August 5, 2016
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.
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CFPB Sam Gilford (202) 435-7673
FDIC Dave Barr (202) 898-6992
Federal Reserve Eric Kollig (202) 452-2955
OCC Stephanie Collins (202) 649-6870
SLC Jim Kurtzke (202) 728-5733