Earlier this week, the Federal Reserve provided financial institutions with $5 billion or less in total assets a thirty-day extension to the deadline for filing certain first quarter bank holding company financial reports, and the Federal Financial Institutions Examination Council (FFIEC) provided a similar thirty-day extension of the deadline for all institutions (regardless of size) to submit their March call reports.
The Federal Reserve announced in a March 26 press release that it would grant financial institutions with less than $5 billion in total assets an extra thirty days to submit their March 31, 2020 FR Y-9C (Consolidated Financial Statements for Bank Holding Companies) or FR Y-11 (Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies) reports, which would have normally been due 40 days after the report date for the FR Y-9C and 60 days after for the FR Y-11. The Federal Reserve also encouraged institutions that anticipate that they may be unable to meet this extended deadline to contact their Reserve Bank.
Likewise, the FFIEC announced in a March 25 press release the federal banking agencies would “not take any action against any institution for submitting its March 31, 2020, Reports of Condition and Income (Call Reports) after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date.” The FFIEC also encouraged institutions to contact their primary regulator if they anticipate that they may be unable to meet this extended deadline.