FR Y-14 Reporting: April 30 Deadline, New Fields and a 2027 Proposal

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FR Y-14 reporting now runs on three separate clocks. On 2 October 2026 the Federal Register carried two final Federal Reserve Board rules that revise the FR Y-14A/Q/M capital assessments and stress testing reports and move most FR Y-14A data from a 5 April to a 30 April due date, alongside a new proposal (Docket No. OP-1882) that would add and retire further items for the 31 December 2027 report date. Underneath both sits a final notice from 20 May 2026 whose field-level revisions take effect for the 31 December 2026 as-of date, which is also the jump-off date for the 2027 stress test.

The collection covers U.S. bank holding companies, U.S. intermediate holding companies (IHCs) of foreign banking organizations and covered savings and loan holding companies with $100 billion or more in total consolidated assets. The Board’s latest estimate is 35 respondents. For those teams the difficulty is sequencing: some changes apply to the December 2026 FR Y-14Q and FR Y-14M, some to June 2027 data, some to December 2027 data, and one block is still only a proposal whose comment period closes on 1 December 2026.

Related reading: FR Y-9C Reporting: An 8% CBLR and a Four-Quarter Grace Period

FR Y-14 reporting dates from November 2026 to December 2027

The operative dates below come from four Federal Register documents (the May 2026 final notice, the two final rules and the October proposal) and from the Board’s table of stress testing changes and effective dates published with its 30 September 2026 press release.

  • 2 November 2026: the enhanced transparency final rule (Docket No. R-1873) takes effect.
  • 1 December 2026: comments due on the FR Y-14A/Q/M proposal and the revised noninterest income model (Docket No. OP-1882); the volatility final rule (Docket No. R-1866) takes effect.
  • 31 December 2026: as-of date for most revisions in the May 2026 final notice, for the two-scenario global market shock data, for the new FR Y-14Q Schedule L supporting documentation and for the removal of FR Y-14A Appendix A; jump-off date for the 2027 stress test.
  • By 10 January 2027: proposed 2027 scenarios published for public input. By 28 February 2027: final scenarios.
  • 5 April 2027: stressed FR Y-14Q Schedule L and the FR Y-14A Schedule A.1.d alternative starting values for certain capital deduction items.
  • 30 April 2027: capital plan, company-run stress test and all remaining FR Y-14A data.
  • 30 June 2027 report date: most FR Y-14Q and FR Y-14M revisions from the transparency final rule, plus the PPNR revisions from the volatility final rule.
  • 31 December 2027 report date: FR Y-14A revisions from the transparency final rule, the credit card revenue and loss sharing collection, and every item in the October proposal if the Board adopts it.

Two further dates sit outside the reports but shape the planning year. Stress capital buffer requirements move to a 1 January effective date, first for the requirement effective on 1 January 2028, and requirements based on the average of the two most recent supervisory stress tests start with the requirement effective on 1 January 2029.

Who files, under what authority, and where the schedule thresholds sit

The FR Y-14 family is cleared under OMB control number 7100-0341 and is mandatory. The FR Y-14Q instructions cite sections 5(b) and 5(c) of the Bank Holding Company Act, section 165 of the Dodd-Frank Act as amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act, section 10(b) of the Home Owners’ Loan Act and section 8 of the International Banking Act. The supervisory stress test rules sit at 12 CFR part 252, subpart E and 12 CFR part 238, subpart O, with capital planning at 12 CFR 225.8 and 12 CFR 238.170.

The respondent test is the average of total consolidated assets over the four most recent quarters as reported on the FR Y-9C, or the average of the most recent consecutive quarters for a firm that has not yet filed four. The FR Y-9C balance sheet is therefore the gate, and changes to FR Y-9C loan schedules carry through to the FR Y-14 (the margin loan item in the October proposal, covered below, is one example). Our FR Y-9C reporting guide covers that report’s own September 2026 changes.

Inside the panel, schedule-level tests decide the actual filing load. Under the FR Y-14Q instructions, the PPNR, operational risk, regulatory capital, regulatory capital instruments and balances schedules go to every filer. Trading and counterparty schedules apply only to firms subject to Category I to III standards that, as of two quarters before the reporting quarter, have four-quarter average aggregate trading assets and liabilities of $50 billion or more, or equal to 10 percent or more of total consolidated assets. Portfolio schedules use a materiality test: asset balances above $5 billion, or above 5 percent of Tier 1 capital for Category I to III firms and 10 percent for Category IV firms, on a four-quarter average.

The May 2026 notice settled a question firms had raised about that test. The four-quarter average applies to both measures, the dollar balance and the ratio to Tier 1 capital, each taken at the end of the four most recent quarters. The same passage states that the Board does not contact existing FR Y-14 filers when they must begin reporting a new schedule, so the firm’s own threshold calculation is the trigger.

What the May 2026 notice puts into the 31 December 2026 FR Y-14Q

The Board’s final notice published on 20 May 2026 (91 FR 29485) closed out an initial notice from 21 June 2024 (89 FR 52042). Most revisions take effect for the 31 December 2026 as-of date. A few minor or burden-reducing ones applied from the first reporting period after the notice, including the limit on historical data: new reporters, and existing reporters starting a retail schedule, supply PPNR and retail history only for the five years before their first reporting quarter. The wholesale schedules carry most of the new content.

Nondepository financial institutions on Schedule H.1

Fields 52 to 82 of FR Y-14Q Schedule H.1, the Obligor Financial Data section, apply to nondepository financial institution (NDFI) obligors from that date. Commenters argued that for some NDFI obligors this financial data is neither used in underwriting nor collected on an ongoing basis. The Board pointed to Section C of the FR Y-14Q General Instructions: where information is not available or not applicable and no option covers the case, the field is left blank. It added that it expects data as complete as possible and would engage firms through the supervisory process where pertinent data is omitted. Loans to special purpose entities, special purpose vehicles and fronting credit facilities are excluded from obligor financial data reporting altogether.

Classification comes in two layers. Item 26 (“Line Reported on FR Y-9C”) has carried the five FR Y-9C NDFI categories since the 31 March 2026 report date under the Board’s December 2025 notice, and the new “NDFI Entity Type” field captures FR Y-14-specific types from 31 December 2026, because the Board judged the five FR Y-9C categories too coarse for stress testing. A mapping table that only translates FR Y-9C categories fills one of the two fields and leaves the other empty.

Sponsors, fees, collateral and covenants

Three new Schedule H.1 fields capture whether an obligor is controlled by a financial sponsor and, if so, the sponsor’s name and legal entity identifier. The final version sets a 25 percent minimum ownership threshold, consistent with the Shared National Credit report, applies to all corporate obligors, NDFIs included, takes the sponsor with the greatest ownership percentage where there are several, and is reported as of the reporting date. Entities and individuals can both be sponsors, and information on individuals is masked.

On fees, the Board dropped the proposed items for fees collected and kept assessed closing fees, facility fees and unused commitment fees. Renewal and amendment fees count as closing fees only where they follow a major modification, the concept the Origination Date fields already use. Item 93 (“Collateral Market Value”) becomes mandatory for every facility not reported as “Unsecured” in item 36 (“Security Type”), which itself gains twelve collateral options. Facilities without ongoing valuations report the value assessed at origination.

The covenant field arrived narrower than proposed: the Board excluded non-financial covenants and added guidance on financial covenants and violations. A proposed loan amortization item was dropped. Two smaller wholesale points complete the list. Schedule H.2, item 39 (“Property Size”) is reported in number of beds for healthcare properties, and Schedule H reports any unused commitment the firm reports in FR Y-9C, Schedule HC-L that would fall in an applicable FR Y-9C loan category if drawn.

Retail, trading, capital and counterparty changes in the same notice

Outside wholesale, the May notice makes changes that are small one by one and easy to lose in aggregate:

  • Scored or delinquency-managed owner-occupied nonfarm nonresidential loans go on FR Y-14Q, Schedule A.9 (U.S. Small Business). Schedule K, Column F applies only to a firm that does not already report Schedule A.9, and the proposal to open Column F for line 7.d.1 (“Domestic Owner Occupied NFNR”) was dropped as duplicative, so those loans stay in the existing “No loan category specific” row.
  • Credit card loans are classified by office location, with an “Other Regions” option added to the Geography field of the domestic retail sub-schedules. The FR Y-14M also follows office location.
  • LIBOR-related options stay available in the FR Y-14M “ARM Index” fields for loans originated on a LIBOR rate.
  • A new FR Y-14Q Schedule M sub-schedule collects the committed balance (funded plus unfunded) of loans covered by shared-loss agreements with the FDIC, required only from firms that have such agreements at the reporting date.
  • Schedule F.24 splits small business investment company (SBIC) interests into a renamed Standard Debenture group and a new Other group, with Participating Security SBICs outside both.
  • Provisions for unfunded off-balance sheet credit exposures move into FR Y-14A, Schedule A.1.a as a component of item 91 (“Total provisions during the quarter”), and FR Y-14Q, Schedule G.1, item 36 now references FR Y-9C, Schedule HI-B, part II, item M7.

Counterparty reporting gets three clarifications. The notice’s operative sentence specifies that Schedule L.4 CVA sensitivities are reported under a “margin period of risk of 10 days” and “no gains from netting”, and the proposed “keeping CSA thresholds flat” assumption, which the Board called ambiguous, is not among them. Earlier in the same passage, the Board calls “no gains from netting” ambiguous as well and says it is implementing just two assumptions already used on Schedule L.2, the 10-day margin period of risk and “no credit downgrade triggers”, so the approved Schedule L instructions are the text to build from.

The new requirement to report the top 25 counterparties under the firm-generated scenario on Schedule L.5 comes with a clarification that a counterparty is only required to be reported under one Schedule L.5 ranking methodology. Classification as SCSA (the ISDA 2013 Standard Credit Support Annex) or Old-CSA keys off the date the contractual terms become binding. On capital, FR Y-14A, Schedule C requires an Incremental submission even when a distribution above the planned amount does not appear on Schedule C itself.

The revisions the Board declined deserve the same attention in a build plan, because specifications written from the 2024 initial notice can still carry them. Exploratory market shock data, a fourth-quarter unstressed Schedule L as of quarter-end, the Schedule H.1 amortization item, three proposed FR Y-14M Schedule A.2 fields on involuntary terminations, net recoveries and credit enhancements, and fees collected all fell away. The 2024 credit card revenue and loss sharing collection and the Schedule B.2 hedge items were also held back, and both topics returned through later rulemaking covered below.

The same notice reset the FR Y-14 Q&A queue. Of 89 outstanding questions, the Board answered 76 and returned three to firms for clarification; it is retiring all outstanding questions submitted before the June 2024 initial notice, while unanswered questions filed since then stay active. Edit-check questions go to the firm’s Reserve Bank analyst. A question that is urgent or could affect an upcoming submission can be flagged by email to info.StressTesting@frb.org after it is filed, and without a response firms report according to their best understanding of the instructions.

The 2027 FR Y-14A deadline split: 5 April and 30 April

The capital plan date moved at commenters’ request. The October 2025 proposal had kept 5 April; the enhanced transparency final rule (91 FR 62870, effective 2 November 2026) sets 30 April for the capital plan submission and for firms subject to Category I to III standards to conduct company-run stress tests, so they can work from final scenarios now due by 28 February. Because of the link between FR Y-14A data and the capital plan and company-run stress test, the rule also moves all FR Y-14A data not needed to calculate trading and counterparty losses to 30 April.

The carve-out is the detail to carry into the 2027 calendar. The stressed submission of FR Y-14Q, Schedule L and the alternative starting values for certain capital deduction items on FR Y-14A, Schedule A.1.d (Capital) feed the global market shock loss calculation, and the Board kept them on 5 April so results can be final by 30 June. A plan that moves the whole FR Y-14A workstream to 30 April misses the part of Schedule A.1.d that stayed behind.

