On June 26, BPI submitted a letter to the three banking agencies with respect to the Supplemental Reporting Instructions issued by the Fed and Federal Financial Institutions Examination Council (FFIEC) in March regarding reporting of operating lease liabilities under the new accounting standard effective January 1. Arguing that operating lease liabilities should not be reported as secured borrowings under existing regulatory reporting definitions of those terms and that the FFIEC’s interpretation would result in higher FDIC assessments for banks of all sizes, the letter urges the agencies to withdraw the instructions and reissue them for public notice and comment with the clarification that operating lease liabilities should be reported as unsecured borrowings.
You Might Also Be Interested In...
Cybersecurity Financial Trades Call for Accessible, Functional and Simple Cyber Incident Reporting Rules
Security BPI Comments on NYDFS Proposal on Cybersecurity Requirements for Financial Services Companies
Regulatory Reporting and Accounting BPI Comments to Banking Agencies on Reporting of Notional Pool Balances on Schedule RC-O of the Call Reports
Regulatory Reporting and Accounting BPI and IIB Comment on Federal Reserve Proposal to Revise FR Y-7Q Capital and Asset Report for Foreign Bank Organizations
Regulatory Reporting and Accounting BPI Comments on Fed Proposal to Revise Structure Reporting and Recordkeeping Requirements for Domestic and Foreign Banking Organizations
More Posts by This Author
AML, Bank Secrecy Act and Sanctions BPI’s Heather Hogsett Testifies Before House Subcommittee on Cybersecurity, CISA’s Contributions
AML, Bank Secrecy Act and Sanctions FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions
Bank Activities and Structure Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement