PYMNTS-MonitorEdge-May-2024

Federal Reserve Eases Statement Reporting Timeline For Banks

Federal Reserve Eases Statement Reporting Timeline For Banks

The Federal Reserve announced Thursday (March 26) that it’s going to give financial institutions (FIs) an extra 30 days to file their financial statements, which are due at the end of March.

The Fed said in a press release that banks with under $5 billion in assets could have the extra time “in light of staffing priorities and disruptions” by the ongoing coronavirus health crisis.

“Institutions are encouraged to contact their Reserve Bank in advance of the official filing deadline if they anticipate a delayed submission,” the release stated. “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.”

The regulatory reports will be accepted “as long as the applicable report is submitted within 30 days of the official filing due date.”

On Wednesday, the Federal Reserve Board said it was going to alter its supervisory approach in light of the growing health crisis.

The board said it “recognizes that the current situation is significantly affecting areas of the country in different ways and will work with financial institutions to understand the specific issues they are facing.”

The Fed board said it was going to lessen examination activities for a while and that small banks will see this change the most.

It said large banks would still need to have their capital plans delivered by April 6, to be included in the board’s Comprehensive Capital Analysis and Review.

“The plans will be used to monitor how firms are managing their capital in the current environment,” the board said.

The board said in a press release that it understands this was a difficult time for all institutions.

“The Board recognizes that the current situation is significantly affecting areas of the country in different ways and will work with financial institutions to understand the specific issues they are facing,” it said.

PYMNTS-MonitorEdge-May-2024