It is reportable for both FBAR and FATCA (i.e. F.8938).

Rev. Rul. 2014-55 only eliminates the annual reporting requirements for F.8891 and provides retroactive relief to those who failed to properly make an election based on prior guidance but emphasizes that FBAR and FATCA reporting are not affected by the Rev. Rul. So long as the applicable threshold based on filing status and residency is met, the account will be reportable.