In a comment letter to the Federal Reserve yesterday, the American Bankers Association expressed support for the Federal Reserve’s ongoing effort to better align the reports that bank holding companies, savings and loan holding companies, U.S. intermediate holding companies and securities holding companies are required to file with the FFIEC Call Report. ABA noted that a few differences still remain between the FR Y-9 report series and the Call Report, and recommended several technical changes to the Fed’s recently proposed revisions.
ABA also called on the Fed to ensure that any future changes to the reports be implemented only in the March report and be finalized by the end of the previous third quarter. This would allow banks time to update, test and validate their systems to begin data collection on Jan. 1.
ABA also urged the Fed to conduct a comprehensive review of all reports that banks and bank affiliates are required to file. “We encourage the Federal Reserve to work with the banking industry to ensure that future changes to Federal Reserve reporting requirements are implemented efficiently and without unnecessary inconsistencies with other bank and bank holding company reporting requirements,” ABA said. For more information, contact ABA’s Alison Touhey.