One instruction-level loose end follows. The FR Y-14A instructions posted as current on the report page, last updated in March 2026, tie the annual attestation to the last submission date for the annual reports and describe that date as typically 5 April. That wording predates the calendar change, so the attestation date is one to check against the instructions approved with the final rule.

Two global market shocks on one as-of date

The Board expects to select two global market shock (GMS) scenarios on the same as-of date and to use, for each firm, the one that produces larger losses. On the reports, FR Y-14Q Schedule L is filed under both GMS scenarios, FR Y-14A Schedule A.1.d collects adjusted starting values under both, and the FR Y-14A internal projections follow the scenario with the larger projected CET1 capital decline. These revisions apply from the 31 December 2026 report date, and the Board has said it expects two GMS scenarios in the proposed scenarios for the 2027 stress test.

The GMS as-of date window widens from five months, 1 October to 1 March under the current FR Y-14A instructions, to nine months running from 1 April to 31 December of the year before the stress test. For the quarter that contains the GMS as-of date, GMS-related FR Y-14 data is then submitted as of that date instead of quarter-end. The Board’s effective-dates table lists the window change against the 2028 stress test.

Supporting documentation

FR Y-14A Appendix A, the supporting documentation requirement, is removed for the 31 December 2026 report date. The Board explains that supervisors now set out each year’s capital plan review focus and the information they expect in examination first-day letters before the submission date. FR Y-14Q Schedule L keeps a shorter supporting documentation requirement from the same report date, and the proposed Schedule F (Trading) documentation was dropped because Schedule F collects trading exposures, not projections.

June 2027 and December 2027: schedule changes from the two final rules

The transparency final rule’s default is the 30 June 2027 report date for FR Y-14Q and FR Y-14M revisions and 31 December 2027 for FR Y-14A. Within that default:

  • Schedule F.24 (Private Equity) is reported as of quarter-end every quarter, instead of the GMS as-of date in the fourth quarter, reflecting the Board’s treatment of private equity under the macroeconomic scenario. The final instructions also take up commenters’ points on how capital deductions linked to private equity are captured.
  • Schedule F hedge reporting is optional, but a firm that reports a hedge type (the final rule’s example is “AL Hedges”) reports every relevant worksheet for it and keeps reporting it in each later quarter. Schedules B (Securities) and F capture additional hedge types and hedging relationships, from a broader set of firms.
  • Exchange traded funds go in the Schedule F worksheet for the underlying asset class and risk exposure, or the primary one where decomposition is not possible.
  • Schedule L captures country codes for sovereign counterparties, supporting the exclusion from the largest counterparty default (LCPD) component of sovereigns rated AA- or higher on external ratings. The “agreement role” item on Schedule L.5.1 must be populated for client-cleared derivatives (CCDs), which the LCPD model excludes.
  • Instructions on Schedules F.18, F.19 and F.20 no longer ask for profit or loss under relative credit spread changes, since GMS shocks are prescribed in absolute terms.
  • FR Y-14M Schedule D items 53, 86 and 87 treat a missed payment as a cycle past due.

Some items carry other dates. Four mailing address items on FR Y-14M Schedule C (Address Matching) and several Schedule B (Home Equity) items, including the pre-payment penalty term and flag, are retired for the 31 December 2026 report date. The credit card revenue and loss sharing (RLSA) collection takes effect for the 31 December 2027 as-of date in portfolio-level form. FR Y-14M Schedule D.3 is filed quarterly instead of monthly, and only by firms with $5 billion or more in total partnership agreement balances or balances above 5 percent of total domestic consumer bank card balances at quarter-end. RLSA payment amounts go to new FR Y-14Q Schedule G items, mirrored on FR Y-14A Schedules A.7.a and A.7.b.

