Insights on regulatory reporting
Regulatory reporting brief
The Regulatory reporting brief explores Federal Reserve and other regulatory reporting, highlighting report requirements, recent news and updates, and identifying common reporting challenges on a quarterly basis. From time to time, we may publish a regulatory alert on a more frequent basis to provide up-to-date insight on news impacting the industry, such as report updates or publication of Federal Registers.
October 2018: Spotlight on Regulatory Reporting Quality Assurance
Heightened Regulatory and business management expectations to improve regulatory reporting data quality at financial institutions has placed emphasis on establishing effective independent Quality Assurance (QA) functions. In 2018, the EY Financial Services Organization (FSO) Advisory practice gathered substantial industry information regarding quality assurance (QA) capabilities through roundtables, symposiums and surveys conducted with regulatory reporting QA leads across domestic and foreign institutions. Broad industry themes are highlighted throughout this briefing. In addition, this briefing intends to define QA capabilities and leading practices, provide input on supervisory expectations and offer insight for the future of the regulatory reporting QA program.
November 2017: Looking to the future: Intermediate Holding Companies – Regulatory Reporting Day 2
On July 1, 2016 qualifying Foreign Banking Organizations (“FBOs”) established Intermediate Holding Companies (“IHCs”) and implemented tactical solutions ("Day 1”) in response to the Federal Reserve Board (“FRB”)’s Enhanced Prudential Standards (“EPS”). Now, with several quarters of reporting experience and subsequent FRB feedback, firms have begun to address organization-wide infrastructure, data, and process-related challenges through the implementation of strategic and sustainable solutions across their operating model (“Day 2”).
October 2017: CFO attestation: building a sustainable process
Regulators have continuously increased expectations for more robust and integrated end-to-end risk and regulatory control frameworks, with heightened focus on attestation. Additionally, the Federal Reserve Board (FRB) established an FR Y-14 attestation requirement for Large Institution Supervision Coordinating Committee (LISCC) firms, where the CFO must attest to each FR Y-14 Annual (“A”), Quarterly (“Q”) and Monthly (“M”) submission. This regulatory briefing highlights the challenges faced by firms in establishing their CFO attestation supporting capabilities, as well as the priorities for improving and sustaining these capabilities for future reporting. In addition, we highlight where technology and automation may be implemented or considered.
May 2017: Spotlight on regulatory reporting data quality: industry challenges and regulatory expectations
The 2008 financial crises brought into focus the importance of ongoing transparency and monitoring of financial systems infrastructure. While the standards for regulatory reporting have significantly evolved ever since the crises, over the last two years, regulators have placed even more reliance on data-driven supervision with increased granularity, complexity and frequency of regulatory reporting requirements.
November 2016: FR Y-15 Banking Organization Systemic Risk Report
In response to the financial crisis, the Basel Committee on Banking Supervision (BCBS) developed data points to be used to assess the systemic risk of global systemically important banks (G-SIBs). In connection with the approach set out by the BCBS, the Federal Reserve (Fed) collects FR Y-15 data to assess seven components of a bank’s systemic risk profile: size, interconnectedness, substitutability, complexity, cross-jurisdictional activity, ancillary indicators and a new schedule, Schedule G, designed to capture short-term wholesale funding information (effective December 31, 2016).
June 2016: Spotlight on FR 2085
The FR 2085 reports financial information in the form of financial statements, including a consolidated balance sheet, a consolidated statement of income, changes in equity capital and detailed supporting schedules, including asset-related schedules and schedules for insurance‑related underwriting activities.
April 2016: FDIC surcharge assessment compliance and deposit insurance determination
We take an in-depth look at the new rules and the potential impacts to financial institutions. Overall, large bank profitability and compliance challenges will be significantly affected due to three recent FDIC-related regulations: FDIC surcharge assessment; Deposit insurance assessment reporting compliance; and Timely deposit insurance determination: record-keeping, data, calculations and compliance.
February 2016: US intermediate holding company proposed rule: re-evaluating the operating model
On 5 February 2016, the Federal Reserve Board published a proposed rule that provided further guidance on regulatory reporting requirements for US intermediate holding companies (IHCs) of foreign banking organizations (FBOs). Explore the impact to IHCs including regulatory reporting requirements and key implementation considerations as FBOs re-evaluate the regulatory reporting operating model.
January 2016: Country exposure reporting: industry challenges and the way forward
The Country Exposure Report (FFIEC 009) has been the primary method for banking agencies to systematically monitor the foreign country exposures of US banking institutions in individual foreign countries, and part of the global consolidated statistics from the Bank of International Settlements. We highlight the FFIEC 009 report requirements, challenges, recent news and regulators’ focus.