Additional revisions to streamline financial institution call reports – by removing or consolidating data items, and adding new, or higher, existing reporting thresholds – is being proposed by the three federal banking agencies.
According to a release from the Federal Financial Institution Examination Council (FFIEC), the the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) are proposing the revisions “as part of their efforts to reduce data reporting and other burdens for financial institutions.”
The revisions are being proposed to revise the the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only and Total Assets Less Than $1 Billion (FFIEC 051), the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), and the Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices (FFIEC 031), which are currently approved collections of information. The Consolidated Reports of Condition and Income are commonly referred to as the Call Report.
The changes, if adopted by the agencies, would take effect with call reports issued in June, 2018.
The revisions are being issued for a 60-day comment period.