsidiaries continue to be subject to minimum capital requirements.

The final rule raises the asset threshold of the policy statement from $500 million to $1 billion in total consolidated assets. It also expands the application of the policy statement to savings and loan holding companies. All firms must still meet certain qualitative requirements, including those pertaining to nonbanking activities, off-balance-sheet activities and publicly registered debt and equity.

The final rule implements a law passed by the Congress in December 2014 and is effective 30 days after publication in the Federal Register.

Final Federal Register and Draft Final Report Form and Instructions for FFIEC 102

April 9, 2015 - The banking agencies’ final Federal Register notice and the final draft report form and draft instructions for the FFIEC 102 can be accessed on the Federal Financial Institutions Examination Council’s (FFIEC) website. The final Federal Register notice for the FFIEC 102 was published on Wednesday, February 18, 2015, and the comment period ends March 20, 2015.

Reporting Central, a New Application, Will Allow for More Efficient, Secure and Advanced Institutional Reporting

May 1, 2014 - With the advent of Reporting Central, institutions will have a better way of reporting as each series migrates from IESUB to Reporting Central during the multiyear conversion effort. For more information on the reports in transition and what you can do to prepare your banking institution, visit this website. To submit your Subscriber Access Request Form (RC-1), email the scanned copy to chirccredentialing@chi.frb.org.

Final Federal Register Notice for the FFIEC 101 and Call Report Effective March 31, 2014, Implementing Basel III Changes Published

January 14, 2014 - Changes to the Regulatory Capital, RC-R, components and ratios for the Call Report (FFIEC 031/FFIEC 041) along with the Regulatory Capital Reporting for Institutions Subject to Advanced Capital Adequacy Framework (FFIEC 101) are reflective of the revised regulatory capital rules issued by the FDIC, OCC and Board. These changes would be effective March 31, 2014, for advanced approach institutions and March 31, 2015, for SLHCs and all other institutions that are required to file the Call report.

Financial Reporting Updates Archive

Federal Reserve Announces Annual Indexing of Reserve Requirement Exemption Amount

November 5, 2013–The Federal Reserve Board announced the annual indexing of the amounts used in determining reserve requirements of depository institutions and deposit reporting panels effective in 2014. For net transaction accounts in 2014, the first $13.3 million, up from $12.4 million in 2013, will be exempt from reserve requirements.

Interim Rule Clarifying How Companies Should Incorporate the Basel III Regulatory Capital Reforms

September 24, 2013–The Federal Reserve Board issued two interim final rules that clarify how companies should incorporate the Basel III regulatory capital reforms into their capital and business projections during the next cycle of capital plan submissions and stress tests. Rules to implement the Basel III capital reforms in the United States were finalized in July, and will be phased-in beginning in 2014 or 2015, depending on the size of the banking organization.

Federal Reserve Approves Final Rule to Help Ensure Banks Maintain Strong Capital Positions

July 2, 2013–The Federal Reserve Board approved a final rule to help ensure banks maintain strong capital positions that will enable them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns. The final rule will implement in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Financial Stability Oversight Council releases 3rd Annual Report

April 26, 2013– The Financial Stability Oversight Council (FSOC) recently released their 3rd Annual report in which reports collected by the Federal Reserve System were utilized in support of the extended analysis provided on Macroeconomic and financial developments. A link to the report can be found online.

Changes to the FR 2028 and FR 2644 Reports

April 4, 2012– Report form and instructions for both the FR 2028 and FR 2644 were modified. While there were minor content revisions to the FR 2028, there were formatting changes to the FR 2644, which included creating a fillable PDF, Section 508 compliant, and Extensible Markup Language (XML) accessible reporting form. To review these changes or to obtain a copy of the reporting instructions, visit our FR 2644 Reporting Guide. If you have any questions, feel free to contact our office at (877) 597-5371 and ask for an FR 2644 analyst.

Annual Adjustments for Reserve Calculations and Deposit Reporting

November 09, 2011–The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2012.

Board Proposes Phase-in Period for Most SLHCs

August 22, 2011–After consideration of the comments received on the notice of intent, the Federal Reserve Board proposes to exempt a limited number of SLHCs from initial regulatory reporting using the Federal Reserve's existing regulatory reports and a two-year phase-in period for regulatory reporting for all other SLHCs. Exempt SLHCs would continue to submit Schedule HC, which is currently a part of the Thrift Financial Report, and the OTS H-(b)11 Annual/Current Report.

The Federal Reserve Board will accept comments on the proposal through November 1, 2011.

Board Issues Rule for Regulation of SLHCs

August 12, 2011–The Federal Reserve Board on Friday issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs). This interim final rule provides for the transfer from the OTS to the Board of the regulations necessary for the Board to administer the statutes governing SLHCs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rulemaking authority for SLHCs and their nondepository subsidiaries transferred from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011.

Federal Reserve Issues Final Rule to Repeal Regulation Q

July 14, 2011–The Federal Reserve Board announced the approval of a final rule to repeal Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. The final rule is effective July 21, 2011, pursuant to section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Central Bank Services' Outreach Initiative

June 27, 2011–The Central Bank Services Division of the Federal Reserve Bank of Chicago is sponsoring several outreach sessions across the Seventh District. For the session dates, locations and a prospective agenda please visit the CBS Outreach website.

Changes to the FR 2644 Report

May 11, 2011–The relationships between FR 2644 and Call Reports items were recently updated. These changes can be found on pages 8 through 21 of the FR 2644 instructions. To review these changes or to obtain a copy of the reporting instructions, visit our FR 2644 Reporting Guide. Please note that items with changes are indicated with vertical lines on the right margins. If you have any questions, feel free to contact our office at (877) 597-5371 and ask for an FR 2644 analyst.

