5 Feb 2025
📊New Financial Reporting Requirements for U.S. Banking Subsidiaries
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Summary
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies, (FR 2314/S, FR Y-11/S; OMB No. 7100-0073) and the Reports of Foreign Banking Organizations (FR Y-7N/NS/Q; OMB No. 7100-0125).
Agencies
- Federal Reserve System
Business Impact
$$ - Med
The content outlines revised reporting requirements for foreign and domestic subsidiaries of U.S. banking organizations, indicating significant compliance and regulatory obligations for involved businesses. Failure to comply may result in penalties or negative evaluations concerning regulatory assessments.