Notice2026-10099
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 20, 2026
Effective
December 31, 2026
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Capital Assessments and Stress Testing Reports (FR Y14A/Q/M; OMB No. 7100-0341).
Full Text
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<title>Federal Register, Volume 91 Issue 97 (Wednesday, May 20, 2026)</title>
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[Federal Register Volume 91, Number 97 (Wednesday, May 20, 2026)]
[Notices]
[Pages 29485-29493]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-10099]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Capital Assessments and Stress Testing Reports (FR Y14A/Q/M; OMB No.
7100-0341).
DATES: The revisions are effective December 31, 2026, unless otherwise
noted below.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, <a href="/cdn-cgi/l/email-protection#e18f948980cf848d8c80868993808388a1879383cf868e97"><span class="__cf_email__" data-cfemail="6f011a070e410a03020e08071d0e0d062f091d0d41080019">[email protected]</span></a>, (202)
452-3884.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may
be requested from the agency clearance officer, whose name appears
above. On
[[Page 29486]]
the page displayed at the link above, you can find the supporting
information by referencing the collection identifier, FR Y-14A/Q/M.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Capital Assessments and Stress Testing Reports.
Collection identifier: FR Y-14A/Q/M.
OMB control number: 7100-0341.
General description of collection: The FR Y-14 reports collect
stress test and capital plan data from the largest holding companies,
which are those with $100 billion or more in total consolidated assets.
The data collected through the FR Y-14 reports provide the Board with
the information needed to help ensure that large holding companies have
strong, firm[hyphen]wide risk measurement and management processes
supporting their internal assessments of capital adequacy and that
their capital resources are sufficient given their business focus,
activities, and resulting risk exposures. Information gathered in this
data collection is also used in the supervision and regulation of these
financial institutions.
Frequency: Annually, quarterly, and monthly.
Respondents: These collections of information are applicable to
top-tier holding companies with total consolidated assets of $100
billion or more.
Total estimated number of respondents: 35.
Total estimated change in burden: 12,989 hours.
Total estimated annual burden hours: 774,828.
Current actions: On June 21, 2024, the Board published an initial
notice in the Federal Register (89 FR 52042) requesting public comment
for 60 days on the extension, with revision, of the FR Y-14A/Q/M
reports. The proposed revisions to the FR Y-14A/Q/M reports would have
collected more granular information on lending to nondepository
financial institutions (NDFIs), improved the timeliness and coverage of
the Board's collections of counterparty credit risk data, removed data
fields deemed no longer necessary, and made other minor revisions and
instructional clarifications. The comment period for this notice
expired on August 20, 2024.
Following the initial notice, the Board received six comment
letters. Three comment letters were from financial industry groups, one
comment letter was from a banking organization, and two comment letters
were from organizations associated with small business investment
companies (SBICs).
Following the comment period, Federal Reserve staff met with
representatives from banking organizations, banking industry advocacy
groups, and a law firm regarding the comment letters received on the
initial notice. During the meeting, representatives noted their support
for certain aspects of the proposed changes and also reiterated their
concerns with certain elements of the proposal.
The Board has adopted the proposed revisions, except as discussed
below.
Detailed Discussion of Public Comments
General
Implementation Dates
The Board proposed to implement revisions to the FR Y-14Q and FR Y-
14M effective for the September 30, 2024, as-of date, and revisions to
the FR Y-14A effective for the December 31, 2024, as-of date.
Commenters expressed concern with the proposed timeline and requested
that the Board revise the implementation dates to provide firms with
sufficient time to make the required system changes, perform testing,
and confirm reporting accuracy. For most proposed revisions, a
commenter noted that implementation time of four quarters from the
publication of the final notice would be adequate.
The Board recognizes the burden associated with regulatory
reporting and the importance of providing firms sufficient time to
update reporting systems and perform testing following the final
notice. However, ensuring that data is received in a timely fashion is
critical to conduct supervision and address emerging risks. Notably,
several revisions noted as burdensome by commenters have not been
adopted or have been otherwise modified to ease operational burden, as
discussed below. The Board has adopted certain minor revisions or
burden reducing revisions effective for the first reporting quarter
following this notice, and the remaining revisions effective for the
December 31, 2026, as-of date.
FR Y-14 Q&A System
To address relevant unaddressed questions on the FR Y-14, the Board
encouraged the submission of comments regarding any aspects of the FR
Y-14 instructions that may be unclear. Additionally, the Board noted
that it intended to retire unanswered questions in the Q&A system that
were submitted prior to the publication of the initial notice. One
commenter requested further guidance as to the Board's intentions with
FR Y-14 Q&As in general. The commenter pointed out that it will
continue to be critical for firms to be able to submit questions to the
Board regarding the FR Y-14 and receive timely responses. Additionally,
another commenter suggested that the Board consider changes to its FR
Y-14 Q&A process to improve responsiveness and that the Board consider
providing factors for firms to prioritize responses so urgent questions
receive prompt responses.
The Board received 89 outstanding questions related to FR Y-14
reporting. The Board has since provided responses to 76 of these
questions. The Board will consider adopting additional clarifications
related to these questions in future updates to the FR Y-14. Q&As
#Y140001594, #Y140000960, and #Y140001592 have been returned to the
firms for clarification, and the Board expects to address these
questions once clarifications have been received. The remainder of the
questions were withdrawn by the firm or were addressed outside of the
FR Y-14 Q&A system due to the nature of the question.
Additionally, the FR Y-14 Q&A system is not the appropriate channel
for questions that do not pertain to an interpretation of reporting
requirements. Firms should work with their Reserve Bank Analyst for
questions related to edit checks.
