The Board of Governors of the Federal Reserve System is extending and revising its reporting requirements for banking organizations. The revised reports, which include the FR Y-6, FR Y-7, FR Y-10, and FR Y-10E, add options for electronic submission and introduce standard templates for the FR Y-7 report. The changes aim to make the reporting process more efficient and will be rolled out between 2024 and 2026. Additionally, the Board is considering the creation of a nationwide public database for some of this information and is maintaining its policy on handling requests for confidential treatment of certain data.
Simple Explanation
The big bank bosses decided to make it easier for banks to tell them important stuff by sharing it online with new forms. They also talked about making a big list for everyone to see and promised to keep some secrets safe.