The crisis of 2008 spawned countless rules and regulations that are designed to reduce risk in the financial system. One of the most important new rules requires the Federal Reserve to classify banks based on their systemic importance. This is what Form FR Y-15 is for.
Form FR Y-15 lists five broad categories that are correlated with a bank’s systemic importance — size, interconnectedness, substitutability, complexity, and cross-jurisdictional activity. It then breaks these down into 12 systemic indicators, and assigns each a relative weighting.