As firms' relevant previously unaddressed questions have been
addressed and this notice provides additional instructional
clarifications, the Board will retire all outstanding questions that
were submitted prior to the initial notice. Unanswered questions
submitted since the initial notice will remain active. The Board
understands the importance of providing responses to questions on FR Y-
14 reporting requirements and is committed to improving the timeliness
of these responses. In the absence of a response, firms should report
according to their best understanding of the instructions. At this
time, no further process changes will be made to the FR Y-14 Q&A system
and firms will continue to be able to submit questions on the FR Y-14
to the Federal Reserve. After submitting a question to the Q&A system,
firms should notify the Federal Reserve via email
(<a href="/cdn-cgi/l/email-protection#7910171f16572a0d0b1c0a0a2d1c0a0d10171e391f0b1b57160b1e"><span class="__cf_email__" data-cfemail="9ff6f1f9f0b1ccebedfaececcbfaecebf6f1f8dff9edfdb1f0edf8">[email protected]</span></a>) if a question is urgent or could impact an
upcoming FR Y-14 submission.
[[Page 29487]]
Historical Data
The Board proposed to modify the FR Y-14Q historical reporting
requirement such that new reporters, or existing reporters that must
begin filing a Retail schedule, would be required to provide PPNR and
Retail historical reports for only the five years preceding the first
quarter that the firms is subject to reporting. One commenter supported
this revision and stated that five years of historical data is
appropriately calibrated. Therefore, the Board has adopted this
revision effective for the first reporting period following the
publication of this notice.
Exploratory Market Shocks
The Board proposed to revise the FR Y-14 instructions to require
firms to submit relevant data with respect to all market shocks that
the Board may conduct in a given year, including exploratory shocks.
One commenter noted that the proposed requirements were unclear and
recommended that the Board align this collection with a 2024
supplemental data collection. Specifically, the commenter stated that
firms should not be required to apply exploratory market shocks to FR
Y-14A, Schedule A.1.a, line item 62 (``Total Trading and Counterparty
Losses'') with respect to trading activity as this line item is
dependent on FR Y-14Q, Schedule F (Trading), which falls outside the
scope of the exploratory market shocks. Further, the commenter asked
that the Board conduct no more than two exploratory market shocks per
year given the operational burdens of providing the data and ensure
that the as-of date for the exploratory market shock is the same as for
the global market shock (GMS). Lastly, the commenter stated that the FR
Y-14Q, Schedule L (Counterparty) data should not be due until April 30.
The Board is cognizant of the burden associated with exploratory
market shocks and has determined that the proposed revision to the FR
Y-14 related to exploratory market shocks is not needed at this time.
Therefore, the Board has not adopted this revision.
Loan Modifications to Borrowers Experiencing Financial Difficulty
Consistent with ASU 2022-02, the Board proposed to retire fields
that captured troubled debt restructurings on FR Y-14Q, Schedules H.1
and H.2 and FR Y-14M, Schedules A and B, and replace them with fields
to capture loan modifications to borrowers experiencing financial
difficulty (LMBEFDs). A commenter noted that the FR Y-14 instructions
for reporting LMBEFDs does not align with the FR Y-9C and asked that
the Board align the definitions. The commenter also requested that the
revisions related to LMBEFDs are effective for the December 31, 2024,
as-of date, to align with the FR Y-9C.
For alignment between reports, the Board has revised the FR Y-14
fields related to LMBEFDs to direct firms to report consistent with the
FR Y-9C glossary entry for LMBEFDs. The Board has adopted this revision
for the first reporting period following the publication of this
notice.
FR Y-14 Materiality Threshold Clarification
The Board has received questions as to the materiality threshold
calculation for reporting certain FR Y-14Q and FR Y-14M schedules as
respondents have stated there is ambiguity as to whether the four-
quarter average applies to both asset balances and asset balances as a
percent of Tier 1 capital. The Board clarifies that the FR Y-14Q and FR
Y-14M materiality thresholds are determined by the four-quarter average
of (1) asset balances or (2) the ratio of asset balances to Tier 1
capital. The four-quarter average is calculated using the asset
balances or ratio of asset balances to Tier 1 capital as of the end of
each of the four most recent quarters. If either threshold is met, the
firm would be required to report the applicable schedule in the
following quarter for the FR Y-14Q. For the FR Y-14M, the firm would be
required to report the applicable schedule starting with the last month
of the following quarter.
For example, for a firm that is subject to Category I standards, if
its asset balances exceed $5 billion based on a four-quarter average,
or if the ratio of its asset balances to Tier 1 capital exceeds 5
percent based on a four-quarter average, as of June 30, then the firm
must file the applicable schedule for the September reporting date.
Firms are responsible for ensuring that reporting expectations are
being met. For existing FR Y-14 filers, the Board does not contact
firms when it must begin reporting a new schedule.
To address questions raised by firms approaching materiality
thresholds, the Board has clarified the calculation in the FR Y-14Q and
FR Y-14M instructions.
Other Revisions
The Board proposed to update the instruction for FR Y-14A, Schedule
A.7.a, item 36 (``Provisions for Unfunded Off-Balance Sheet Credit
Exposures'') to reference FR Y-9C, Schedule HI-B, part II, item M7
(``Provisions for credit losses on off-balance sheet credit
exposures''). A commenter noted that there is a difference in
presentation between the FR Y-14A, FR Y-14Q, and FR Y-9C as to the
reporting of provisions for unfunded off-balance sheet credit
exposures, which it recommended the Board address. The commenter also
asked that the Board update the FR Y-9C reference included in FR Y-14Q,
Schedule G.1, item 36 (``Provisions for Unfunded Off-Balance Sheet
Credit Exposures''). To ensure consistent reporting, the Board has
moved the reporting of the provisions for unfunded off-balance sheet
credit exposures to Schedule A.1.a (Income Statement) to be a component
of item 91 (``Total provisions during the quarter'') on the FR Y-14A.