The separate volatility final rule (91 FR 62636, effective 1 December 2026) adds compensation detail to FR Y-14Q Schedule G: item 28.F (Compensable Revenues) and item 28.G (Commissions from WM or FA activities, meaning wealth management or financial advisory), with matching changes on FR Y-14A Schedule A.7.a. Schedule G.3, item 47 (Non-recurring PPNR items) is clarified to capture business divestitures and write-downs of consolidated variable interest entities, the term the Board substituted for “consolidated investment entities” after comment. Both apply from the 30 June 2027 report date. The proposed removal of servicing and MSR items 14.J to 14.M from Schedules A.7.a and G.1 was not adopted, because some of those items are used in the PPNR model proposed for the 2027 stress test.

Commenters on the transparency rule also asked for a quarterly FR Y-14M, a materiality framework for line items, and retirement of FR Y-14A Schedule F (Business Plan Changes). The Board declined all three: it wants large retail portfolio data monthly for monitoring, especially in a period of stress; it sees materiality thresholds as a route for crucial data to go unreported; and it finds Schedule F useful for analysing capital plan resubmissions. Its burden estimate for the transparency rule is a net reduction of 5,609 hours across the three reports. For the EU-wide counterpart and its own 2027 data requirements, see our EBA 2027 EU-wide stress test article.

The October 2026 FR Y-14 proposal: data before any model uses it

The fourth document is a proposal. Published at 91 FR 62729 on 2 October 2026 under Docket No. OP-1882, it asks for comment on a revised noninterest income model for the 2027 stress test and on targeted FR Y-14A/Q/M revisions, all of which would be effective for the 31 December 2027 report date. Comments are due by 1 December 2026 through the Board’s proposals website, by mail or hand delivery, or by email with the docket number in the subject line.

The notice is plain about purpose. For the MSR and wholesale items, the stated aim is to help the Board assess whether a future model change would be appropriate. After listing the instruction and consistency revisions to FR Y-14Q Schedules A, B, F, L and M and FR Y-14M Schedules A and B, it adds that these proposed revisions do not indicate that the Board will propose a related model change. I read both statements as keeping data collection apart from any model commitment, which matters for anyone tempted to infer future capital effects from the new fields. The burden estimate is plus 3,780 hours on the FR Y-14Q, minus 280 hours on the FR Y-14A and no change on the FR Y-14M, across an estimated 35 respondents.

Mortgage servicing rights: a proposed return of Schedule I

FR Y-14Q Schedule I (MSR Valuation) was eliminated for the 31 December 2019 report date because the data was immaterial for most filers. The Board proposes to reimplement it with a small number of changes, mainly deleting unneeded fields and updating others to current industry practice. It would collect the volume of loans serviced, capitalization rates, prepayment information and other characteristics of the MSR portfolio, so the Board can assess whether an MSR model that better captures servicing-portfolio risk is appropriate. Question 1 asks whether alternative fields, such as different industry credit scores, delinquency buckets or product types, would do that better. A firm that dismantled its Schedule I data feed after the retirement would be rebuilding it for December 2027 data if the proposal is adopted as drafted.

Wholesale: guarantees, securitization flags and facility ratings

Commenters on the wholesale models proposed in October 2025 asked the Board to reflect loan guarantees, securitization treatment and facility-level ratings. The Board left the models unchanged for now and proposes data to assess the requests. Schedule H.1 would add item 124 (“Guarantee Amount”), item 125 (“Securitization Flag”) and item 126 (“Facility Internal Risk Rating”). Schedule H.2 would add item 78 (“Affordable Housing Flag”) and item 79 (“Current Development Status”), revise item 9 (“Property Type”) for affordable housing, and revise item 39 (“Property Size”) so that item 23 (“Current Occupancy”) can use alternative measurements. The eligible guarantor definition on Schedule H.1 would align with 12 CFR 217.2, and Schedule H.2 would revise item 21 (“Recourse”) and add item 77 (“Recourse Amount”) on the same footing.

