Agencies make final streamlined call reports for institutions under $5B, indicate more changes ahead

A streamlined version of the quarterly call report will be allowed for banks and thrifts with less than $5 billion assets that do not engage in “certain complex or international activities” under a final rule adopted by the three federal banking agencies, the regulators said Monday.

The Federal Reserve, Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC), in a release, said the rule wild reduce by approximately one-third the number of existing data items reportable for the first and third calendar quarters.

The agencies also indicated that there is more to come in reducing regulatory reporting requirements: “The agencies are committed to actively exploring additional revisions to Call Reports that would further reduce reporting requirement burdens,” the agencies’ release stated.

The OCC and the Fed said they were also finalizing similar reduced reporting for certain uninsured institutions they supervise that hold less than $5 billion in total consolidated assets and that otherwise meet the same criteria.

The final rule is the same as that proposed, the agencies said. As in the proposal, it defines a “covered depository institution” (that is, not engaged in complex or international activities) generally as an institution that has less than $5 billion in total consolidated assets, has no foreign offices, is not required to or has not elected to use Subpart E (Internal Ratings-Based and Advanced Measurement Approaches) of the agencies’ regulatory capital rules to calculate its risk-based capital requirements, and is not a large or highly complex institution for purposes of the FDIC’s assessment regulations.

Also, as with the proposal, the final rule notes that the principal areas of reduced reporting in the first and third calendar quarters generally would include data items related to categories of risk-weighting of various types of assets and other exposures under the agencies’ regulatory capital rules, fiduciary and related services assets and income, and troubled debt restructurings by loan category.

Agencies issue final rule to streamline regulatory reporting requirements and commit to further review of reporting burdens for small institutions