Additionally, the Board has updated item 36 of Schedule G.1 to
reference FR Y-9C, Schedule HI-B, part II, item M7. The Board has
adopted this revision effective for the December 31, 2026, as-of date.
The Board did not propose changes related to numeric formatting
across the FR Y-14 reports. However, a commenter noted that fields
related to loss given defaults and zip codes have different numeric
formatting across schedules. The Board recognizes this inconsistency
and will take this feedback under consideration when determining any
future revisions.
Effective for the March 31, 2024, as-of date, the Board revised the
FR Y-14 reports to reflect full CECL implementation. Due to the timing
of the initial notice, these changes were not reflected in the proposed
forms and instructions. A commenter noted this and requested that they
be removed. The Board confirms that these changes will remain reflected
on the official FR Y-14 forms and instructions moving forward.
Counterparty
Submission of Fourth Quarter Data
The Board proposed to require an unstressed Schedule L submission
as of the last calendar date of the fourth quarter, in addition to the
four submissions currently required. A commenter asked that this
revision not be implemented given the associated burden and because
there is no meaningful change in the data as of quarter-end as compared
to the GMS as-of date submission.
The Board acknowledges the operational burden concerns raised by
the commenter and limited difference in submissions between the GMS as-
of date and quarter-end. Therefore, the
[[Page 29488]]
Board has not adopted the proposed revision.
Reporting of Counterparties Under the Firm-Generated Scenario
The Board proposed to require the reporting of a firm's top 25
counterparties and related exposures under the firm-generated scenario
on FR Y-14Q, Schedule L.5 (Derivatives and Securities Financing
Transactions Profile). A commenter stated that clarification was needed
as to the population of counterparties; specifically, the commenter
asked if a counterparty that is already captured by one of the two
existing ranking methodologies must also be included under the new
ranking methodology. The Board confirms that a counterparty is only
required to be reported under one Schedule L.5 ranking methodology. The
Board has clarified the instructions to reduce ambiguity and has
adopted this revision effective for the December 31, 2026, as-of date.
Assumptions Associated With the Reporting of Credit Valuation
Adjustment (CVA) Sensitivities
The Board proposed to require the reporting of FR Y-14Q, Schedule
L.4 (Aggregate and Top 10 CVA Sensitivities by Risk Factor) under
certain Board-provided assumptions (margin period of risk of 10
business days, keeping CSA thresholds flat, no gains from netting, and
no credit downgrade triggers). A commenter requested that the Board
clarify the definitions of ``no gains from netting'' and ``keeping CSA
thresholds flat'' and provide an illustrative example. Additionally,
the commenter asked that the Board include these details in a separate
proposal for an appropriate opportunity for firms to provide feedback,
given the potential impact to stress testing due to these changes.
The Board recognizes the ambiguity of the proposed assumptions ``no
gains from netting'' and ``keeping CSA thresholds flat,'' as they do
not currently exist elsewhere in the Schedule L instructions. However,
``margin period of risk of 10 days'' and ``no credit downgrade
triggers'' are currently used in reporting certain FR Y-14Q, Schedule
L.2 (Expected Exposure Profile by Counterparty) fields. The Board has
determined that implementing just these two assumptions will achieve
the intended outcome of consistent reporting and not require additional
clarification. Lastly, the Board confirms that there are no stress
testing methodology changes associated with this revision. By
implementing consistent assumptions, the Board will receive comparable
and higher-quality data from all firms.
The Board has revised the instructions to specify that the CVA
sensitivities on Schedule L.4 are to be reported under the assumptions
``margin period of risk of 10 days'' and ``no gains from netting.'' The
Board has adopted this revision effective for the December 31, 2026,
as-of date.
Netting When Calculating Net CE
The Board proposed to clarify the instructions to describe how a
firm can net exposures when calculating net current exposure for SFTs.
The initial notice stated that this would address questions and issues
raised in FR Y-14 Q&As #Y140001627 and #Y140001614. A commenter pointed
out that Q&A #Y140001627 has not been published and therefore
commenters cannot verify if the proposed revision adequately addresses
the question. In September 2024, the Board published the content of
#Y140001627 in FR Y-14 Q&A #Y140001698.
Other Revisions
The Board proposed to clarify that firms should use the
International Swaps and Derivatives Association, Inc., publication of
the 2013 Standard Credit Support Annex for the basis of classifying
derivatives as SCSA and use Old-CSA for agreements made prior to this
publication. A commenter stated that the proposed instruction language
was ambiguous and that clarification was required as to the relevant
date to be used for reporting. To address this possible ambiguity, the
Board has clarified the instructions to reflect that firms should use
the date when the contractual terms become binding. The Board has
adopted this revision effective for the December 31, 2026, as-of date.
The Schedule L form that was included in the initial proposal
contained two fields related to the variable payoff of credit default
swaps (CDS). A commenter pointed out that the Federal Register notice
did not discuss these fields and that the proposed instructions did not
provide instructions for how to report them. Therefore, the commenter
requested clarifications and detailed instructions. The fields were
erroneously included in the Schedule L form and the Board has removed
them from the final version.
