[Federal Register Volume 85, Number 226 (Monday, November 23, 2020)]
[Notices]
[Pages 74784-74792]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25743]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury;
Board of Governors of the Federal Reserve System (Board); and Federal
Deposit Insurance Corporation (FDIC).
ACTION: Joint notice and request for comment.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the OCC, the Board, and the FDIC (the agencies) may
not conduct or sponsor, and the respondent is not required to respond
to, an information collection unless it displays a currently valid
Office of Management and Budget (OMB) control number. On July 22, 2020,
the agencies, under the auspices of the Federal Financial Institutions
Examination Council (FFIEC), requested public comment for 60 days on a
proposal to revise and extend the Consolidated Reports of Condition and
Income (Call Reports) (FFIEC 031, FFIEC 041, and FFIEC 051) and the
Regulatory Capital Reporting for Institutions Subject to the Advanced
Capital Adequacy Framework (FFIEC 101), which are currently approved
collections of information.
In the July 2020 notice, the Board, under the auspices of the
FFIEC, also requested public comment for 60 days on a proposal to
revise and extend the Report of Assets and Liabilities of U.S. Branches
and Agencies of Foreign Banks (FFIEC 002) and the Report of Assets and
Liabilities of a Non-U.S. Branch that is Managed or Controlled by a
U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S), which
also are currently approved collections of information. The Board
published this proposal on behalf of the agencies.
Finally, on October 4, 2019, the agencies, under the auspices of
the FFIEC, requested public comment for 60 days on proposed Call Report
and FFIEC 101 revisions to implement the agencies' proposed total loss
absorbing capacity (TLAC) investments rule for advanced approaches
banking organizations.
The comment period for the July 2020 notice ended on September 21,
2020. The comment period for the October 2019 notice ended on December
3, 2019, and the agencies subsequently adopted a TLAC investments final
rule. As described in the SUPPLEMENTARY INFORMATION section, after
considering the comments received on the two notices, the agencies are
proceeding with the proposed revisions to the reporting forms and
instructions for the Call Reports, FFIEC 101, and FFIEC 002 with
certain modifications. The SUPPLEMENTARY INFORMATION section also
discusses certain Call Report instructional clarifications.
The agencies hereby give notice of their plan to submit to OMB a
request to approve the revision and extension of these information
collections, and again invite comment on the renewal.
DATES: Comments must be submitted on or before December 23, 2020.
ADDRESSES: Interested parties are invited to submit written comments to
any or all of the agencies. All comments, which should refer to the
``Call Report, FFIEC 101, and FFIEC 002 Revisions,'' will be shared
among the agencies.
Written comments and recommendations for the proposed information
collections should be sent within 30 days of publication of this notice
to www.reginfo.gov/public/do/PRAMain. You may find these particular
information collections by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
OCC: You may submit comments, which should refer to ``Call Report,
FFIEC 101, and FFIEC 002 Revisions,'' by any of the following methods:
Email: prainfo@occ.treas.gov.
Mail: Chief Counsel's Office, Office of the Comptroller of
the Currency, Attention: 1557-0081 and 1557-0239, 400 7th Street SW,
Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``1557-0081 and 1557-0239'' in your comment. In general, the OCC will
publish comments on www.reginfo.gov without change, including any
business or personal information provided, such as name and address
information, email addresses, or phone numbers. Comments received,
including
[[Page 74785]]
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection by the following method:
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0081'' or ``1557-0239.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Board: You may submit comments, which should refer to ``Call
Report, FFIEC 101, and FFIEC 002 Revisions,'' by any of the following
methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at: http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Email: regs.comments@federalreserve.gov. Include ``Call
Report, FFIEC 101, and FFIEC 002 Revisions'' in the subject line of the
message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available on the Board's website at https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information.
FDIC: You may submit comments, which should refer to ``Call Report,
FFIEC 101, and FFIEC 002 Revisions,'' by any of the following methods:
Agency Website: https://www.fdic.gov/regulations/laws/federal/. Follow the instructions for submitting comments on the FDIC's
website.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: comments@FDIC.gov. Include ``Call Report, FFIEC
101, and FFIEC 002 Revisions'' in the subject line of the message.
Mail: Manuel E. Cabeza, Counsel, Attn: Comments, Room MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
Hand Delivery: Comments may be hand delivered to the guard
station at the rear of the 550 17th Street Building (located on F
Street) on business days between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments received will be posted
without change to https://www.fdic.gov/regulations/laws/federal/
including any personal information provided. Paper copies of public
comments may be requested from the FDIC Public Information Center by
telephone at (877) 275-3342 or (703) 562-2200.
Additionally, commenters may send a copy of their comments to the
OMB desk officers for the agencies by mail to the Office of Information
and Regulatory Affairs, U.S. Office of Management and Budget, New
Executive Office Building, Room 10235, 725 17th Street NW, Washington,
DC 20503; by fax to (202) 395-6974; or by email to
oira_submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: For further information about the
proposed revisions to the information collections discussed in this
notice, please contact any of the agency staff whose names appear
below. In addition, copies of the report forms for the Call Reports,
FFIEC 101, FFIEC 002, and FFIEC 002S can be obtained at the FFIEC's
website (https://www.ffiec.gov/ffiec_report_forms.htm).
OCC: Kevin Korzeniewski, Counsel, Chief Counsel's Office, (202)
649-5490, or for persons who are deaf or hearing impaired, TTY, (202)
649-5597.
Board: Nuha Elmaghrabi, Federal Reserve Board Clearance Officer,
(202) 452-3884, Office of the Chief Data Officer, Board of Governors of
the Federal Reserve System, 20th and C Streets NW, Washington, DC
20551. Telecommunications Device for the Deaf (TDD) users may call
(202) 263-4869.
