ABA, the Financial Services Forum and the Securities Industry and Financial Markets Association wrote to the Federal Reserve today offering feedback on recent revisions to the Fed’s Form FR Y-14A/Q/M, the Capital Assessments and Stress Testing Reports. The temporary revisions are aimed at collecting data pertaining to certain aspects of the CARES Act, firm activity associated with various Fed lending facilities and emerging risks from the COVID-19 pandemic.
The Fed also proposed to extend for three years, with revision, the FR Y-14A/Q/M reports to address questions related to the reporting of certain current expected credit loss and capital data, which would be applicable to reports beginning with the Dec. 31, 2020, as-of date.
While acknowledging the need for pandemic-related data, the groups cautioned that the proposed revisions would require “a significant commitment of resources and time to make modifications to management information systems.” They offered several recommendations for reducing these burdens while still ensuring the flow of essential data to the Fed.