The federal banking agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), are inviting public comment on a proposal for a new and streamlined “Call Report” for small financial institutions. The changes are intended to ease reporting requirements and reduce reporting burden for small financial institutions.
Under the proposal from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, financial institutions with domestic offices only and less than $1 billion in total assets would qualify for this new report. This represents approximately 90 percent of all institutions required to file Call Reports.
The streamlined Call Report would reduce the existing Call Report from 85 to 61 pages resulting from the removal of approximately 950 or about 40 percent of the nearly 2,400 data items in the Call Report. The proposed changes would eliminate certain data items and would reduce the reporting frequency of other data items. Additionally, for certain complex and specialized activities, the proposal would consolidate five schedules into a single new supplemental schedule.
All institutions, regardless of size, submit a quarterly Call Report that includes data used by regulators to monitor the condition, performance, and risk profile of individual institutions and the industry as a whole. The proposal is the result of an initiative launched by the FFIEC in December 2014 to reduce burden associated with Call Report requirements for community banks.
The proposal incorporates comments the federal banking agencies received from small institutions during outreach activities and as part of the regulatory review being conducted under the Economic Growth and Regulatory Paperwork Reduction Act. In evaluating changes to the Call Report for small financial institutions, the FFIEC has sought to balance reporting burden against regulators’ need for reliable data to ensure these institutions operate in a safe and sound manner and are able to meet the financial needs of the communities they serve.
The agencies also are requesting comments on certain proposed revisions to the two existing versions of the Call Report, which would remain applicable to institutions not qualifying for the streamlined Call Report. The agencies request comments on the proposed changes no later than 60 days after the date of their publication in the Federal Register.
Attachment: Small Bank Call Report (PDF)
|CFPB||Sam Gilford||(202) 435-7673|
|FDIC||David Barr||(202) 898-6992|
|Federal Reserve||Eric Kollig||(202) 452-2955|
|OCC||Stephanie Collins||(202) 649-6870|
|SLC||Jim Kurtzke||(202) 728-5733|
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the State Liaison Committee. The Council’s activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.