FDIC: Manuel E. Cabeza, Counsel, (202) 898-3767, Legal Division,
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington,
DC 20429.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Affected Reports
II. Current Actions
A. Introduction
B. Comments Received on the July 2020 Proposed Call Report,
FFIEC 101, and FFIEC 002 Revisions
1. Board Regulation D Amendments
2. Provisions for Credit Losses on Off-Balance-Sheet Credit
Exposures
3. Other Comments Received
C. Comments Received on Revisions Related to the Total Loss
Absorbing Capacity Investments Rule
D. Additional Instructional Matters
1. Uncollectible Accrued Interest Receivable Under ASC Topic 326
2. Shared Fees and Commissions From Securities-Related and
Insurance Activities
3. Pledged Equity Securities
III. Timing
IV. Request for Comment
I. Affected Reports
The proposed changes discussed below affect the Call Reports, FFIEC
101, and FFIEC 002.
A. Call Reports
The agencies propose to extend for three years, with revision, the
Call Reports.
Report Title: Consolidated Reports of Condition and Income.
Form Number: FFIEC 031 (Consolidated Reports of Condition and
Income for a Bank with Domestic and Foreign Offices), FFIEC 041
(Consolidated Reports of Condition and Income for a Bank with Domestic
Offices Only), and FFIEC 051 (Consolidated Reports of Condition and
Income for a Bank with Domestic Offices Only and Total Assets Less Than
$5 Billion).
Frequency of Response: Quarterly.
Affected Public: Business or other for-profit.
Type of Review: Revision and extension of currently approved
collections.
OCC
OMB Control No.: 1557-0081.
Estimated Number of Respondents: 1,111 national banks and federal
savings associations.
Estimated Average Burden per Response: 41.92 burden hours per
quarter to file.
Estimated Total Annual Burden: 186,292 burden hours to file.
Board
OMB Control No.: 7100-0036.
Estimated Number of Respondents: 739 state member banks.
Estimated Average Burden per Response: 45.40 burden hours per
quarter to file.
Estimated Total Annual Burden: 134,202 burden hours to file.
[[Page 74786]]
FDIC
OMB Control No.: 3064-0052.
Estimated Number of Respondents: 3,263 insured state nonmember
banks and state savings associations.
Estimated Average Burden per Response: 39.96 burden hours per
quarter to file.
Estimated Total Annual Burden: 521,558 burden hours to file.
The estimated average burden hours collectively reflect the
estimates for the FFIEC 051, the FFIEC 041, and the FFIEC 031 reports
for each agency. When the estimates are calculated by type of report
across the agencies, the estimated average burden hours per quarter are
35.27 (FFIEC 051), 55.20 (FFIEC 041), and 85.81 (FFIEC 031), using data
from the June 30, 2020, Call Reports. The estimated burden hours for
the currently approved reports, which are based on data as of December
31, 2019, are 37.62 (FFIEC 051), 51.02 (FFIEC 041), and 96.30 (FFIEC
031). These burden estimates reflect the effects of the Call Report
revisions related to COVID-19 included in the agencies' emergency
clearance requests that were approved by OMB in the second quarter of
2020 and subsequently included in the July 2020 notice. Thus, the
effects of the other revisions included in this notice related to U.S.
GAAP, international remittance transfers, and TLAC investments,
together with the use of June 30, 2020, data for estimating burden,
results in an increase (decrease) in estimated average burden hours per
quarter by type of report of (2.35) (FFIEC 051), 4.18 (FFIEC 041), and
(10.49) (FFIEC 031) since OMB's most recent approval of Call Report
revisions.
The changes in estimated burden primarily are due to three factors.
First, the burden estimates in this notice incorporate a decrease of
approximately 100 in the number of institutions that file Call Reports
used in the agencies' last estimates that were submitted to OMB.
Second, the agencies reduced their prior estimates of the number of
institutions that were expected to file the FFIEC 051 Call Report after
expanding the eligibility for this version of the Call Report to
institutions with between $1 billion and $5 billion in total assets.
The agencies originally expected about four fifths of newly eligible
institutions to choose to file the FFIEC 051, while the actual adoption
rate as of June 30, 2020, was significantly lower at less than one
third of newly eligible institutions. Newly eligible institutions that
chose not to file the streamlined FFIEC 051 continued to file the more
detailed FFIEC 041, so the lower than expected percentage of new FFIEC
051 filers resulted in an increase in estimated burden for the FFIEC
041 and a decrease in estimated burden for the FFIEC 051. Third, the
agencies reduced the estimated number of qualifying institutions that
were expected to opt into the community bank leverage ratio (CBLR)
framework for reporting regulatory capital in the Call Reports. The
agencies previously expected up to three fifths of institutions with
total assets of less than $10 billion would opt into this simplified
capital framework, while only two fifths of institutions of this size
actually reported under the CBLR framework as of June 30, 2020. The
lower than expected percentage of institutions opting into the CBLR
framework, and the larger than expected percentage continuing to report
under the agencies' risk-based capital framework, contributed to an
increase in estimated burden for both the FFIEC 041 and FFIEC 051
versions of the Call Report.
The estimated burden per response for the quarterly filings of the
Call Report is an average that varies by agency because of differences
in the composition of the institutions under each agency's supervision
(e.g., size distribution of institutions, types of activities in which
they are engaged, and existence of foreign offices).
Type of Review: Extension and revision of currently approved
collections.
Legal Basis and Need for Collections
The Call Report information collections are mandatory: 12 U.S.C.
161 (national banks), 12 U.S.C. 324 (state member banks), 12 U.S.C.
1817 (insured state nonmember commercial and savings banks), and 12
U.S.C. 1464 (federal and state savings associations). At present,
except for selected data items and text, these information collections
are not given confidential treatment.