A commenter reiterated concerns over the reporting of client
cleared derivatives exposures on Schedules L.1-L.4 and requested that
they remain out of scope. Additionally, the commenter stated that FR Y-
14 Q&A #Y14001503 has created conflicting guidance regarding the
treatment of client cleared derivatives. The initial notice did not
contemplate any revisions related to the reporting of client cleared
derivatives and the Board does not believe #Y14001503 creates
conflicting guidance, as it restates the FR Y-14Q instruction's
distinction for reporting the two types of client-cleared derivative
exposures, back-to-back derivatives (considered a direct exposure) and
guaranteed derivatives (an indirect exposure). Only direct exposures
for which a firm computes CVA for its public financial statements
should be reported in Schedule L.1-L.4 regular/unstressed submissions.
Direct exposures should be reported in Schedule L.1-L.4 for CCAR/
stressed submissions irrespective of the firm's accounting practice for
financial reporting. Firms should continue to report these exposures in
accordance with the FR Y-14 instructions. The Board will consider if
additional clarifications are required in the future and would propose
any changes in a Federal Register notice.
Wholesale
Reporting Treatment of Nondepository Financial Institutions
The Board proposed to require the reporting of fields 52 through 82
on FR Y-14Q, Schedule H.1 (Corporate), the ``Obligor Financial Data
Section,'' for NDFIs. The Board received several comment letters on
this proposed revision. One commenter noted that the Obligor Financial
Data section may be overly broad and that there are obligors for which
financial data is not used in the underwriting process or collected
from NDFIs on an ongoing basis. The commenter suggested that the Board
add clarifying language to Schedule H.1 such that financial data is not
required in situations in which it is not used in underwriting and
credit risk monitoring. Similarly, the commenter requested that the
Board exclude special purpose entities, special purpose vehicles, and
fronting risk facilities from obligor financial data reporting as it
would be burdensome to provide and of minimal supervisory benefit.
Another commenter suggested that the obligor financial data for
fronting risk facilities be based on the primary credit facility
obligor to better reflect underwriting practices and ensure consistent
reporting.
One commenter stated that the FR Y-14Q collection of NDFI financial
data should only require firms to report financial data that is
collected during the underwriting and credit risk management process to
reflect existing market practices. Otherwise, the
[[Page 29489]]
commenter recommended that long-term debt and short-term debt only be
required if collected by firms on an ongoing basis, given the sensitive
information these fields may reveal about an NDFI's activities, and
that minimum thresholds be established for reporting certain financial
data fields that may not be material to all NDFIs.
Another commenter expressed strong support for the proposed
revisions related to the collection of NDFI data and, in the spirit of
financial stability, that the Board make the data publicly available
and maintain regulatory awareness of possible risks attributable to
NDFIs at banks with total assets below $100 billion.
As the Obligor Financial Data section was constructed to cover a
range of obligors and financial data, the Board understands that every
field of the financial data section may not be pertinent to
underwriting and credit risk monitoring for all NDFI obligors. The
Board notes that Section C (``Technical Details'') of the FR Y-14Q
General Instructions states, ``If information is not available or not
applicable and no such options are offered, the field should be left
blank.'' As such, the Board acknowledges certain fields may not be
populated but expects firms to report as complete data as possible and
would engage firms through the supervisory process if pertinent data is
omitted. This language also obviates the need for materiality
thresholds, as suggested by another commenter. Recognizing the
commenter's statements that the items in the financial data section is
generally not applicable for loans to special purpose entities, special
purpose vehicles, and fronting credit facilities, the Board has
modified the instructions to exclude these entities from obligor
financial data reporting. Lastly, the Board reiterates that the FR Y-14
reports are confidential supervisory information, and the Board does
not expect to disclose information reported on the FR Y-14Q regarding
an individual NDFI's activities, given the sensitive nature of this
information. The Board has adopted this revision effective for the
December 31, 2026, as-of date.
To balance regulatory burden and risk coverage, the FR Y-14
respondent panel is firms with $100 billion or more in total
consolidated assets. However, the Board can monitor smaller firms' NDFI
exposures through the supervisory process and other regulatory reports,
such as the FR Y-9C. If additional data is deemed necessary, the Board
may request it from the relevant firms.
Additionally, the Board proposed to add a ``NDFI Entity Type''
field to Schedule H.1 in which firms would have had multiple options to
specify the NDFI type to which the facility was extended. To ease
operational burden, several commenters requested that the Board align
the proposed NDFI categories on the FR Y-14 with those proposed for the
Call Report.\1\ Further, for consistency, a commenter asked that the
Board propose corresponding revisions to the FR Y-9C. If the FR Y-14
includes NDFI categories beyond the proposed Call Report categories, a
commenter requested that the Board provide definitions and guidance for
the FR Y-14-specific categories. Lastly, commenters asked that the
Board align the implementation date across reports for related NDFI
revisions.
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\1\ See 88 FR 89489 (December 27, 2023).
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The Board understands the value in aligning regulatory reports and
aims to do so whenever possible. To ensure that the FR Y-14 aligns with
the FR Y-9C, the Board proposed revisions that would add the five
proposed FR Y-9C NDFI categories as options to Schedule, H.1, item 26
(``Line Reported on FR Y-9C'').\2\ However, these five categories are
not sufficiently granular for stress testing purposes and to ensure
that supervisors sufficiently understand the risks NDFIs may pose to
the largest banks. The Board aims to provide clear reporting guidance
and has revised the Schedule H.1 instructions to provide firms detailed
information on classifying the FR Y-14-specific NDFI types and on the
proposed ``NDFI Entity Type'' field to address issues raised by
commenters. The Board has adopted this revision effective for the
December 31, 2026, as-of date.
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\2\ See 89 FR 80244 (October 2, 2024).
