On December 11, 2015, the Federal Reserve Board published a final rule to revise certain elements of its “Banking Organization Systemic Risk Report” (Form FR Y-15) that will become effective as of December 31, 2015. However,   the new requirement to file the form on a quarterly basis has been extended until June 30, 2016, and the effective date ofthe new requirements for reporting short-term wholesale funding (Schedule G) has been extended to December 31, 2016. While the preamble to the final rule notes that reporting requirements for Intermediate Holding Companies that foreign banking organizations are required to designate or establish under Dodd-Frank Act Section 165 have not yet been proposed, under current requirements IHCs with a US bank subsidiary and $50 billion or more in total consolidated   assets would be required to file the FR Y-15 beginning with the next filing date following its establishment. Commenters requested an extension for IHCs, but the Federal Reserve Board indicated it would invite comment on this issue when reporting requirements for IHCs are proposed.

On December 2, 2015, the Federal Reserve Board proposed certain new line items to its “Annual Report of Foreign Banking Organizations” (Form FR Y-7) to collect information from foreign banking organizations required to comply with the enhanced prudential standards for foreign banking organizations prescribed by Section 165 of the Dodd-Frank Act. Specifically, the proposed revisions would collect information applicable to the US risk committee and home country capital stress testing requirements.

The final rule for Form FR Y-15 is available at: https://www.federalregister.gov/articles/2015/12/14/2015-31356/agency-information-collection-activities-announcement-of-board-approval-under-delegated-authority.

The proposed revisions to Form FR Y-7 are available at: https://www.federalregister.gov/articles/2015/12/02/2015-30538/proposed-agency-information-collection-activities-comment-request.