FR Y-15: A Comprehensive Overview

The FR Y-15, officially known as the “Systemic Risk Report,” is a comprehensive regulatory reporting form designed to assess and monitor the systemic risk profile of large financial institutions in the United States. This report plays a crucial role in ensuring the stability and resilience of the U.S. financial system. This article delves into the purpose, reporting entities, reporting frequency, and public release of the FR Y-15, drawing insights from official sources such as the Federal Reserve and the Federal Register.

Purpose of the FR Y-15

The primary purpose of the FR Y-15 is to provide the Federal Reserve with critical data to monitor the systemic risk profile of institutions subject to enhanced prudential standards under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This information is used for several key purposes:

• Implementing the Surcharge for GSIBsThe FR Y-15 data is utilized to implement the capital surcharge (GSIB surcharge) on the largest and most interconnected U.S. bank holding companies (BHCs). This surcharge is designed to mitigate the potential negative externalities that may arise from the failure of these institutions.
• Identifying Institutions with Significant Systemic RiskThe FR Y-15 report helps the Federal Reserve identify other institutions that may pose significant systemic risk. This enables the Fed to take appropriate supervisory and regulatory actions to address these risks and maintain financial stability.
• Analyzing Systemic Risk Implications of Proposed Mergers and AcquisitionsThe FR Y-15 data is also used to analyze the potential systemic risk implications of proposed mergers and acquisitions involving large financial institutions. This analysis assists the Fed in making informed decisions regarding the approval or denial of such transactions.

Reporting Entities for the FR Y-15

The reporting entities for the FR Y-15 include:

• U.S. BHCs and covered SLHCs with total consolidated assets of $100 billion or more.
• FBOs with combined U.S. assets of $100 billion or more, including any U.S. IHC of the FBO regardless of size.
• U.S.-based organizations designated as GSIBs that do not otherwise meet the consolidated assets threshold.

Only the top tier of a multi-tiered holding company that meets these criteria is required to file the FR Y-15 report.

Reporting Frequency and Public Release

The FR Y-15 report is required to be submitted quarterly as of March 31, June 30, September 30, and December 31. The submission date is typically 50 calendar days after the as-of dates, except for the December 31 as-of date, which has a 65-day submission deadline.

The information collected on the FR Y-15 is generally made available to the public via the National Information Center (NIC) website. However, certain confidential information may be redacted before public release.

Conclusion

The FR Y-15 is a critical regulatory reporting form that plays a vital role in the Federal Reserve’s efforts to monitor and mitigate systemic risk in the U.S. financial system. By collecting comprehensive data from large financial institutions, the Fed can identify and address potential vulnerabilities, implement appropriate prudential measures, and ensure the stability and resilience of the financial system.

References

• FR Y-15: Systemic Risk Report
• Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies
• Banking Organization Systemic Risk Report (FR Y-15)

FAQs

What is the FR Y-15?

Answer: The FR Y-15, also known as the “Systemic Risk Report,” is a regulatory reporting form used by the Federal Reserve to monitor and assess the systemic risk profile of large financial institutions in the United States.

What is the purpose of the FR Y-15?

Answer: The FR Y-15 serves several key purposes, including implementing the capital surcharge for global systemically important banks (GSIBs), identifying institutions with significant systemic risk, and analyzing the systemic risk implications of proposed mergers and acquisitions.

Who is required to file the FR Y-15?

Answer: The reporting entities for the FR Y-15 include U.S. bank holding companies (BHCs) and covered savings and loan holding companies (SLHCs) with total consolidated assets of $100 billion or more, foreign banking organizations (FBOs) with combined U.S. assets of $100 billion or more, and U.S.-based organizations designated as GSIBs.

How often is the FR Y-15 report submitted?

Answer: The FR Y-15 report is required to be submitted quarterly as of March 31, June 30, September 30, and December 31. The submission date is typically 50 calendar days after the as-of dates, except for the December 31 as-of date, which has a 65-day submission deadline.

What information is collected in the FR Y-15 report?

Answer: The FR Y-15 report collects a wide range of data, including information on the institution’s size, interconnectedness, substitutability, complexity, cross-jurisdictional activity, and short-term wholesale funding. This information is used to assess the institution’s potential to generate negative externalities in the event of its failure.

How is the FR Y-15 data used?

Answer: The FR Y-15 data is used by the Federal Reserve for various purposes, including implementing the GSIB surcharge, identifying institutions with significant systemic risk, analyzing the systemic risk implications of proposed mergers and acquisitions, and informing supervisory and regulatory decisions.

Is the FR Y-15 data publicly available?

Answer: Except for certain confidential information, the data collected on the FR Y-15 is generally made available to the public via the National Information Center (NIC) website.

What are the implications of not filing the FR Y-15 report?

Answer: Failure to file the FR Y-15 report or providing inaccurate or incomplete information may result in enforcement actions by the Federal Reserve, including civil money penalties and other supervisory actions.