The FRB has proposed new reporting requirements for U.S. BHCs with assets over $50 billion, including a requirement that chief financial officers (CFOs) attest to the quality of the BHC’s regulatory reporting with regard to stress testing and capital planning. In contrast to a recent proposal to toughen the reporting used to assess when a BHC with assets over $50 billion (a “SIFI”) should also be deemed a global systemically-important bank (GSIB), this proposal focuses only on data and reasoning used in the CCAR stress test to which all these SIFIs are subject, and limits attestations only to a small group of SIFIs and BHCs supervised by an FRB committee.
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