Banks and savings associations submit Call Report data to the
agencies each quarter for the agencies' use in monitoring the
condition, performance, and risk profile of individual institutions and
the industry as a whole. Call Report data serve a regulatory or public
policy purpose by assisting the agencies in fulfilling their shared
missions of ensuring the safety and soundness of financial institutions
and the financial system and protecting consumer financial rights, as
well as agency-specific missions affecting national and state-chartered
institutions, such as conducting monetary policy, ensuring financial
stability, and administering federal deposit insurance. Call Reports
are the source of the most current statistical data available for
identifying areas of focus for on-site and off-site examinations. Among
other purposes, the agencies use Call Report data in evaluating
institutions' corporate applications, including interstate merger and
acquisition applications for which the agencies are required by law to
determine whether the resulting institution would control more than 10
percent of the total amount of deposits of insured depository
institutions in the United States. Call Report data also are used to
calculate institutions' deposit insurance assessments and national
banks' and federal savings associations' semiannual assessment fees.
B. FFIEC 101
The agencies propose to extend for three years, with revision, the
FFIEC 101 report.
Report Title: Risk-Based Capital Reporting for Institutions Subject
to the Advanced Capital Adequacy Framework.
Form Number: FFIEC 101.
Frequency of Response: Quarterly.
Affected Public: Business or other for-profit.
OCC
OMB Control No.: 1557-0239.
Estimated Number of Respondents: 5 national banks and federal
savings associations.
Estimated Time per Response: 674 burden hours per quarter to file
for banks and federal savings associations.
Estimated Total Annual Burden: 13,480 burden hours to file.
Board
OMB Control No.: 7100-0319.
Estimated Number of Respondents: 4 state member banks; 5 bank
holding companies and savings and loan holding companies that complete
Supplementary Leverage Ratio (SLR) Tables 1 and 2 only; 9 other bank
holding companies and savings and loan holding companies; and 6
intermediate holding companies.
Estimated Time per Response: 674 burden hours per quarter to file
for state member banks; 3 burden hours per quarter to file for bank
holding companies and savings and loan holding companies that complete
Supplementary Leverage Ratio (SLR) Tables 1and 2 only; 677 burden hours
per quarter to file for other bank holding companies and savings and
loan holding companies; and 3 burden hours per quarter to file for
intermediate holding companies.
Estimated Total Annual Burden: 10,784 burden hours for state member
[[Page 74787]]
banks to file; 60 burden hours for bank holding companies and savings
and loan holding companies that complete Supplementary Leverage Ratio
(SLR) Tables 1 and 2 only to file; 24,372 burden hours for other bank
holding companies and savings and loan holding companies to file; and
72 burden hours for intermediate holding companies to file.
FDIC
OMB Control No.: 3064-0159.
Estimated Number of Respondents: 1 insured state nonmember bank and
state savings association.
Estimated Time per Response: 674 burden hours per quarter to file.
Estimated Total Annual Burden: 2,696 burden hours to file.
Type of Review: Extension and revision of currently approved
collections.
Legal Basis and Need for Collections
Each advanced approaches institution \1\ is required to report
quarterly regulatory capital data on the FFIEC 101. Each top-tier
advanced approaches institution and top-tier Category III institution
\2\ is required to report supplementary leverage ratio information on
the FFIEC 101. The FFIEC 101 information collections are mandatory for
advanced approaches and top-tier Category III institutions: 12 U.S.C.
161 (national banks), 12 U.S.C. 324 (state member banks), 12 U.S.C.
1844(c) (bank holding companies), 12 U.S.C. 1467a(b) (savings and loan
holding companies), 12 U.S.C. 1817 (insured state nonmember commercial
and savings banks), 12 U.S.C. 1464 (federal and state savings
associations), and 12 U.S.C. 1844(c), 3106, and 3108 (intermediate
holding companies). Certain data items in this information collection
are given confidential treatment under 5 U.S.C. 552(b)(4) and (8).
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\1\ 12 CFR 3.100(b) (OCC); 12 CFR 217.100(b) (Board); 12 CFR
324.100(b) (FDIC).
\2\ 12 CFR 3.2 (OCC); 12 CFR 217.2 (Board); 12 CFR 324.2 (FDIC).
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The agencies use data reported in the FFIEC 101 to assess and
monitor the levels and components of each reporting entity's applicable
capital requirements and the adequacy of the entity's capital under the
Advanced Capital Adequacy Framework \3\ and the supplementary leverage
ratio,\4\ as applicable; to evaluate the impact of the Advanced Capital
Adequacy Framework and the supplementary leverage ratio, as applicable,
on individual reporting entities and on an industry-wide basis and its
competitive implications; and to supplement on-site examination
processes. The reporting schedules also assist advanced approaches
institutions and top-tier Category III institutions in understanding
expectations relating to the system development necessary for
implementation and validation of the Advanced Capital Adequacy
Framework and the supplementary leverage ratio, as applicable.
Submitted data that are released publicly will also provide other
interested parties with additional information about advanced
approaches institutions' and top-tier Category III institutions'
regulatory capital.
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\3\ 12 CFR part 3, subpart E (OCC); 12 CFR part 217, subpart E
(Board); 12 CFR part 324, subpart E (FDIC).
\4\ 12 CFR 3.10(c)(4) (OCC); 12 CFR 217.10(c)(4) (Board); 12 CFR
324.10(c)(4) (FDIC).
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C. FFIEC 002 and 002S
The Board proposes to extend for three years, with revision, the
FFIEC 002 and FFIEC 002S reports.
Report Titles: Report of Assets and Liabilities of U.S. Branches
and Agencies of Foreign Banks; Report of Assets and Liabilities of a
Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or
Agency of a Foreign (Non-U.S.) Bank.
Form Numbers: FFIEC 002; FFIEC 002S.
OMB Control Number: 7100-0032.
Frequency of Response: Quarterly.
Affected Public: Business or other for-profit.
Respondents: All state-chartered or federally-licensed U.S.
branches and agencies of foreign banking organizations, and all non-
U.S. branches managed or controlled by a U.S. branch or agency of a
foreign banking organization.
