3/26, 6:11 PM (Source: TeleTrader)
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Fed allows small financial institutions to delay reports

The United States Federal Reserve announced on Thursday that it will allow financial institutions with total assets worth $5 billion or less to submit their Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) or Financial Statements of U.S. Nonbank Subsidiaries of US Bank Holding Companies (FR Y-11) after the March 31 deadline. They will be allowed to send the reports within 30 days of the initial deadline.

The decision comes as the Fed recognized that smaller institutions could have staffing disruptions amid the coronavirus outbreak.

The Fed added that the institutions should remain in contact with their regional Reserve Banks on any filing problems.

Breaking the News / VP