The Board of Governors of the Federal Reserve System is extending for three years the requirement for Holding Company Reports on their transactions with affiliates, known as FR Y-8. This report collects information about transactions between insured depository institutions and their affiliates, helping monitor bank exposures and compliance. The reports must be filed quarterly by certain bank holding companies, savings and loan holding companies, and foreign banking organizations owning U.S. insured depository institutions. Despite a call for public comments on this extension, no feedback was received.
Simple Explanation
The Federal Reserve Board wants banks to keep telling them about money deals they do with their family companies, like checking in on ‌what they're up to. They asked people if this plan was okay, but nobody answered them.