Estimated Number of Respondents: FFIEC 002--209; FFIEC 002S--38.
Estimated Average Burden per Response: FFIEC 002--24.87 hours;
FFIEC 002S--6.0 hours.
Estimated Total Annual Burden: FFEIC 002--20,791 hours; FFIEC
002S--912 hours.
Type of Review: Revision of currently approved collections.
Legal Basis and Need for Collection
On a quarterly basis, all U.S. branches and agencies of foreign
banks are required to file the FFIEC 002, which is a detailed report of
condition with a variety of supporting schedules. This information is
used to fulfill the supervisory and regulatory requirements of the
International Banking Act of 1978. The data are also used to augment
the bank credit, loan, and deposit information needed for monetary
policy and other public policy purposes. The FFIEC 002S is a supplement
to the FFIEC 002 that collects information on assets and liabilities of
any non-U.S. branch that is managed or controlled by a U.S. branch or
agency of the foreign bank. A non-U.S. branch is managed or controlled
by a U.S. branch or agency if a majority of the responsibility for
business decisions, including but not limited to decisions with regard
to lending or asset management or funding or liability management, or
the responsibility for recordkeeping in respect of assets or
liabilities for that foreign branch resides at the U.S. branch or
agency. A separate FFIEC 002S must be completed for each managed or
controlled non-U.S. branch. The FFIEC 002S must be filed quarterly
along with the U.S. branch or agency's FFIEC 002.
These information collections are mandatory (12 U.S.C. 3105(c)(2),
1817(a)(1) and (3), and 3102(b)). Except for select sensitive items,
the FFIEC 002 is not given confidential treatment; the FFIEC 002S is
given confidential treatment (5 U.S.C. 552(b)(4) and (8)). The data
from both reports are used for (1) monitoring deposit and credit
transactions of U.S. residents; (2) monitoring the impact of policy
changes; (3) analyzing structural issues concerning foreign bank
activity in U.S. markets; (4) understanding flows of banking funds and
indebtedness of developing countries in connection with data collected
by the International Monetary Fund and the Bank for International
Settlements that are used in economic analysis; and (5) assisting in
the supervision of U.S. offices of foreign banks. The Federal Reserve
System collects and processes these reports on behalf of all three
agencies.
II. Current Actions
A. Introduction
On July 22, 2020, the agencies proposed revisions to the Call
Reports, FFIEC 101, and FFIEC 002 related to interim final rules and a
final rule issued in response to disruptions related to COVID-19 that
revise the agencies' capital rule, the Board's regulations on reserve
requirements and insider loans, and the FDIC's deposit insurance
assessment regulations. The proposed revisions also resulted from
certain sections of the Coronavirus Aid, Relief, and Economic Security
Act (CARES Act). The agencies received emergency approvals from OMB to
implement these revisions as of the March 31, June 30, or September 30,
2020, report dates. In addition, the agencies proposed changes to the
Call Reports and the FFIEC 002 related to U.S. GAAP in the July 2020
notice. Further, the agencies proposed revisions to the Call Reports
[[Page 74788]]
in that notice to reflect the expiration of the temporary exception for
estimated disclosures on international remittance transfers and certain
amendments to the Remittance Rule (12 CFR 1005.30 et seq.) recently
finalized by the Consumer Financial Protection Bureau (Bureau),\5\
which is a member of the FFIEC.
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\5\ 85 FR 34870 (June 5, 2020).
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The comment period for the July 2020 notice ended on September 21,
2020. The agencies received comments on the proposed reporting changes
covered in the notice from two entities: A banking trade association
and a U.S. government agency. In Section II.B, the agencies provide
more detail on the comments received and the changes the agencies are
making in response to those comments.
While most of the interim final rules were finalized as proposed,
there were limited revisions to the Regulatory Capital Rule: Revised
Transition for the Current Expected Credit Losses Methodology for
Allowances, published in the Federal Register on March 27, 2020 (CECL
interim final rule).\6\ In the agencies' final rule on this subject,
published in the Federal Register on September 30, 2020,\7\ banking
organizations that ``early adopted'' the current expected credit losses
(CECL) methodology during 2020 were permitted to also use the 5-year
2020 CECL transition. Therefore, to be consistent with the final rule,
the agencies will clarify the instructions to address these banking
organizations' eligibility for the 5-year 2020 CECL transition and are
proceeding with the other CECL-related regulatory capital reporting
revisions as proposed.
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\6\ 85 FR 17723 (March 31, 2020).
\7\ 85 FR 61577 (September 30, 2020).
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For institutions that have adopted Accounting Standards
Codification (ASC) Topic 326, Financial Instruments--Credit Losses, the
agencies proposed in the July 2020 notice to add new Memorandum item 8
to Schedule RI-B, Part II, Changes in Allowances for Credit Losses, to
all three versions of the Call Report. This Memorandum item would
capture the ``Estimated amount of expected recoveries of amounts
previously written off included within the allowance for credit losses
on loans and leases held for investment (included in item 7, column A,
`Balance end of current period,' above).'' In proposing this reporting
change, the agencies noted that, under ASC Topic 326, institutions
could, in some circumstances, reduce the amount of the allowance for
credit losses that would otherwise be calculated for a pool of assets
with similar risk characteristics that includes charged-off assets by
the estimated amount of expected recoveries of amounts written off on
these assets. Upon further consideration, the agencies have decided to
limit the collection of this proposed Memorandum item to the FFIEC 031
and FFIEC 041, and not to add this Memorandum item to the streamlined
FFIEC 051, which has reduced reporting requirements in relation to the
other two versions of the Call Report.
On October 4, 2019, the agencies published a 60-day PRA Federal
Register notice \8\ for public comment on proposed revisions to the
Call Reports and the FFIEC 101 that would implement various changes to
the agencies' regulatory capital rule that, as of that date, the
agencies had finalized or were considering finalizing. The notice
included proposed reporting revisions resulting from the proposed TLAC
investments rule. The agencies did not proceed with the implementation
of the TLAC-related reporting changes in January 2020 when they
finalized the other capital-related reporting changes included in the
October 2019 notice,\9\ as the agencies had not yet adopted a TLAC
investments final rule.