Obligor internal risk ratings in Schedule H.1, item 10 stay as they are. Question 2 asks whether the new facility rating should express loss severity in the event of default or a blended expected loss rating combining default probability and severity. Question 3 asks whether firms should map it to an external equivalent or submit their full set of internal facility ratings in a format like Schedule H.4.

Retail, PPNR and securities

The margin loan change starts in the FR Y-9C. Since the Board’s December 2025 FR Y-9C revisions, margin loans primarily collateralized by securities with readily determinable fair value are reported in Schedule HC-C, item 9.b.(1), which flows to FR Y-14Q Schedule M.1, item 5.c (“Securities lending”). That left item 4.c (“Non purpose lending”) collecting a smaller set of balances, so the Board proposes to retire it, move those balances to item 4.e (“Other consumer loans”), and adjust the reportable categories on Schedules A.6 and A.7 to match. On the FR Y-14M, Schedule A.1, item 111 would gain the tax assessed value, purchase price and other options that Schedule B.1, item 88 already offers, and the refreshed valuation method items 69 and 80 would each gain an “other” option with definitions.

For PPNR, commenters asked the Board to collect data on deposit beta segmentation by wholesale and retail deposits, transfer pricing, and mark-to-market and fair value adjustments in noninterest revenue. The Board proposes new and revised Schedule G items to gather that data for possible future model development, mirrored on FR Y-14A Schedules A.7.a and A.7.b; the PPNR models finalized for 2027 run without it. Schedule B.1 would collect a coupon rate for each security, while equities on Schedule B.1 would drop amortized cost, current face amount, original face amount, price and pricing date. On the FR Y-14A, Schedules A.3.f and A.3.g, the projected credit loss schedules for HTM and AFS securities, would be retired, the Board citing the ancillary value of that breakdown and the low materiality of securities credit loss provisions.

Trading and counterparty

Credit baskets on Schedules F.18 and F.19 would be reported according to the risks of the underlying assets instead of under single-name CDS. On Schedule L.5, single-name CDS hedges provided by counterparties within the firm would be excluded, since internal hedges should not offset projected LCPD losses.

The CCD change turns on the direction of the guarantee. Schedule L.5 requires CCD exposures where the firm guarantees client performance to the central clearing counterparty or has offsetting transactions with it. Schedules L.1 to L.4 currently capture them only where the firm guarantees the performance of the CCP to the client or enters an offsetting (back-to-back) transaction with the CCP. The proposal would align L.1 to L.4 with the L.5 test.

For U.S. IHCs of foreign banks, the inter-affiliate clarification needs a careful read. All inter-affiliate transactions, IHC inter-affiliate transactions included, would sit in the counterparty population for Schedules L.1 to L.4. On Schedule L.5, IHC inter-affiliate transactions would continue to be reported under the current instructions, even though affiliate exposures are excluded from the LCPD model, and non-IHC inter-affiliate transactions would stay excluded. The proposal would also retire Schedule L.1.f, which collects the bottom 5 percent of CVA, and the country and sector metadata on Schedules L.2 and L.3, already collected on Schedule L.1. For the liquidity side of the same large-firm reporting stack, see our FR 2052a reporting guide.

Covenant and workout type fields: two rounds in twelve months

Two items move under both the May 2026 final notice and the October 2026 proposal, and their reported values would shift meaning between the 31 December 2026 and 31 December 2027 report dates.

The first is the Schedule H.1 covenant item, numbered 119 (“Covenant Violation”) in the October notice. From 31 December 2026 it reports whether a financial covenant exists, whether it has been violated and, if so, whether the agreement was amended or waived. The October proposal would add an option for a violation that occurs and is cured within the reporting quarter without amendment or waiver, a case the adopted options cannot express.

The second is the FR Y-14M workout type field on the first lien and home equity loan-level tables. Under the May 2026 revisions, “0” marks the month following completion of a workout plan and “Null” covers later months and loans never in loss mitigation. The October proposal would also use “0” for a loan that has entered loss mitigation without an established workout plan, which the current instructions would leave blank. Its description of the May revisions identifies the fields as Schedule A.1, item 143 and Schedule B.1, item 120, while the proposal sentence itself refers to items 43 and 120. The draft instructions published with the proposal are the place to confirm which item numbers the Board intends.