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Reporting of Financial Sponsors
The Board proposed to add three fields to Schedule H.1 to capture
whether an obligor is controlled by a financial sponsor, and, if so,
that financial sponsor's name and legal entity identifier. The Board
received several comments on this revision stating that the proposed
fields are overly broad and suggesting clarifications to improve the
consistency of reporting. First, commenters stated that the proposed
instructions are unclear as to whether entities can be financial
sponsors, as opposed to individuals. Second, commenters asserted that
the definition of financial sponsor is overly broad and suggested that
the Board adopt a minimum ownership percentage or narrow the definition
to reflect only financial sponsors that have legal authority over the
policies of the obligor. Additionally, a commenter stated that the
Board should clarify how to report an obligor that has more than one
financial sponsor and whether financial sponsor reporting is required
for all obligors with a financial sponsor or only for NDFI obligors.
Lastly, a commenter asked whether there are masking considerations for
individual financial sponsors as currently exist elsewhere on the FR Y-
14.
The Board confirms that entities as well as individuals can be
considered financial sponsors, and has revised the instructions for
clarity. Relatedly, the Board has revised the instructions to ensure
that information on individuals is masked, consistent with practice in
other portions of the FR Y-14Q. The Board recognizes the ambiguity of
the proposed financial sponsor fields and has implemented a 25 percent
minimum ownership threshold, consistent with the Shared National Credit
report, for the purposes of reporting a financial sponsor to address
commenters' concerns. The Board modified the instructions to reflect
that financial sponsor reporting applies to all corporate obligors, not
just NDFIs, and that firms should report the financial sponsor with the
greatest ownership percentage in the case of multiple sponsors.
Finally, the Board modified the instructions to clarify that firms
should provide the financial sponsor as of the reporting date. With
these adjustments, the Board has adopted this revision effective for
the December 31, 2026, as-of date.
Additional Options for the Reporting of Security Type
The Board proposed to add twelve options to Schedule H.1, item 36
(``Security Type'') covering an array of known collateral types.
Commenters stated that the Board should provide definitions for these
new options or introduce alternative granularity. The Board understands
that providing additional guidance can be valuable where ambiguity may
exist. As with the existing item 36 options, the Board believes that
the proposed options are clear as to their applicability and instructs
firms to report this field to their best understanding. If ambiguity
persists, firms should submit questions with specific details to the FR
Y-14 Q&A system. The Board has adopted this revision effective for the
December 31, 2026, as-of date.
Reporting of Fee Information
The Board proposed to add five fields to each FR Y-14Q, Schedule
H.1 and Schedule H.2 (Commercial Real Estate) to capture facility fee
structure. A
[[Page 29490]]
commenter requested that this revision not be implemented as fee
structures can vary greatly, would present substantial burden to report
consistently, and provide minimal supervisory benefit. Another
commenter requested clarification as to whether amendment and renewal
fees should be considered closing fees, and whether this determination
should be tied to the concept of a ``major modification'' as currently
defined by the ``Origination Date'' fields.
In light of the comments, the Board has not adopted the proposed
items related to fees collected (as opposed to assessed). However, the
Board believes there to be a strong supervisory benefit to collecting
data on assessed closing fees, facility fees, and unused commitment
fees as these can be an important element of a loan's pricing and
economics. If fees are material, the loan's interest rate provides an
incomplete view of the loan's compensation structure; therefore, fee
information is critical for supervisors to comprehensively understand a
loan's riskiness. In addition, information on loan fee structures may
help the board improve the accuracy of its projection of PPNR on loans.
As suggested by a commenter, the Board has clarified that the reporting
of renewal and amendment fees as closing fees should be based on major
modifications. The Board has adopted this revision effective for the
December 31, 2026, as-of date.
Reporting of Collateral Market Value
The Board proposed to modify the instructions of Schedule H.1, item
93 (``Collateral Market Value'') to require the reporting of collateral
valuations for all facilities with commitments based on collateral. A
commenter stated that the proposed revision did not include sufficient
information regarding required reporting and that further guidance
should be provided as to the scope of reporting and how to report for
facilities that do not require periodic valuations of collateral. The
Board has clarified the instructions such that the ``Collateral Market
Value'' field is required for all facilities that are not reported as
``Unsecured'' in line item 36 (``Security Type''). Additionally, the
Board has added guidance to instruct firms to report the value assessed
at origination for facilities that do not undergo ongoing evaluations.
The Board has adopted this revision effective for the December 31,
2026, as-of date.
Loan Covenant Violation Information
The Board proposed to add an item to Schedule H.1 to capture if a
loan covenant exists, whether the covenant has been violated, and, if
so, whether the agreement has been amended. A commenter asked that the
reporting of covenant information not be adopted as it may not be
reflected in firm financial systems and that ambiguities exist
regarding the definition of loan covenant violations, particularly for
non-financial covenants, which could minimize the data's benefits. To
ensure consistent reporting, another commenter requested that
definitions be provided for each allowable value.
Collecting data on covenants is important as covenant violations
can serve as an early warning signal for loan distress and credit
default. By conferring contractual rights to creditors, covenant
violations function similarly to payment defaults but are more frequent
and occur well before actual payment default. Therefore, this
information is valuable for credit risk monitoring and modeling.
However, the Board recognizes the commenter's points on the ambiguity
of non-financial covenants and associated violations, and has modified
the field from what was proposed to exclude non-financial covenants.
The Board has adopted the proposed revision with this modification, and
has added additional guidance on financial covenants and violations to
the instructions to ensure consistent reporting across firms.
Loan Amortization Reporting
The Board proposed to collect data on loan amortization in Schedule
H.1. Citing the burden and minimal benefit of amortization data for
corporate loans, a commenter requested that the Board not adopt this
revision. Recognizing the burden and amortization structure of
corporate loans, the Board has determined that this proposed item is
not necessary and has not adopted this revision.