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\8\ 84 FR 53227 (October 4, 2019).
\9\ 85 FR 4780 (January 27, 2020).
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On October 20, 2020, the TLAC investments rule was finalized.\10\
The associated capital-related reporting changes proposed in October
2019 along with the agencies' responses to the comments received on the
proposed reporting revisions are discussed in section II.C below. After
carefully considering the comments received on the TLAC investments
portion of the October 2019 notice, the agencies are adopting the
reporting changes proposed in that notice with the modifications
discussed in Section II.C of this notice.
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\10\ See the TLAC investments final rule attached to OCC News
Release 2020-137, Board Press Release, and FDIC Press Release 115-
2020, all of which are dated October 20, 2020.
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B. Comments Received on July 2020 Proposed Call Report, FFIEC 101, and
FFIEC 002 Revisions
1. Board Regulation D Amendments
The agencies received one comment letter from a banking trade
association that raised concerns with the proposed Call Report changes
related to the Board's interim final rule amending Regulation D
(Reserve Requirements of Depository Institutions, 12 CFR part 204) \11\
that deletes the numeric limits on transfers and withdrawals that may
be made each month from the definition of ``savings deposits.'' The
agencies also proposed to make the same changes related to the
Regulation D amendments to the FFIEC 002.
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\11\ 85 FR 23445 (April 28, 2020).
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The commenter suggested aligning the changes to the Call Report
with the Board's proposed changes to the FR 2900, Report of Transaction
Accounts, Other Deposits and Vault Cash.\12\ The commenter noted that
the proposed changes to the FR 2900 would consolidate the reporting of
ATS accounts, NOW accounts/share drafts, and telephone and
preauthorized transfer accounts together with total savings deposits
(including MMDAs) in a new data item, ``Other liquid deposits.'' In
addition, for data items collected annually on the FR 2900 for the June
30 report date, the report has been streamlined to collect only the
data items needed for the reserve requirement exemption amount and low
reserve tranche that combines demand deposits, NOW accounts, ATS
accounts, telephone and preauthorized transfer accounts together with
savings deposits in a new data item, ``New Transaction Accounts.'' In
contrast, the Call Report will continue to require institutions to
report transaction and nontransaction accounts separately in Schedule
RC-E.
---------------------------------------------------------------------------
\12\ 85 FR 54577 (September 2, 2020).
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The agencies note that the FR 2900 and Call Report serve two
separate purposes. The primary purpose of the FR 2900 report is to
collect data for the construction of the monetary aggregates. Although
the Call Report can aid in the construction of the monetary aggregates
by utilizing deposit data collected on a quarterly basis, its primary
purpose is to serve as the principal source of financial of data used
for the supervision and regulation of individual banks and savings
associations and for monitoring the condition and performance of the
banking industry. As such, the Call Report requires data to be reported
on a more granular level than the FR 2900 report requires. Furthermore,
section 7(a)(5) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)(5)) requires time and savings deposits to be reported
separately from demand deposits in Call Reports. Therefore, the
agencies believe that even though Call Report Schedule RC-E will
maintain the requirement to report transaction and nontransaction
accounts separately along with the demand deposit component of total
transaction accounts and the components of total nontransaction
accounts, institutions are familiar with
[[Page 74789]]
the existing structure of Schedule RC-E and have systems and procedures
in place for completing the schedule. Accordingly, the agencies do not
anticipate that there would be a change in Call Report burden resulting
from the retention of these deposit items in Schedule RC-E.
Secondly, the commenter recommended that a depositor's eligibility
to hold a NOW account should not be included in the criteria assessment
to determine the reporting treatment for savings deposits for which the
numeric limits on transfers and withdrawals have been removed. The
commenter noted that ``if a firm does not offer NOW accounts, they
would be required to report savings deposits as NOW accounts, ATS
accounts, or telephone and preauthorized transfer accounts (and as
transaction accounts) based on a depositor's eligibility to hold such
account'' and ``for firms that do not offer NOW accounts, the data
necessary to determine a depositor's eligibility for NOW accounts would
not be readily available.'' In addition, the commenter also noted that
this reporting treatment would be inconsistent with the Regulation D
definition of savings deposits, as NOW account eligibility is not a
component of the definition. The commenter believes gathering the data
necessary to distinguish these depositors from other savings account
holders solely for regulatory reporting purposes would create business
and systems challenges. The agencies agree with the commenter that the
depositor's eligibility to hold a NOW account should not be included in
the assessment criteria for classification as a ``savings deposit'' as
such reporting would not be consistent with the Regulation D definition
of savings deposits. Therefore, the agencies will remove the
depositor's eligibility to hold a NOW account from the assessment
criteria.
Thirdly, the commenter requested clarification on how institutions
should report the components of retail sweep arrangements in the Call
Report. Specifically, the commenter asked whether institutions should
continue to report the nontransaction components of, or savings
deposits in, retail sweep arrangements as nontransaction accounts. If
not, the commenter asked whether institutions should strictly follow
the proposed assessment criteria for the treatment of accounts where
the transfer limit has been removed. The agencies have modified the
description of retail sweep arrangements to remove references to
transaction and nontransaction components. Further, institutions should
not follow the proposed assessment criteria for the treatment of
accounts for which the transfer limit has been removed. Instead,
institutions that offer valid retail sweep programs should report each
component of the retail sweep arrangement based on the customer account
agreement established by the depository institution. Two key criteria
must be met for a valid retail sweep program. These criteria are: (1) A
depository institution must establish by agreement with its customer
two distinct, legally separate accounts; and (2) the swept funds must
actually be moved between the customer's accounts on the depository
institution's official books and records as of the close of business on
the day(s) on which the depository institution intends to report the
funds as being in separate accounts.
Lastly, the commenter requested that the Board confirm that savings
deposits or accounts described in 12 CFR 204.2(d)(2) would not be
subject to Regulation CC (Availability of Funds and Collection of
Checks, 12 CFR part 229) as a result of the recent amendments to
Regulation D. Because Regulation CC continues to exclude accounts
described in 12 CFR 204.2(d)(2) from the Regulation CC ``account''
definition, the recent amendments to Regulation D did not result in
savings deposits or accounts described in 12 CFR 204.2(d)(2) now being
covered by Regulation CC.
2. Provisions for Credit Losses on Off-Balance-Sheet Credit Exposures
The banking trade association requested that the agencies permit
institutions that have not adopted Accounting Standards Update No.
2016-13, Topic 326, Financial Instruments--Credit Losses (ASU 2016-13),
to report their provisions for credit losses on off-balance sheet
credit exposures as part of their provision expense in Schedule RI,
item 4, rather than as part of other noninterest expense in Schedule
RI, item 7.d. The agencies proposed to require the reporting of
provisions for credit losses on off-balance sheet credit exposures in
Schedule RI, item 4, only for institutions that have adopted ASU 2016-
13.
The agencies do not want to create diversity in reporting by
allowing some institutions that have not adopted ASU 2016-13 to choose
to report their provisions for credit losses on off-balance sheet
credit exposures as part of their provision expense in Schedule RI,
item 4, while other institutions continue to report their provisions
related to off-balance sheet credit exposures in Schedule RI, item 7.d.
Therefore, the agencies are not adopting the commenter's suggestion.
The agencies plan to consider whether to require the reporting of
provisions for credit losses on off-balance sheet credit exposures by
all institutions that have not adopted ASU 2016-13 as part of
provisions for credit losses in Schedule RI, item 4. If the agencies
decide to propose this revision to the Call Report in the future, they
would do so through the standard PRA notice and comment process.
The agencies are proceeding with the proposed revision to require
institutions that have adopted ASU 2016-13 to include provisions for
credit losses on off-balance sheet credit exposures in Schedule RI,
item 4, and to separately report these provisions in Schedule RI-B,
Part II, Memorandum item 7.
3. Other Comments Received
The agencies also received comments on the Call Report that were
not specifically related to any of the proposed changes.
The U.S. government agency requested that the agencies expand the
level of detail on interest and fee income collected in the Call Report
on Schedule RI to align with each loan category reported on Schedule
RC-C, Part I, Loans and Leases. The agencies are declining to make any
changes to the level of detail on loan income at this time. The
agencies believe the current level of detail strikes the appropriate
balance between the information necessary for monitoring the condition
and performance of individual institutions and the industry, as a
whole, with the effort required by those organizations to separately
collect and report interest and fee income information by loan
category.
The banking trade association supported the agencies' actions
during the COVID-19-related disruptions to permit institutions to
electronically sign Call Reports and encouraged the agencies to
permanently adopt an electronic signature option for Call Report
filings. The agencies initially permitted electronic signatures on Call
Reports as an accommodation to provide institutions flexibility during
the COVID-19 disruptions. The agencies are exploring options for the
possible adoption of standard protocols for permitting the use of
electronic signatures on Call Reports on a permanent basis.
[[Page 74790]]
C. Comments Received on Revisions Related to the Total Loss Absorbing
Capacity Investments Rule
1. General Comments
The agencies received comment letters from two banking trade
associations in response to the proposed changes to the Call Reports
and the FFIEC 101 in the October 2019 notice that would implement the
rule changes proposed in the TLAC investments notice of proposed
rulemaking (NPR).\13\
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\13\ 84 FR 13814 (April 8, 2019).
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Commenters requested that any changes to regulatory reporting
related to the TLAC investments NPR--including changes to the Call
Reports and FFIEC 101--be implemented after the effective date of the
final rule. The agencies concur, and are not implementing associated
changes to regulatory reports until the June 30, 2021, report date. The
TLAC investments final rule's effective date is April 1, 2021.
Commenters further requested that the agencies delay implementation
of the proposed changes to the Call Reports and FFIEC 101 until 18
months after the TLAC investments final rule becomes effective to
provide more time to modify reporting systems and identify exposures to
``covered debt instruments.'' In addition, commenters requested that
the agencies not require application of the final rule's deduction
treatment to an exposure to a global systemically important banking
organization until the reporting banking organization has the
information necessary to determine whether such exposure qualifies as a
``covered debt instrument.''
As discussed in the preamble of the TLAC investments final rule,
the agencies maintain the supervisory expectation that large and
internationally active banking organizations should be deeply
knowledgeable of the securities exposures reported on their own balance
sheets, if only for the purposes of prudent risk management. The final
rule will become effective on April 1, 2021, and associated changes to
the Call Reports and FFIEC 101 would be implemented as of the June 30,
2021, report date. The agencies believe the effective date for the
reporting changes provides sufficient time for advanced approaches
banking organizations to evaluate investments in covered debt
instruments and apply the final rule's deduction treatment. Further,
the agencies believe that the effective date for the reporting changes
provides sufficient time for these banking organizations to change
reporting systems and accurately identify exposures to covered debt
instruments for purposes of regulatory reporting.
2. Comments on FFIEC 101, Schedule A
A commenter remarked that the agencies proposed to add new data
item 56.a to Schedule A of the FFIEC 101 to implement the deduction of
covered debt instruments; however, no analogous data item would be
added to Schedule RC-R, Part I, of the Call Reports and Schedule HC-R,
Part I, of the Consolidated Financial Statements for Holding Companies
(FR Y-9C).\14\ This commenter recommended adding a similar data item to
the Call Reports and FR Y-9C.
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\14\ OMB Number 7100-0128.
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While Schedule A of the FFIEC 101 collects similar information--
capital amounts, capital deductions, and ratios, among other items--as
Schedule RC-R, Part I, of the Call Reports and Schedule HC-R, Part I,
of the FR Y-9C, the information collected is not exactly the same.
Given that only large and internationally active banking organizations
complete the FFIEC 101, this form collects more granular information on
capital deductions in comparison to the Call Reports and the FR Y-9C.
The addition of item 56.a only on the FFIEC 101 is consistent with
prior practice. Therefore, in an effort to minimize regulatory burden
on reporting forms completed by smaller and less complex banking
organizations, the agencies will not add an analogous data item to
either the Call Reports or FR Y-9C. For Call Report purposes, as
proposed in the October 2019 notice, the agencies would revise the
instructions for items 11, 17, 24, and 45 of Schedule RC-R, Part I, in
the FFIEC 031-FFIEC 041 instruction book to effectuate the deductions
from regulatory capital for advanced approaches banking organizations
related to investments in covered debt instruments and excluded covered
debt instruments.
One commenter remarked that the FR Y-9C included new reporting
items for long-term and TLAC amounts, ratios, and the TLAC buffer.
However, these items were not included in the agencies' proposed
revisions to the FFIEC 101. This commenter requested that such data
items not be added to the FFIEC 101, as this would constitute a
duplicative reporting requirement and unnecessarily increase burden on
banking organizations that complete the FFIEC 101. The agencies concur
with this commenter, as the Board's TLAC rule applies to only holding
companies. Therefore, such data items are only to be reported on the FR
Y-9C and are not being added to the FFIEC 101.
D. Additional Instructional Matters
1. Uncollectible Accrued Interest Receivable Under ASC Topic 326
In April 2019, the Financial Accounting Standards Board (FASB)
issued ASU No. 2019-04, ``Codification Improvements to Topic 326,
Financial Instruments--Credit Losses, Topic 815, Derivatives and
Hedging, and Topic 825, Financial Instruments,'' which amended ASC
Topic 326 to allow an institution to make certain accounting policy
elections for accrued interest receivable balances, including a
separate policy election, at the class of financing receivable or major
security-type level, to charge off any uncollectible accrued interest
receivable by reversing interest income, recognizing credit loss
expense (i.e., provision expense), or a combination of both. The
Glossary entry for ``Accrued Interest Receivable'' in the Call Report
instructions currently references the following accounting policy
elections in ASU 2019-04:
Institutions may elect to separately present accrued
interest receivable from the associated financial asset, and the
accrued interest receivable is presented net of an allowance for credit
losses (ACL), if any; and
Institutions that charge off uncollectible accrued
interest receivable in a timely manner, i.e., in accordance with the
Glossary entry for ``Nonaccrual Status,'' may elect, at the class of
financing receivable or the major security-type level, not to measure
an ACL for accrued interest receivable.
Although this Glossary entry does not currently provide for the
ASU's separate accounting policy election for the charge-off of
uncollectible accrued interest receivable at the class of financing
receivable or major security-type level, this election is specifically
addressed in the Interagency Policy Statement on Allowances for Credit
Losses issued in May 2020.\15\ Accordingly, in the Call Report
Supplemental Instructions issued by the FFIEC for the September 30,
2020, report date,\16\ the FFIEC advised that, for Call Report
purposes, an institution that has adopted ASC Topic 326 may make the
charge-off election for accrued interest receivable balances in ASU
2019-04 separately from the other elections for these balances in the
ASU.
[[Page 74791]]
The FFIEC also stated that an institution may charge off uncollectible
accrued interest receivable against an ACL for Call Report purposes.
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\15\ 85 FR 32991 (June 1, 2020).
\16\ https://www.ffiec.gov/pdf/FFIEC_forms/FFIEC031_FFIEC041_FFIEC051_suppinst_202009.pdf.
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The agencies plan to update the Call Report Glossary entry for
``Accrued Interest Receivable'' to align the instructions in this entry
with the elections permitted under U.S. GAAP for institutions that have
adopted ASC 326, which also would achieve consistency with the
discussion of accrued interest receivable in the Interagency Policy
Statement on Allowances for Credit Losses.
2. Shared Fees and Commissions From Securities-Related and Insurance
Activities
Institutions report income from certain securities-related and
insurance activities in Call Report Schedule RI, Income Statement,
items 5.d.(1) through (5) on the FFIEC 031 and the FFIEC 041; items
5.d.(1) and (2) on the FFIEC 051. When an institution partners with, or
otherwise joins with, a third party to conduct these securities-related
or insurance activities, and any fees and commissions generated by
these activities are shared with the third party, the Schedule RI
instructions do not currently address the reporting treatment for these
sharing arrangements. Consequently, institutions may report the gross
fees and commissions from these activities in the appropriate subitem
of Schedule RI, item 5, ``Other noninterest income,'' and the third
party's share of the fees and commissions separately as expenses in
Schedule RI, item 7.d, ``Other noninterest expense.'' Alternatively,
institutions may report only their net share of the fees or commissions
in the appropriate subitem of Schedule RI, item 5.
The agencies believe that reporting shared fees and commissions on
a net basis is preferable to gross reporting and is analogous to how
income from certain other income-generating activities is reported in
the Call Report income statement, including securitization income and
servicing fee income, which are currently reported net of specified
expenses and costs.
This net approach better represents an institution's income from a
securities-related or insurance activity engaged in jointly with a
third party than when the third party's share of the fees and
commissions is separately reported as a noninterest expense in another
income statement data item. As a result, the agencies plan to clarify
the existing Schedule RI instructions to ensure consistent reporting on
a net basis of fees and commissions from securities-related and
insurance activities that are shared with third parties. Furthermore,
to avoid including repetitive language in the instructions for the
multiple noninterest income items for income from securities-related
and insurance activities in Schedule RI, a new non-reportable item 5.d
captioned ``Income from securities-related and insurance activities''
would be added before the existing 5.d subitems on the Call Report
forms and in the FFIEC 031-FFIEC 041 and FFIEC 051 instruction books.
