ABA, SIFMA Weigh in on Reporting Changes for Government Securities Dealers

The American Bankers Association and the Securities Industry and Financial Markets Association today wrote to the Federal Reserve and the Office of Management and Budget offering support for the renewal of and proposed changes to reporting requirements for form FR 2004, which is used to collect information from government securities dealers.

However, the groups raised concerns about the timing of the proposed changes, noting that members may not have enough time to implement them “in a robust fashion.” The associations called for an extended and phased transition period, with the changes beginning to take effect in the fourth quarter of 2021, with a final go-live date in the first quarter of 2022.

The groups also offered specific comments on other aspects of the proposal, including ways to enhance the quality, utility and clarity of the information collected and ways to minimize the burden of information collection on respondents.