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...
Regulatory Reporting and Accounting BPI and Coalition of Trades Oppose PCAOB’s Proposed Changes to Auditing Standards
Regulatory Reporting and Accounting BPI Comments on Banking Agencies’ Proposed Revisions to Call Reports and FR Y-9
Regulatory Reporting and Accounting BPI Comments on CFPB’s Proposed Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
Regulatory Reporting and Accounting BPI Responds to NYDFS Request for Comments Concerning Presumption of Control of NY-Charted or Licensed Institutions
Security BPI and SIFMA Respond to NYDFS Proposal on Cybersecurity Requirements for Financial Services Companies
More Posts by This Author
Bank Capital and Stress Testing U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Bank Activities and Structure BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy
Basel Finalization BPI’s Greg Baer Testifies on Basel Endgame Before House Financial Services Subcommittee