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Fed offers small institutions COVID-19 reporting relief
The Federal Reserve announced yesterday that it recognizes that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by COVID-19. The Fed will not take action against a financial institution with $5 billion or less in total assets for submitting its March 31, 2020, Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) or Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies (FR Y-11) after the official filing deadline, as long as the applicable report is submitted within 30 days of the official filing due date.
Institutions were encouraged to contact their Reserve Bank in advance of the official filing deadline if they anticipate a delayed submission. Institutions anticipating difficulty submitting their reports within the 30 days following the official filing due date, or experiencing challenges in obtaining director attestations, should likewise contact their Reserve Bank.