The reporting treatment for arrangements involving the sharing of fees
and commissions with third parties arising from an institution's
securities brokerage, investment banking, investment advisory,
securities underwriting, insurance and annuity sales, insurance
underwriting, or any other securities-related and insurance activities
would be explained once in the new item 5.d instructions.
3. Pledged Equity Securities
In January 2016, the FASB issued ASU 2016-01, ``Recognition and
Measurement of Financial Assets and Financial Liabilities.'' As one of
its main provisions, the ASU requires investments in equity securities,
except those accounted for under the equity method and those that
result in consolidation, to be measured at fair value with changes in
fair value recognized in net income. Thus, the ASU eliminates the
existing concept of available-for-sale (AFS) equity securities, which
are measured at fair value with changes in fair value generally
recognized in other comprehensive income. As of December 31, 2020, all
institutions will have been required to adopt ASU 2016-01 and, as a
consequence, must report equity securities with readily determinable
fair values not held for trading in Schedule RC, Balance Sheet, item
2.c, ``Equity securities with readily determinable fair values not held
for trading,'' instead of Schedule RC-B, Securities, item 7,
``Investments in mutual funds and other equity securities with readily
determinable fair values.'' Accordingly, Schedule RC-B, item 7, is
scheduled to be removed effective December 31, 2020.
Institutions have long reported the amount of held-to-maturity and
AFS securities reported in Schedule RC-B, items 1 through 7, that are
pledged to secure deposits and for other purposes in Schedule RC-B,
Memorandum item 1, ``Pledged securities.'' Considering that all
institutions that previously reported their AFS equity securities in
Schedule RC-B, item 7, now report these securities in Schedule RC, item
2.c, the agencies are updating the instructions for Schedule RC-B,
Memorandum item 1, and Schedule RC, item 2.c, to indicate that
institutions should include in Memorandum item 1 the fair value of
pledged equity securities with readily determinable fair values not
held for trading that are now reported in Schedule RC, item 2.c. The
wording of existing footnote 1 to Memorandum item 1 of Schedule RC-B on
the Call Report forms will be similarly updated. These instructional
clarifications would ensure that pledged equity securities formerly
reportable as AFS equity securities would continue to be reported in
Memorandum item 1 notwithstanding the change in accounting for equity
securities under U.S. GAAP. Information on pledged securities is an
important element of the agencies' analysis of an institution's
liquidity risk.
III. Timing
As stated in the July 2020 notice, the reporting revisions
associated with the interim final rules, the final deposit insurance
assessments rule, and the CARES Act provisions have been approved by
OMB through the emergency clearance process, and these revisions have
taken effect for the March 31, 2020, Call Report and FFIEC 101; the
June 30, 2020, Call Report, FFIEC 101, and FFIEC 002; or the September
30, 2020, FFIEC 002. Subject to OMB approval, the reporting revisions
for which emergency approvals were received will remain in effect,\17\
but with instructional clarifications for the modification to the
eligibility in the final rule for the 5-year 2020 CECL transition
provision. Also subject to OMB approval, the additional revisions to
the Call Report and FFIEC 002 instructions proposed in the July 2020
notice that are related to the amendment of the Board's Regulation
D,\18\ but with the removal of NOW account eligibility from the
assessment criteria for ``savings deposit'' classification, would be
effective for reporting beginning in the first quarter of 2021.
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\17\ As stated in the July 2020 notice, the collection of the
new Call Report and FFIEC 002 data items for which emergency
approvals were received is expected to be time-limited.
\18\ 85 FR 44369 (July 22, 2020).
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For the accounting-related changes discussed in Section II.C of the
July 2020 notice,\19\ the revisions would take effect March 31, 2021,
except for the revisions for last-of-layer hedging, which would be
implemented following the FASB's adoption of a final last-of-layer
hedge accounting standard. A final
[[Page 74792]]
standard is not expected to be issued before the second half of 2021.
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\19\ 85 FR 44371-44374 (July 22, 2020).
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The reporting revisions to Schedule RC-M for the international
remittance transfer items discussed in Section II.D of the July 2020
notice \20\ would take effect March 31, 2021.\21\
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\20\ 85 FR 44374-44375 (July 22, 2020).
\21\ Institutions will report current Schedule RC-M, item 16, in
December 2020; will not report current Schedule RC-M, item 16, at
all in June 2021; and will report the proposed revised Schedule RC-
M, item 16, in December 2021 (covering all of calendar year 2021).
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The reporting changes to the Call Reports and the FFIEC 101 for the
TLAC investments final rule would take effect June 30, 2021.
The specific wording of the captions for the new or revised Call
Report, FFIEC 101, and FFIEC 002 data items discussed in the October
2019 and July 2020 notices and this notice and the numbering of these
data items should be regarded as preliminary.
The Call Report instructional clarifications to the Glossary entry
for ``Accrued Interest Receivable'' and Schedule RC-B for pledged
equity securities would take effect December 31, 2020, while the
instructional clarifications to Schedule RI for shared fees and
commissions from securities-related and insurance activities would take
effect March 31, 2021.
IV. Request for Comment
Public comment is requested on all aspects of this joint notice.
Comment is specifically invited on:
(a) Whether the proposed revisions to the collections of
information that are the subject of this notice are necessary for the
proper performance of the agencies' functions, including whether the
information has practical utility;
(b) The accuracy of the agencies' estimates of the burden of the
information collections as they are proposed to be revised, including
the validity of the methodology and assumptions used;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of information collections on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Comments submitted in response to this joint notice will be shared
among the agencies.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
Board of Governors of the Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
James P. Sheesley,
Acting Assistant Executive Secretary.
[FR Doc. 2020-25743 Filed 11-20-20; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P