This is a fixed sample of what the full product produces for one instrument. It does not change when you edit the fields above - live, source-cited research on your own inputs is the full product.
Executive summary
A U.S. municipal general obligation (GO) bond held available-for-sale is, economically, a debt-security claim on a U.S. state or political subdivision. For a U.S. bank holding company that files the Call Report and the FR Y-9C, it is captured as an investment security on the core financial reports and, because it is a claim on a U.S. resident, it is also captured on the FFIEC 009 Country Exposure Report in the United States row (Public sector). The treatment is consistent across the balance-sheet reports; the most common error is assuming a domestic municipal bond is out of scope for a "country exposure" report - it is not, because FFIEC 009 captures the reporter's home country.
Bottom line: report it at fair value as a state-and-political-subdivision security on Call Report Schedule RC-B and FR Y-9C Schedule HC-B, and as a local-currency claim on the United States (Public sector) on FFIEC 009 Schedule C, Parts I and II.
Reports impacted:
- Call Report (FFIEC 031/041) - Impacted
- FR Y-9C - Impacted
- FFIEC 009 - Impacted (United States row, Public sector)
- FR 2052a - Impacted only if the firm is a liquidity filer
- FR Y-15 / FFIEC 101 / FR 2510 / FR 2590 - generally Not impacted for a vanilla AFS muni held by a non-G-SIB (confirm by filer)
Detailed mapping
| Report | Schedule | Line item | Position | Treatment | Source |
|---|---|---|---|---|---|
| Call Report | RC-B Securities | State & political subdivisions in the U.S. (AFS) | Asset | Report fair value in the available-for-sale column | FFIEC 031/041 instructions, Sch. RC-B |
| FR Y-9C | HC-B Securities | Obligations of states & political subdivisions | Asset | Mirrors Call RC-B at the holding-company level | FR Y-9C instructions, Sch. HC-B |
| FFIEC 009 | Schedule C, Part I | United States, Public sector, local-currency claims (Col. 12) | Claim | A U.S. office's claim on a U.S. municipal obligor is a local claim | FFIEC 009 instructions, Sch. C Pt I |
| FFIEC 009 | Schedule C, Part II | United States, Public (guarantor / ultimate-risk basis) | Claim | Re-reported on the guarantor basis; absent an external guarantor it stays on the U.S. row | FFIEC 009 instructions, Sch. C Pt II |
Cross-report notes
Call Report RC-B and FR Y-9C HC-B must reconcile - the same security at the same fair value, reported at two consolidation levels (bank vs. holding company). FFIEC 009 is the report most often missed for a domestic muni because its "country exposure" title is misleading: it captures claims on residents of every country, including the United States, so the bond belongs in the U.S. row rather than being excluded.
Considerations
- Home-country capture: FFIEC 009 includes the United States. Do not exclude a domestic municipal bond from the country-exposure report; report it in the U.S. row, local-currency column, Public sector.
- Sector classification: a U.S. state or municipal obligor is the "Public" sector on FFIEC 009 - not "Other." Misclassifying the sector is a common edit-check and review finding.
- Risk transfer (Part II): with no external credit enhancement, the Part II (guarantor-basis) claim stays on the obligor's country. If the bond carried third-party bond insurance from another country, the Part II claim would shift to the guarantor's country - a multi-column impact.
- Accounting classification drives placement: available-for-sale vs. held-to-maturity changes the column on RC-B / HC-B and the AOCI/capital treatment; confirm the classification before finalizing.
- Materiality and panel scope: whether FR 2052a, FR Y-15, or FFIEC 101 even apply depends on the filer's category and asset size, not on this single security.
Assumptions made
- The filer is a U.S. bank holding company that files both the Call Report and the FR Y-9C, and is not a G-SIB.
- The bond is held available-for-sale (not held-to-maturity or trading) and carries no external credit enhancement or bond insurance.
- The reporting office is a U.S. office, so the claim is "local" rather than cross-border.
- Standard quarter-end reporting, with no special call or put features affecting the maturity classification.
Open items / pending
- Confirm the filer's category and total assets - this decides FR 2052a / FR Y-15 / FFIEC 101 applicability.
- Confirm available-for-sale vs. held-to-maturity classification and whether any bond insurance or credit enhancement applies.
- Confirm the booking office (U.S. vs. foreign) for the FFIEC 009 local-vs-cross-border determination.
- In demo mode the line-item citations are UNVERIFIED (no live source fetch); the live tool fetches and verifies each against the current instructions.
Excluded from
- FR 2590 (Single-Counterparty Credit Limits): a U.S. state/municipal obligor is not an exempt counterparty, but a single vanilla muni typically will not rank in the top 50 by net credit exposure - verify against the firm's actual exposures before concluding it is not reported.
Educational research aid - verify against the current primary-source instructions before relying on this.