Fed gives small banks 30-day reprieve to file holding company reports
The Federal Reserve is giving smaller banks more time to file quarterly performance reports.
The Fed said in a press release Thursday that holding companies with less than $5 billion in assets will have an extra 30 days to submit their Y-9C and Y-11 reports.
The extension reflects a recognition that smaller banks might need more time to file because of adjusted staffing priorities due to the coronavirus outbreak. The Fed encouraged banks to reach out in advance if they need the extenstion.
A day earlier, federal bank regulators announced that banks with less than $1 billion in assets would have a 30-day extension for filing quarterly call reports.
While nearly 5,000 banks had less than $5 billion in assets on Dec. 31, a number belong to multibank holding companies with total assets in excess of the Fed's cut-off.