Units of Size for Property Size Reporting
The Board proposed to clarify that square feet should be used when
reporting Schedule H.2, item 39 (``Property Size'') for healthcare
properties. A commenter stated that number of beds is the industry
standard for measuring healthcare properties and suggested that this be
reflected on the FR Y-14. To align with industry standards, the Board
has revised the instructions to require ``Property Size'' to be
reported in number of beds for healthcare properties. The Board has
adopted this revision effective for the December 31, 2026, as-of date.
Unused Commitments
The Board proposed to update the Schedule H language to clarify
which commitments must be reported. A commenter stated that commitments
where the lender is not under any legal obligation to extend credit or
purchase assets should be out of scope for Schedule H. The proposed
revision aimed to align the FR Y-14 language regarding unused
commitments with that of the FR Y-9C, and did not change the scope of
the reported commitments. The Board will consider if changes are
necessary to either the FR Y-14 and FR Y-9C and would propose such
changes in a Federal Register notice. Firms should report on Schedule H
any unused commitment that the firm reports in FR Y-9C, Schedule HC-L
and that would be reported in one of the applicable FR Y-9C loan
categories if such loan were drawn. The Board has adopted this revision
for the December 31, 2026, as-of date.
Other Comments
The Board did not propose any changes to the population of loans
that should be reported on Schedule H.1. However, a commenter requested
that the Board exclude non-purpose margin loans to be consistent with
proposed revisions to the Call Report.\3\ The Board notes that it
proposed and finalized corresponding revisions to the FR Y-9C that
would require non-purpose loans secured predominantly by securities
with readily determinable fair value to be reported in FR Y-9C,
Schedule HC-C, item 9.b.(1) (``Loans for purchasing or carrying
securities'').\4\ Therefore, these loans are not be reported in
Schedule H.1, as item 9.b.(1) is not a reportable category.
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\3\ See 88 FR 89489 (December 27, 2023).
\4\ See 89 FR 80244 (October 2, 2024) and 90 FR 56756 (December
8, 2025).
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The Board did not propose any Schedule H revisions related to CDS
hedging. However, a commenter suggested that the Board add items to
Schedule H.1 and Schedule H.2 to indicate if a loan is hedged via a CDS
derivative and the percentage of the loan that is hedged. As indicated
by recent supplemental data collections on synthetic securitizations,
the Board is committed to exploring the impact of risk-mitigating
activities and may as a result propose changes to the FR Y-14 in the
future. At this time, the Board is not adopting any revisions to
Schedule H that would capture CDS hedge positions.
[[Page 29491]]
Retail
Alignment Between Loan-Level and Portfolio-Level First Lien Schedules
The Board proposed to add the fields ``Total Debt from Loans
Involuntarily Terminated,'' ``Total Net Recoveries,'' and ``Total
Credit Enhancements Received'' to FR Y-14M, Schedule A.2 (Domestic
First Lien Closed-end 1-4 Family Residential Portfolio Level Table).
Commenters noted that the proposed fields instruct firms to include
real estate owned (REO) loans, but the general instructions for
Schedule A instruct firms to exclude REO loans from Schedule A.2, which
the commenters suggested the Board resolve. A commenter also asked that
the Board address the discrepancy between Schedule A.2 and Schedule A.1
(Domestic First Lien Closed-end 1-4 Family Residential Loan Level
Table) as to the applicable reporting period for the new fields.
The Board recognizes that, given the exclusion of REO balances from
Schedule A.2, most liquidated loans would not be captured by the
proposed additional fields, limiting their utility. Therefore, in light
of the burden associated with reporting additional fields, the Board
has not adopted this proposed revision.
Owner-Occupied Nonfarm Nonresidential Loans
The Board proposed to specify that scored or delinquency managed
owner-occupied nonfarm nonresidential (NFNR) loans, as reported in FR
Y-9C, Schedule HC-C, line item 1.3.(1), should be reported on FR Y-14Q,
Schedule A.9 (U.S. Small Business). The Board also proposed to specify
that scored owner-occupied NFNR loans be reported as small business
loans (line item 2.b) on FR Y-14Q, Schedule M.1 (Quarter-end Balances)
and to add a line item to FR Y-14Q, Schedule M.2 (FR Y-9C
Reconciliation) for scored owner-occupied NFNR loans. For consistency,
the Board proposed to enable the reporting of FR Y-14Q, Schedule K,
Column F (Scored Loans) for line item 7.d.1 (``Domestic Owner Occupied
NFNR'') and clarify that Column F only applies to owner-occupied NFNR
loans. A commenter noted that the proposed revisions appear to be
duplicative and burdensome, while another commenter asked that the
Board clarify whether both scored and delinquency managed loans are to
be included in Schedule A.9, as the proposed instructions only
mentioned delinquency managed loans.
The Board confirms that both scored and delinquency managed owner-
occupied NFNR loans should be reported on Schedule A.9 and has revised
the instructions to add a reference to scored loans. Consistent with
the nature of Schedule K to address data gaps, the Board confirms that
Column F is only required if the firm does not already report Schedule
A.9; therefore, this revision does not introduce duplicative reporting
requirements. The Board has revised the Schedule K instructions to
clarify this expectation. If a firm meets the Schedule A.9 reporting
threshold, it should report its owner-occupied NFNR loans on Schedule
A.9 in the same manner as other small business loans. If the firm does
not meet the Schedule A.9 reporting threshold, it must report its
owner-occupied NFNR balances on Schedule K, Column F.
