Statement of Governor Michelle W. Bowman on the proposal to expand the Consolidated Financial Statements for Holding Companies (FR Y-9C) and the Capital Assessments and Stress Testing (FR Y-14A/Q/M)

October 11, 2024

The Board is proposing to expand the data it collects related to loans to non-depository financial institutions (NDFIs). While exposures to NDFIs have grown and it is important for the Board to understand these exposures, I am concerned that this information collection will add significant burden for regulated institutions to comply with this expanded data collection without a corresponding benefit. Furthermore, the Board has already proposed revisions to the Y-14 earlier this year that would expand the data reported related to NDFI exposures for stress testing for certain banks. Given that more granular information is being sought in connection with that information collection, it is not clear that these new requirements would add material new information. Given these concerns, I welcome the public to review and comment on this proposal.