Frequently Asked Questions

A portfolio crossed the materiality threshold on the four-quarter average as of 30 June. When does the schedule start?

The May 2026 notice gives the example of a Category I firm whose four-quarter average balance exceeds $5 billion, or whose ratio to Tier 1 capital exceeds 5 percent, as of 30 June: it files the applicable FR Y-14Q schedule for the September reporting date. For the FR Y-14M, reporting starts with the last month of the following quarter.

Does the move to 30 April change the fourth-quarter FR Y-14Q deadlines?

No. The 2 October 2026 final rules move only the capital plan, company-run stress test and FR Y-14A dates to 30 April, and keep the stressed Schedule L and select Schedule A.1.d items on 5 April. The current FR Y-14Q instructions keep most schedules at seven days after the FR Y-9C, which is 47 calendar days after the March, June and September quarter-ends and 52 days after December. The fourth-quarter trading and counterparty regular (unstressed) submission is due 52 calendar days after the date the Board notifies firms of the as-of date, or 15 March, whichever is earlier. The stressed counterparty submission stays on 5 April.

We become an FR Y-14 filer in 2027. What onboarding relief applies?

The current instructions extend the first two FR Y-14Q deadlines to 90 days after quarter-end and the third and fourth to 65 days, with standard deadlines from the fifth submission. For the FR Y-14M, the first deadline is 90 days after the end of the reporting month corresponding to the quarter of the first FR Y-14Q, when all three intervening months are due. None of the four 2026 documents described above changes these onboarding provisions.

Will the Board publish the NDFI or financial sponsor data we report?

FR Y-14 data is collected as part of the supervisory process and is confidential under exemption 8 of the Freedom of Information Act, with commercial and financial information potentially exempt under exemption 4; disclosure determinations are made case by case. In the May 2026 notice the Board added that it does not expect to disclose FR Y-14Q information on an individual NDFI’s activities.

Can one comment letter address both the noninterest income model and the FR Y-14 items?

Both sit in the same notice under Docket No. OP-1882, with comments due by 1 December 2026. Comments are subject to public disclosure, and the notice asks that they not include confidential information. The Board’s effective-dates table says it would announce implementation of any proposed changes to the noninterest income component of the PPNR model by 15 May 2027.

We are a Category IV firm outside the 2027 stress test. Does the new calendar touch us?

A firm subject to Category IV standards is generally required to participate in the supervisory stress test only every other year. The date by which such a firm can opt into the stress test in an odd-numbered year moves from 15 January to 5 January. FR Y-14 respondent status depends on the $100 billion asset test, and the FR Y-14A instructions set out which annual schedules apply by category. The capital plan is still due every year, now by 30 April, and the FR Y-14A schedules a Category IV firm files, such as Schedule C (Regulatory Capital Instruments) and Schedule E (Operational Risk), move to 30 April with it.

Does results averaging change any FR Y-14 field?

The volatility rule’s FR Y-14 changes are limited to the Schedule G and Schedule A.7.a items described above. Averaging affects how the Board computes the stress capital buffer: for a firm that takes part in two consecutive annual supervisory stress tests, it averages the stress capital decline from those two tests, adds four quarters of planned dividends and applies the 2.5 percent floor. Most Category IV firms take part every other year, so their requirement stays based on the most recent stress test. The Board generally will not use averaging when it recalculates a requirement after a material change at the firm.

