|For immediate release||December 30, 2016|
FFIEC Streamlines “Call Report” for Small Institutions
Continuing their efforts to reduce data reporting and other burdens for small financial institutions, the federal banking agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), are publishing a Federal Register Notice (FRN) finalizing the reporting requirements for a new and streamlined “Call Report” for small financial institutions.
Overall, the streamlined Call Report would reduce the existing Call Report from 85 to 61 pages, resulting from the removal of approximately 40 percent of the nearly 2,400 data items. In response to comments received on their initial FRN published in August 2016, the agencies have reduced the frequency of certain reporting requirements from the original proposal.
The proposed changes would apply to financial institutions with domestic offices only and less than $1 billion in total assets, which represents approximately 90 percent of all institutions required to file Call Reports.
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 federal banking agencies along with the Consumer Financial Protection Bureau and the State Liaison Committee, as members of the FFIEC, are continuing their burden-reduction efforts and expect to propose additional simplification of Call Report requirements for small financial institutions.
Eligible small institutions may begin filing the streamlined Call Report as early as March 31, 2017.
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 Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, 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.