The Board agrees that opening line item 7.d.1 is duplicative, as
the same population of loans is collected by the ``No loan category
specific line.'' To maintain current reporting processes, the Board has
removed this duplication such that firms should continue to report
these loans in the ``No loan category specific'' row, as applicable.
The Board has adopted this revision effective for the December 31,
2026, as-of date.
Reporting of International and Domestic Credit Card Loans
The Board proposed to define all credit card loans by office
location, not borrower domicile, and to revise the FR Y-14Q retail
schedule instructions to clarify that only loans held in foreign
offices should be reported on the international sub-schedules. To avoid
confusion, the Board also proposed to add ``United States'' to Region 1
of the ``Geography'' field for all international retail sub-schedules.
Given these revisions, a commenter suggested that a corresponding
definition be implemented on the domestic retail sub-schedules and
requested clarification as to how to report international domiciles on
FR Y-14Q, Schedule A.2 (U.S. Auto Loan). Similarly, a commenter noted
that the FR Y-14M instructions should be revised to address loans with
respect to property located outside the United States.
To address the commenter's concerns and accurately capture loans
held by domestic offices to international domiciles, the Board has
added an ``Other Regions'' option to the ``Geography'' field of the FR
Y-14Q domestic retail sub-schedules. The Board has also clarified that
loans should be classified by office location for purposes of reporting
the FR Y-14M and provided guidance as to how to report international
domiciles in the geography fields. The Board has adopted this revision
effective for the December 31, 2026, as-of date.
Upon implementation of this revision, FR Y-14 Q&As #Y140000700,
#Y140001258, #Y140001176, and #Y140000994 are no longer relevant and
will be updated accordingly.
Revenue and Loss Sharing Agreements
The Board proposed to implement the collection of private credit
card revenue- and loss-sharing agreements (RLSAs) to FR Y-14M, Schedule
D (Domestic Credit Card). A commenter requested that the Board clarify
if item 70 (``Loss Sharing'') on Schedule D.1 only requires the
reporting of accounts that are part of loss-sharing agreements and that
item 70 captures the type of loss sharing agreement to which the
account is subject. The commenter also asked that the Board clarify
whether revenue-sharing agreements should be reported in item 45 (``All
Other Noninterest Income'') on Schedule D.2 and whether dollar amounts
reported in item 48 (``Other Loss Share Credits'') should include
credit losses associated with both loss-sharing agreements and profit-
sharing agreements for which losses are included as part of the
calculated profit. The commenter recommended a new line item be added
to Schedule D.2 for purposes of reporting the dollar amount paid or
received with respect to PPNR associated with revenue- or profit-
sharing agreements. Additionally, the commenter asked that the Board
make Schedule D.1 and D.2 consistent with respect to reporting RLSA
credits and asked whether amounts should be gross, not net, of sharing
credits or payments received. Another commenter asked that the Board
clarify if revenue-sharing agreements are also to be reported, as the
proposed instructions only mention loss-sharing agreements.
The Board has subsequently proposed additional revisions to better
capture credit card revenue and loss sharing agreements for use in the
supervisory stress test.\5\ Therefore, the Board is not adopting this
revision.
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\5\ See 90 FR 51856 (November 18, 2025)
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Other Comments
The Board proposed to revise the FR Y-14 to remove and replace all
references to LIBOR. Commenters noted that certain fields impacted by
this change are origination fields that are not expected to change, and
therefore asked if firms can continue to report LIBOR options for
historical loans that originated with a LIBOR rate. The Board has
modified the instructions to retain
[[Page 29492]]
the LIBOR-related options for the ``ARM Index'' fields on FR Y-14M,
Schedules A.1 and B.1. The Board confirms that firms should continue to
report LIBOR-related options for loans that were originated with LIBOR
rates. The Board has adopted this revision effective for the December
31, 2026, as-of date.
The Board proposed to clarify that the ``Workout Type'' fields on
FR Y-14M, Schedule A.1 and B.2 should be left blank if the loan has
never been in loss mitigation. A commenter asked that the Board clarify
the difference between reporting ``0'' and ``Null'' for these fields.
The Board has clarified the instructions such that ``0'' is to be used
in the month following completion of a workout plan and that ``Null''
is to be used in following months or when a loan has never been subject
to loss mitigation. The Board has adopted this revision effective for
the December 31, 2026, as-of date.
The Board did not propose to retire fields from FR Y-14M, Schedule
C (Address Matching), but a commenter requested that certain fields
related to mailing information be retired. The Board has proposed to
retire these fields in a subsequent proposal.\6\
---------------------------------------------------------------------------
\6\ See 90 FR 51856 (November 18, 2025).
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The Board did not propose changes to FR Y-14M, Schedule B.1, item
95 (``Unpaid Principal Balance (Net)), but a commenter pointed out that
the current instructions do not reflect a FR Y-14 Q&A. Specifically,
the commenter noted the Q&A indicated the Board would remove the
language stating that the unpaid principal balance should equal the
book value on regulatory filings. The Board has proposed to remove this
language from item 95 in a subsequent proposal.\7\
---------------------------------------------------------------------------
\7\ Id.
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Balances
The Board proposed to create a new FR Y-14Q, Schedule M (Balances)
sub-schedule to collect data on loans and leases covered by shared-loss
agreements (SLAs) with the FDIC. A commenter initially asked that this
sub-schedule not be adopted given the time required for implementation.
However, after further consideration, the commenter clarified that they
do not object to the adoption of this sub-schedule. The commenter also
stated that the Board should provide guidance as to how to report
unfunded commitments covered by SLAs with the FDIC.
To expand the scope of SLA data, the Board has modified the
instructions and template to collect data on the committed balance
(funded plus unfunded balance) of loans covered by SLAs with the FDIC.
