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United States: US Board Of Governors Of The Federal Reserve System Proposes Expansion Of Chief Financial Officer Attestation To Intermediate Holding Companies
On July 28, 2016, the Federal Reserve Board published a proposal
to extend for three years, with revision, the Capital Assessments
and Stress Testing information collection applicable to bank
holding companies with total consolidated assets of $50 billion or
more and US intermediate holding companies established by foreign
banking organizations. The Federal Reserve Board proposed revising
the FR Y-14A, Q and M schedules to expand the chief financial
officer attestation reporting requirement applicable to US BHCs
subject to the Large Institution Supervision Coordinating Committee
(LISCC) framework to US IHC respondents on a phased-in basis
beginning with reports as of December 31, 2017. The CFO-attestation
requirement was finalized for US BHCs earlier this year and
implementation is required on a phased-in basis for reports as of
December 31, 2016.
The proposal also provides for revisions to the FR Y-14A that
include data on the supplementary leverage ratio as well as to
include information on material operational risks included in loss
projections, operational risk scenarios and updated documentation
requirements to align with SR Letter 15-18. Comments were due by
September 26, 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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