WASHINGTON — The Federal Reserve Board Monday proposed giving thrift holding companies more time to start using the central bank's format for regulatory reporting.
The Dodd-Frank Act transferred supervision of thrift holding companies to the Fed from the now-closed Office of Thrift Supervision, while most thrift subsidiaries are now regulated by the Office of the Comptroller of the Currency.
Previously, the Fed had said it wanted all thrift holding companies to use the same reports that bank holding companies file with the central bank by the March 31, 2012, report date. That includes annual reports and quarterly financial statements.
But those plans were eased in Monday's proposal, which laid out a two-year phase-in period. Under the proposal, most savings and loan holding companies would file only certain Fed reports by March of next year, and not switch entirely to the central bank's format until the first quarter of 2013.
"The Federal Reserve believes a phased-in approach should allow the SLHCs to develop reporting systems over a period of time and would reduce the risk of data quality concerns," the Fed wrote in its proposal.
Meanwhile, a limited number of thrift holding companies would not have to transition to the Fed's reporting format at all, at least initially. Those include companies with thrift subsidiaries holding less than 5% of a parent's assets and top-tier insurance companies that rely on a different format for submitting financial statements.
Comments on the proposal are due by Nov. 1.