Key Takeaways

  • The 31 December 2026 as-of date is the first live test of Schedule H.1 mapping for NDFI entity type, the 25 percent sponsor test, assessed fees and collateral market value.
  • The 2027 FR Y-14A plan needs two tracks: 5 April for stressed Schedule L and the Schedule A.1.d alternative starting values, 30 April for the remainder.
  • Schedule L under two GMS scenarios is a December 2026 deliverable, ahead of the wider as-of date window listed for the 2028 test.
  • FR Y-14A Appendix A supporting documentation drops out from the December 2026 report date, while Schedule L keeps a shorter documentation set.
  • Hedge, private equity, ETF, sovereign country code and past-due cycle logic is a 30 June 2027 build; RLSA quarterly reporting is a 31 December 2027 build, subject to the $5 billion or 5 percent test.
  • Everything under Docket No. OP-1882 stays out of production specifications until a final notice; the comment window is the point to raise Schedule I scope and facility rating design.

Sources and References

  • Board of Governors of the Federal Reserve System, Request for Comment on Model Changes for the Board’s 2027 Supervisory Stress Test, Docket No. OP-1882, 91 FR 62729 (2 October 2026): govinfo PDF; Federal Register document 2026-20245
  • Board, Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models and Scenarios; Modifications to the Capital Planning and Stress Capital Buffer Requirement Rule, Enhanced Prudential Standards Rule, and Regulation LL, final rule, Docket No. R-1873, 91 FR 62870 (2 October 2026), effective 2 November 2026: govinfo PDF
  • Board, Modifications to the Capital Plan Rule and Stress Capital Buffer Requirement, final rule, Docket No. R-1866, 91 FR 62636 (2 October 2026), effective 1 December 2026: govinfo PDF
  • Board, Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB (FR Y-14A/Q/M), 91 FR 29485 (20 May 2026): Federal Register document 2026-10099; public inspection PDF
  • Federal Reserve press release, 30 September 2026, with Board memo and Stress Testing Changes and Effective Dates: press release; Board memo (PDF); effective dates table (PDF)
  • Federal Reserve, Dodd-Frank Act Stress Tests 2027: https://www.federalreserve.gov/supervisionreg/dfa-stress-tests-2027.htm
  • Federal Reserve reporting forms, FR Y-14A, FR Y-14Q and FR Y-14M report pages: FR Y-14A; FR Y-14Q; FR Y-14M
  • Federal Reserve reporting forms, information collections under review and recently approved: https://www.federalreserve.gov/apps/reportingforms/home/review
  • FR Y-14Q instructions (current): Federal Reserve download
  • FR Y-14A instructions (current): Federal Reserve download
  • FR Y-14M instructions (approved, effective 31 December 2026): Federal Reserve download
  • Federal Reserve Board, proposals and public comment site: https://www.federalreserve.gov/apps/proposals/
  • FR Y-14M instructions (current, modified September 2026): Federal Reserve download
  • Board, 2026 stress test model proposal, 90 FR 51856 (18 November 2025), and initial FR Y-14A/Q/M notice, 89 FR 52042 (21 June 2024), as cited in the Docket No. OP-1882 and 20 May 2026 notices
  • Board, FR Y-9 and FR Y-14 revisions adopted December 2025 (margin loans, Schedule HC-C, item 9.b.(1); FR Y-14Q Schedule H.1, item 26 NDFI categories), 90 FR 56756 (8 December 2025), effective for the 31 March 2026 report date: govinfo, FR Doc. 2025-22264
  • Board, FR Y-14A/Q/M final notice eliminating FR Y-14Q Schedule I (MSR Valuation) for the 31 December 2019 report date, 84 FR 70529 (23 December 2019): govinfo PDF
  • 12 CFR 217.2, 12 CFR 225.8, 12 CFR 238.170, 12 CFR part 238 subpart O and 12 CFR part 252 subpart E, as cited in the Docket No. OP-1882 notice

Before the 1 December FR Y-14 comment deadline

The four documents leave one decision open and one deadline close. The decision is whether to comment on the October proposal, in particular the scope of a reimplemented Schedule I and the design of the facility internal risk rating, before those fields are set for 31 December 2027 data. The near deadline belongs to the May 2026 revisions, which apply from the 31 December 2026 as-of date, less than three months away. The comment letter on Docket No. OP-1882 is due by 1 December 2026.

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