Notices of a proposal to expand the scope of financial institutions and firms that file “streamlined” versions of call reports were issued by the three federal banking agencies to the firms they supervise Monday.
In the joint statement, the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) noted publication Monday in the Federal Register of a Notice of Proposed Rulemaking (NPR) to implement Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155, enacted this spring).
The agencies point out that Section 205 of EGRRCPA requires them to issue regulations to allow for reduced reporting on call reports filed for the first and third calendar quarters for insured depository institutions with less than $5 billion in total assets “that meet other criteria the agencies determine are appropriate (covered depository institutions).”
The notice also points out that, under the proposal, the FFIEC 051 Call Report would be established as the version of the call report that provides reduced reporting for the first and third calendar quarters of a year.
In addition, the notice states, the agencies are proposing to reduce the reporting frequency for a number of existing data items in the FFIEC 051 Call Report that are now reported quarterly, further streamlining the report in the first and third quarters.
“For institutions with total assets of $1 billion or more, the agencies also are proposing to add to the FFIEC 051 Call Report certain data items that these institutions currently report in the FFIEC 041 Call Report, but generally with reduced reporting frequency,” the notice states, added that changes to the FFIEC 051 reporting requirements are proposed to take effect March 31, 2019.