A final rule on reduced reporting on reports of condition for institutions that have less than $5 billion in assets, and that meet other criteria, is highlighted in a Financial Institution Letter issued Friday by the Federal Deposit Insurance Corp. (FDIC), joined by the Federal Reserve Board and Office of the Comptroller of the Currency (OCC).
The reduced reporting rule implements Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), enacted in May 2018. The final rule was issued last month by the three banking agencies, which also approved reporting revisions to the FFIEC 051 Call Report that take effect Sept. 30 (pending approval by the Office of Management and Budget).
The final rule expands eligibility to file the FFIEC 051 Call Report, which is the most streamlined version of the report, to insured and uninsured institutions with less than $5 billion in total assets that:
(1) have no foreign offices;
(2) are not “advanced approaches institutions” for regulatory capital purposes;
(3) are not treated as “large” or “highly complex” institutions for deposit insurance assessment purposes; and
A covered depository institution is not required to file the FFIEC 051 Call Report and has the option to file the FFIEC 041 Call Report.
The agencies also lessened reporting frequencies for certain data items and added to the FFIEC 041 Call Report to facilitate some reduced reporting for institutions with assets of $1 billion or more, but less than $5 billion.