The Board of Governors of the Federal Reserve System is making changes to financial reporting requirements for holding companies and Edge corporations. These updates include revising the definitions and reporting instructions related to savings deposits and including new temporary data items associated with the CARES Act and the Paycheck Protection Program Liquidity Facility (PPPLF). The Board also plans to address concerns about consistency across different reports, such as ensuring that savings deposits are consistently classified in the Call Report and other financial statements. Additionally, they have issued clarifications for recording uncollectible accrued interest, shared fees from securities-related activities, and pledged equity securities.
Simple Explanation
The Federal Reserve is updating the rules on how certain companies report money and bank-related information. They're also adding some temporary questions to understand how these companies are handling loans connected to a recent government support program.