This report collects systemic risk data from large U.S. bank holding companies (BHCs), covered savings and loan holding companies (SLHCs), foreign banking organizations (FBOs) with combined U.S. assets of $100 billion or more, including, if applicable, any U.S. intermediate holding company (IHC) of the FBO, and U.S.-based organizations designated as global systemically important banks (GSIBS).
Purpose: The Federal Reserve uses the FR Y-15 data to monitor, on an on-going basis, the systemic risk profile of the institutions which are subject to enhanced prudential standards under section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In addition, the FR Y-15 is used to (i) facilitate the implementation of the surcharge for GSIBs, (ii) identify other institutions which may present significant systemic risk, and (iii) analyze the systemic risk implications of proposed mergers and acquisitions.
In August 2015, the Federal Reserve published a final rule establishing a capital surcharge (GSIB surcharge) on the largest, most interconnected U.S. BHCs. The GSIB identification and surcharge methodologies use an indicator-based approach that focuses on those aspects of a GSIB's operations that are likely to generate negative externalities in the case of its failure. The methodologies assess six components of a bank's systemic footprint: size, interconnectedness, substitutability, complexity, cross-jurisdictional activity, and short-term wholesale funding. The indicators comprising these six components are reported on the FR Y-15.
In addition, the Dodd-Frank Act requires that the Board consider financial stability as part of its review of certain banking applications and that the Board apply enhanced prudential requirements to certain large bank holding companies. The FR Y-15 provides information that is used for these purposes.
In November 2019, the Board adopted a final rule (tailoring rule) to implement provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which, among other changes, updated the respondent scope of the FR Y-15 to include U.S. BHCs and covered SLHCs with $100 billion or more in combined U.S. assets and FBOs with $100 billion or more in combined U.S. assets.
The panel consists of 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, if applicable, any U.S. IHC of the FBO regardless of the size of the IHC, and 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 must file.
The FR Y-15 is required to be submitted as of March 31, June 30, September 30, and December 31. The submission date is 50 calendar days after the March 31, June 30, and September 30 as-of dates and 65 calendar days after the December 31 as-of date. The quarterly reporting requirement became effective starting with the June 30, 2016 as-of date.
Except as otherwise noted, the information collected on the FR Y-15 will be made available to the public via the National Information Center website (http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx).