Regulatory Reporting for the Banking Industry

The federal banking agencies continue to identify new data needs to monitor the risks posed by the COVID-19 pandemic to the financial services industry and broader economy. This regulatory approach includes requiring data on a more frequent basis to better understand the impact of the relevant government programs and the rules that have been implemented to mitigate the effects of the pandemic.

To do so, the Board of Governors of the Federal Reserve System (FRB) requested comment on temporary revisions to the Capital Assessment and Stress Testing Reports (FR Y-14A/Q/M that are effective for reporting in 2020. Separately, the Federal Financial Institutions Examination Council (FFIEC) issued comment for changes to the FFIEC Report Forms and Call Reports (FFIEC 002/031/041/101) that impact reporting in 2020 and 2021. Both reports include COVID-19 related changes that are needed due to US Generally Accepted Accounting Principles (GAAP). The FRB also issued a set of Frequently Asked Questions (FAQs) for the Banking Organization Systemic Risk Report (FR Y-15). These changes are illustrative of the regulatory trend of collecting more high frequency and more granular data for better managing risks.

Learn more about what this means for the industry by reading our latest article.