Common use of Current Actions Clause in Contracts

Current Actions. On September 16, 2015, the Federal Reserve published a notice in the Federal Register (80 FR 55621) requesting public comment for 60 days on the extension, with revision, of the FR Y–14A/Q/M. The Federal Reserve proposed to revise several schedules of the FR Y 14A/Q/M reports effective December 31, 2015, March 31, 2015 and June 30, 2016, and to implement an attestation requirement for LISSC firms as-of June 30, 2016. The comment period for this notice expired on November 16, 2015. The Board received two comment letters addressing the proposed changes: One from the Financial Services 1 BHCs that must re-submit their capital plan generally also must provide a revised FR Y–14A in connection with their resubmission. Roundtable, and one from The Clearing House, the Institute of International Bankers, the American Bankers Association, and the Securities Industry and Financial Markets Association. Comments focused on the scope and timing of the proposed attestation requirement, and the timing of proposed modifications to existing items or schedules, in particular the FR Y–14Q Wholesale schedules (Schedule H.1 and H.2). Commenters requested clarification of the instructions for proposed or existing items, or were technical in nature. Responses to these comments are addressed in the attached draft FR Y–14A/Q/M reporting forms and instructions. The Federal Reserve also received several comments not directly related to the proposed revisions to the FR Y–14 information collection regarding (1) challenges with the frequency and timing of changes, (2) the Frequently Asked Questions (FAQ) process, (3) technical instructions and data submission processes, (4) edit checks and (5) estimate of reporting burden. Although not specifically addressed herein, these comment letters, well as feedback provided in meetings with both individual respondents and industry groups, have assisted the Federal Reserve’s effort to continually improve its internal processes and practices. The following section includes a detailed discussion of aspects of the proposed FR Y–14 collection for which the Federal Reserve received substantive comments and an evaluation of, and responses to the comments received.