Call Report to Be Further Streamlined
The FDIC, Federal Reserve and OCC issued a press release today, announcing changes to the Call Report. The changes shave the Call Report by seven percent and result from the agencies' review of the Economic Growth and Paperwork Reduction Act. The actions are being taken under the structure of the Federal Financial Institutions Examination Council (FFIEC).
The State Liaison Committee (SLC), also a member of the FFIEC, worked with the agencies on the changes announced today. The SLC sees these actions as yet another important step towards simplifying compliance responsibilities for community banks in particular, with hopefully more changes to come.
The FFIEC is comprised of the CFPB, FDIC, Federal Reserve, National Credit Union Administration, OCC and SLC. CSBS is a member of the SLC.
Here's the full press release:
"January 3, 2018
"FFIEC Finalizes June 2017 Proposed Revisions to Streamline the 'Call Report'
"The three federal banking agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), have finalized a proposal issued in June 2017 to reduce the reporting burden associated with the preparation and filing of the “Call Report.”
"For small institutions, the finalized changes will remove, raise the reporting threshold for, or reduce the reporting frequency of approximately seven percent of the data items on the Call Report. Other burden-reducing changes are included for larger institutions. These changes from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will be effective as of June 30, 2018.
"Additionally, several Call Report schedules will be revised in response to changes in the accounting for equity securities. The effective date of the changes involving the reporting of equity investments is March 31, 2018.
"After considering the comments received on the June 2017 proposal, the FFIEC and the agencies are not proceeding with a proposed revision to the instructions for determining past due status.
"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."