Call reports – with EGRRCPA revisions included – due Oct. 30, agencies remind

Third 2018 quarter call reports – which now include two items added regarding reciprocal deposits as a result of this spring’s regulatory relief legislation – are due by Oct. 30, the federal banking regulators reminded Friday in a joint statement.

The agencies also noted in their joint statement that institutions significantly affected by Hurricane Michael, which passed through the southeastern U.S. Tuesday through Thursday, will have some leeway for meeting the Oct. 30 deadline. Those institutions should contact their primary federal or state regulator.

According to the joint statement issued by the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC), the two data items added are in Schedule RC-E, Deposit Liabilities. “Institutions should report ‘Total reciprocal deposits’ as of the report date in Memorandum item 1.g and, on a one-time only basis, ‘Total reciprocal deposits as of June 30, 2018’ in Memorandum item 1.h of Schedule RC-E.”

The items were added after enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155), signed into law May 24 by President Donald Trump.

For the section on high volatility commercial real estate exposures (also revised as a result of EGRRCPA), the agencies directed institutions to look at the supplemental instructions for the September reports.

Additionally, the three banking regulators reminded institutions that call report changes resulting from revised accounting standards for credit losses (current expected credit losses, or CECL, outlined in the Financial Accounting Standards Board’s [FASB] Accounting Standards Update No. 2016-13, “Financial Instruments – Credit Losses”) have been published in the Federal Register. The revisions can be reviewed on the Federal Financial Institution Examination Council’s (FFIEC) website, the agencies noted.

“The agencies encourage institutions to review the proposal and comment on those aspects of interest,” they stated.

FDIC FIL-60-2018 Consolidated Reports of Condition and Income for Third Quarter 2018

FFIEC website

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