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Financial Services Law Insights and Observations

Federal Reserve requests comments on proposal to include omitted items from capital assessments and stress testing information collection

Agency Rule-Making & Guidance Federal Reserve Stress Test

Agency Rule-Making & Guidance

On August 8, the Federal Reserve Board published a notice and request for comment in the Federal Register seeking to revise, without extension, the existing information collection “Capital Assessments and Stress Testing.” The information collection is applicable to bank holding companies with total consolidated assets of $100 billion or more and U.S. intermediate holding companies established by foreign banking organizations that are subject to enhanced testing in order to mitigate risks to the financial stability of the United States. Last December, the Fed published modifications to the FR Y-14Q, Schedule L, which took effect as of the March 31, 2018, report date. However, following the adoption of the proposed changes, the Fed became aware of items mistakenly omitted from the report forms and instructions for the FR Y-14Q, which require respondents to report “total stressed net current exposure under the two supervisory stressed scenarios.” The proposal will revise sub-schedule L.5 (Derivatives and SFT Profile) for the FR Y-14Q report by adding the missing items. Comments on the proposal must be received by October 9.