The Board also confirms that the sub-schedule is only required from
firms that have SLAs with the FDIC as of the reporting date, as
indicated in the instructions. The Board has adopted this revision
effective for the December 31, 2026, as-of date.
Trading
Small Business Investment Companies
The Board proposed to add ``SBIC Interests'' to FR Y-14Q, Schedule
F (Trading) as an industry group to capture funded and unfunded equity
interests in SBICs. Commenters generally expressed support for
capturing SBIC exposures separate from other forms of private equity;
however, commenters also suggested that the Board broaden the scope of
what is considered an ``SBIC Interest'' for Schedule F reporting
purposes. Specifically, one commenter argued that all SBIC interests
other than ``Participating Security SBICs'' be reported in the SBIC
industry group, as opposed to only ``Standard Debenture'' SBICs.
Another commenter stated that the proposed revision should incorporate
non-leveraged SBICs in addition to ``Standard Debenture'' SBICs.
Additionally, a commenter asked that the Board consider a further
adjustment to the SBIC loss rate in the supervisory stress test, and,
to do so, collect the percentage of underlying SBIC investments that
are equity and debt.\8\
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\8\ See the ``Private Equity'' section of the 2025 Stress Test
Methodology for the modeling approach for SBIC exposures.
---------------------------------------------------------------------------
Based on the feedback and data provided by the commenters, the
Board has determined that it is appropriate to collect data on all SBIC
types, other than ``Participating Security SBICs.'' The Board has added
an ``SBIC Interests--Other'' industry group to Schedule F.24 to capture
exposures to SBICs other than Standard Debenture SBICs and
Participating Security SBICs. The proposed ``SBIC Interests'' industry
group has been renamed ``SBIC Interests--Standard Debenture.'' As in
all areas of the stress test, the Board will continually monitor and
analyze the data to determine if the SBIC loss rate is appropriately
calibrated in the supervisory stress test. If supplementary data is
required in the future, the Board may request it from firms, including
the debt-to-equity split of the fund's underlying assets. The Board has
adopted this revision effective for the December 31, 2026, as-of date.
Other Comments
The Board did not propose any changes to the reporting of non-fair
value private equity investments or seed capital invested in mutual
funds and exchange traded funds (ETFs). However, a commenter stated
that the Board should exclude non-fair value private equity investments
from FR Y-14Q, Schedule F.24 (Private Equity) as the macroeconomic
scenario is more appropriate for estimating the stressed losses of
these exposures. Similarly, the commenter asked that seed capital
invested in mutual funds and exchange traded funds be excluded from
Schedule F.24, as these funds generally invest in liquid marketable
securities and therefore should not be treated as private equity when
estimating stressed loss.
As discussed in the 2025 Supervisory Stress Test Methodology
document, private equity exposures are stressed using the severely
adverse macroeconomic scenario. If the Board determines that additional
information is needed to conduct the supervisory stress test, it may
request supplemental data from firms.
The Board will research and monitor the risks posed by seed capital
investments in mutual funds and ETFs and consider the value of any
reporting or methodology changes.
Capital
Incremental Submissions
The Board proposed to clarify that a FR Y-14A, Schedule C
(Regulatory Capital Instruments) ``Incremental'' submission is required
if a firm makes a distribution such that the dollar amount exceeds the
firm's final planned capital distribution, as measured on an aggregate
basis beginning in the fourth quarter of the planning horizon through
the quarter at issue, even if that change is not reflected on Schedule
C. A commenter suggested that the Board clarify the scope of payments
to be reported and the process envisioned for Incremental submissions.
The commenter also noted that tracking certain interest expenses or
other payments that are immaterial and establishing a process for
reporting may present a burden to firms.
Per the Schedule C instructions, an Incremental submission is
required at the time the firm seeks approval for additional capital
distributions pursuant to 12 CFR 225.8(j) or within 15 days after
making any capital distribution pursuant to that section, or a capital
distribution in excess of the firm's final planned capital
distribution. Consistent with FR Y-14 Q&A #Y140001459, the
[[Page 29493]]
proposed revision sought to clarify that an Incremental submission is
required even if the distribution that exceeds the planned amount is
not captured by Schedule C. This means that, in certain instances, an
Incremental submission may be unchanged when compared to the
``Original'' or ``Adjusted'' Schedule C submission. The Board does not
intend to collect data on these distributions outside of Schedule C.
The Board has adopted this revision effective for the December 31,
2026, as-of date.
Securities
The Board proposed to revise FR Y-14Q, Schedule B.2, item 15 (ASU
2017-12 ASU Hedge Designations) to reflect the updated portfolio layer
method (PLM) of hedge accounting. Additionally, the Board proposed to
retire Schedule B.2, item 11 (Hedged Cash Flow). A commenter stated
that FR Y-14Q, Schedule B (Securities) does not comprehensively capture
PLM hedges and suggested that the Board introduce a new Schedule B sub-
schedule to collect this information. As mentioned in FR Y-14 Q&A
#Y140001696, the current data collection used to support the securities
modeling was designed to capture more traditional hedges and does not
consistently and comprehensively capture PLMs. The Board has since
proposed revisions to Schedule B that would more comprehensively
capture data on hedges, including PLMs.\9\ Therefore, the Board has not
adopted the proposed revisions to items 11 and 15.
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\9\ See 90 FR 51856 (November 18, 2025).
Board of Governors of the Federal Reserve System, May 18, 2026.
Erin M. Cayce,
Assistant Secretary of the Board.
[FR Doc. 2026-10099 Filed 5-19-26; 8:45 am]
BILLING CODE 6210-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.