|For immediate release||September 8, 2015|
FFIEC Announces Initiative to Streamline Reporting Requirements for Community Banks
The Federal Financial Institutions Examination Council (FFIEC) today detailed steps regulators are taking to streamline and simplify regulatory reporting requirements for community banks and reduce their reporting burden. The objectives of this community bank burden-reduction initiative are consistent with the early feedback the FFIEC has received as part of the regulatory review being conducted under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Each quarter, banks and savings associations submit Consolidated Reports of Condition and Income (Call Reports), which include data used by regulators to monitor the safety and soundness, performance, and risk profile of each institution and to assess the condition of the banking system. Call Report data also help regulators target examination resources and support off-site examinations.
As an initial step by regulators to streamline some reporting requirements, the federal banking agencies, under the auspices of the FFIEC, are seeking comment on proposals to, in part, eliminate or revise several Call Report data items. These changes would not affect credit unions, but would simplify the reporting requirements for banks and savings associations.
In evaluating changes to the Call Report, the FFIEC has sought to balance reporting burden against regulatorsí need for reliable data to ensure banks and savings associations operate in a safe and sound manner and are able to meet the financial needs of the communities they serve.
In addition to the reporting changes proposed today, the FFIEC also is focusing on four other areas:
Comments on the data reporting requirements proposed today will be accepted within 60 days of publication in the Federal Register. Individual reporting changes are proposed to take effect with the Call Reports for December 2015 or March 2016.
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. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions. The Council consists of the following six voting members: a member of the Board of Governors of the Federal Reserve System; the Chairman of the Federal Deposit Insurance Corporation; the Director of the Consumer Financial Protection Bureau; the Comptroller of the Currency; the Chairman of the National Credit Union Administration; and the Chairman of the State Liaison Committee.
Attachments: Federal Register Notice (PDF)