The Federal Reserve is seeking comments on a proposal to revise the FR-Y9 report that bank holding companies with more than $1 billion in assets are required to file. The proposed changes are nearly identical to those made to the Call Report and include the elimination of several data items and a more streamlined questions for reporting on complex or specialized activities.
While the regulatory agencies have made a number of changes to the Call Report in recent years in an effort to reduce the compliance burden on banks, the FR-Y9 report has not been adjusted accordingly. In previous comments, the American Bankers Association pointed out that not updating the holding company report has undermined the goal of a streamlined reporting process, and has instead created additional confusion and burden due to a lack of harmony between the forms. ABA has been working with the Fed to better align the two reports, and welcomed today’s proposed changes.