Fed Yawns: Banks Keep Filing Same Old Reports for 3 More Years
Published Date: 2/5/2025
Notice
Summary
The Federal Reserve is extending and updating some important financial reports that U.S. banks and their foreign and nonbank subsidiaries must submit. These changes kick in on March 31, 2025, and help keep financial info clear and up-to-date without adding extra costs. If you’re part of these organizations, get ready to follow the new rules for the next three years!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Three-Year Extension of Bank Reports
If you operate a U.S. bank, bank holding company, or similar organization, the Federal Reserve extended and revised the FR 2314, FR Y-11 (now under OMB No. 7100-0073), and FR Y-7N information collections for three years. The revised collections take effect March 31, 2025 and remain approved under OMB control numbers 7100-0073 and 7100-0125.
New Schedule BS-Q for Specific Foreign Subsidiaries
Foreign subsidiaries of U.S. banking organizations that are located in the U.K. or the Caribbean (not on U.S. military facilities), have a banking charter and engage in banking business, and report $2,000,000,000 or more in total assets and $10,000,000 or more in total deposits at quarter-end must complete a new FR 2314 Schedule BS-Q. U.S. holding companies' foreign subsidiaries that file FR 2314 annually are not required to report the new items. The requirement to complete Schedule BS-Q is delayed until March 31, 2025.
Paperwork Burden and Estimated Hours
The Board estimates changes and totals in reporting burden: for FR 2314/FR Y-11 the total estimated change in burden is 3,632 and total estimated annual burden hours are 31,656; for FR Y-7N collections the total estimated change in burden is 120 and total annual burden hours are 2,755. Average hours per response vary (for example, FR 2314 quarterly ≈ 8.0 hours; FR Y-7N quarterly ≈ 8.3 hours).
Accounting Alignment for Troubled Loan Reporting
The Board will revise the FR 2314, FR Y-11, and FR Y-7N reports to align how you report loan modifications for borrowers experiencing financial difficulty with Accounting Standards Update ASU 2022-02 (Financial Instruments—Credit Losses). The Board is proceeding with these revisions as proposed and they take effect as of March 31, 2025.
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Key Dates
Related Federal Register Documents
2026-08298, Regulatory Capital Rule: Community Bank Leverage Ratio Framework
Starting July 1, 2026, community banks get a break! The minimum leverage ratio drops from 9% to 8%, making it easier for smaller banks to meet rules. Plus, banks can now stay in this easier framework longer—up to four straight quarters instead of two—helping them manage their money better without rushing.
2026-05960, Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-Weighted Assets
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2025-21626, Regulatory Capital Rule: Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies
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2026-20668, Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
If you want to buy shares in a bank or bank holding company, you need to tell the Federal Reserve first. They check to make sure everything’s fair and safe before you can take control. If you’re interested, you have until October 23, 2026, to share your thoughts or concerns about these deals.
2026-20509, Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks: Bank Holding Companies
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Previous / Next Documents
Previous: 2025-02256, Proposed Agency Information Collection Activities; Comment Request
The Federal Reserve wants to keep its current rules for keeping records on complex finance activities for three more years—no changes! Banks and financial institutions that deal with these activities are affected. If you have thoughts, speak up by April 7, 2025, but no new costs or paperwork changes are coming your way.
Next: 2025-02258, Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
The Federal Reserve Board is extending and updating its Procurement Solicitation Package for three more years starting March 7, 2025. This update helps the Board keep a smooth and fair process when asking suppliers to bid on goods and services. If you’re a supplier or involved in government contracts, these changes might affect how you submit proposals, but there’s no new cost impact announced.