Federal Reserve Seeks Comment on Proposed Rule to Repeal Regulation Q

April 6, 2011–The Federal Reserve Board on Wednesday requested comment on a proposed rule to repeal the Board's Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.

Agencies Propose Changes in Reporting Requirements for OTS-Regulated Savings Associations and Savings and Loan Holding Companies

February 3, 2011–The federal bank and thrift regulatory agencies announced proposed changes today to reporting requirements for savings associations and savings and loan holding companies regulated by the Office of Thrift Supervision (OTS). The proposed changes include a change from quarterly Thrift Financial Reports to quarterly Consolidated Reports of Condition and Income, commonly known as Call Reports.

Annual Adjustments for Reserve Calculations and Deposit Reporting

October 26, 2010–The Federal Reserve Board on Tuesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2011. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2011.

Federal Reserve Board Approves Amendments to Regulation D Authorizing Reserve Banks to Offer Term Deposits

April 30, 2010–The Federal Reserve Board has approved amendments to Regulation D (Reserve Requirements of Depository Institutions) authorizing the Reserve Banks to offer term deposits to institutions that are eligible to receive earnings on their balances at Reserve Banks. These amendments incorporate public comments on the proposed amendments to Regulation D that were announced on December 28, 2009.

Reporting Guidance on FAS 166/167 RBC Transition

January 28, 2010–The Federal banking agencies published in the Federal Register a final rule amending their risk-based capital guidelines (FAS 166/167 Rule). This rule eliminates the exclusion from risk-weighted assets related to asset-backed commercial paper programs (ABCP exclusion) and permits banking organizations to phase in the effects of eliminating the ABCP exclusion and FAS 167 consolidation on risk-weighted assets and the allowance for loan and lease losses (ALLL) includable in Tier 2 capital. To help guide bank holding companies and commercial banks through this transition with regard to Risk Based Capital, guidance is being provided for FR Y-9C filers and FFIEC 031/041 filers.

Proposal for Term Deposit Facility

December 28, 2009–The Federal Reserve Board proposed amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility.

Annual Adjustments for Reserve Calculations and Deposit Reporting

October 9, 2009–The Federal Reserve Board on Friday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2010. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2010.

The FFIEC Announces Modernization of the Uniform Bank Performance Report (UBPR) System

September 28, 2009–The federal banking agencies of the Federal Financial Institutions Examination Council (FFIEC) are modernizing the Uniform Bank Performance Report (UBPR) system. The UBPR Modernization effort is scheduled for implementation as early as December 2009. Some benefits of the new system include faster delivery of high quality data and enhanced data delivery methods.

Please refer to the FFIEC website for more information, under the UBPR Modernization link in the navigation menu.

Agencies Seek Comment on Proposed Regulatory Capital Standards Related to Adoption of FAS 166 and 167

August 26, 2009—The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Beginning in 2010, these accounting standards will make substantive changes to how banking organizations account for many items, including securitized assets, that are currently excluded from these organizations' balance sheets.

Federal Reserve and Treasury Department Announce Extension to TALF

August 17, 2009—The Federal Reserve Board and the Treasury Department on Monday announced that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF) and that, at this time, they do not anticipate any further additions to the types of collateral that are eligible for the facility

Board Announces Final Rule on Senior Perpetual Preferred Stock Issued by BHCs to Treasury

May 22, 2009—The Federal Reserve Board on Friday announced the adoption of a final rule that will allow bank holding companies to include in their Tier 1 capital without restriction senior perpetual preferred stock issued to the U.S. Treasury Department under the Troubled Asset Relief Program (TARP). This rule makes final the interim final rule that the Board adopted in October 2008.

Board Announces Approval of Final Amendments to Regulation D

May 20, 2009–The Federal Reserve Board on Wednesday announced the approval of final amendments to Regulation D (Reserve Requirements of Depository Institutions) to liberalize the types of transfers consumers can make from savings deposits and to make it easier for community banks that use correspondent banks to receive interest on excess balances held at Federal Reserve Banks.

New Limits on Trust Preferred Securities Delayed

March 17, 2009—The Federal Reserve Board on Tuesday announced the adoption of a final rule that delays until March 31, 2011, the effective date of new limits on the inclusion of trust preferred securities and other restricted core capital elements in tier 1 capital of bank holding companies (BHCs).

Revisions to the Bank Credit Reporting Series (FR 2069, FR 2416, FR 2644)

March 12, 2009—Effective July 1, 2009, the FR 2069 and FR 2416 will be discontinued and combined with the FR 2644 to create a single amended reporting form, the FR 2644 Weekly Report of Selected Assets and Liabilities.

Revisions to the Consolidated Reports of Condition and Income for 2009

January 30, 2009—The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report). These regulatory reporting revisions will take effect on a phased-in basis during the year, with a limited group of proposed revisions taking effect as of March 31, 2009.

Excess Balance Accounts

January 29, 2009—The Federal Reserve Board on Thursday requested public comment on proposed changes to Regulation D (Reserve Requirements of Depository Institutions) to authorize the establishment of limited purpose accounts, called "excess balance accounts" (EBAs), at Federal Reserve Banks.

Update on Interest on Reserves

December 16, 2008—The Federal Reserve on Tuesday issued a technical note concerning the calculation of interest rates on required reserve balances and excess balances for reserve maintenance periods ending December 17.