Call reports due at end of month, but not yet for ‘streamlined’ reports for smaller banks (due after 3Q)

All banks and thrifts with assets less than $5 billion at the end of last month should file the same call report form that they filed at the end of March, the federal banking agencies said Monday in a letter.

The reports are due, generally, at the end of this month; institutions with a foreign branch are generally give five more days to file (by Aug. 4).

The letter, from the Federal Deposit Insurance. Corp. (FDIC), Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC), apparently aims to clear any confusion with the filing of consolidated reports of condition and income (otherwise known as call reports) for the second quarter of the year. Earlier this year, the agencies adopted a final rule that allows reduced reporting in the call reports for the first and third quarters for banks with less than $5 billion in total assets that also meet certain other criteria.

But that rule only applies for call reports for the first and third quarters – and, in any event, it doesn’t take effect until next week (July 22). The rule applies for eligibility to file the FFIEC 051 Call Report. Certain other revisions to the FFIEC 051 report take effect Sept. 30.

“Newly eligible institutions may not file the existing FFIEC 051 Call Report as of June 30, 2019, because that version of the Call Report does not contain certain data items necessary for supervisory and other purposes that the agencies would incorporate in the revised FFIEC 051 Call Report for Sept. 30, 2019,” the letter states.

Second quarter 2019 call report data is considered “timely” if the report is submitted by July 30, passes Federal Financial Institution Examination Council (FFIEC)-published validation criteria (validity edits and quality edits), or, where necessary, contains explanations for any quality edits that are not passed.

Institutions with more than one foreign office, other than a “shell” branch or an international banking facility, get five calendar days to submit the data, the agencies said (or no later than Aug. 4).

Consolidated Reports of Condition and Income for Second Quarter 2019

Be the first to comment

Leave a Reply

Your email address will not be published.