Banks’ consolidated reports of condition and income for the first quarter ending March 31, 2021, are, in most cases, due to the Federal Deposit Insurance Corp. (FDIC) by April 30, with temporary asset thresholds allowed in an interim rule adopted last December applicable for certain institutions under $10 billion in assets, the agency said Friday.
The FDIC said the April 30 deadline applies to all institutions except some with foreign offices; an institution with more than one foreign office, other than a “shell” branch or an international banking facility, has until May 5 to file, according to the FDIC’s Financial Institution Letter (FIL-25-2021) issued Friday.
An interim final rule issued in December provides for temporary asset thresholds for financial institutions with less than $10 billion in assets as of Dec. 31, 2019. That interim final rule, issued to help mitigate temporary transition costs on banking organizations related to the COVID-19 pandemic, allows institutions that temporarily exceed the $10 billion total asset threshold to use the community bank leverage ratio (CBLR) framework in Call Report Schedule RC-R from Dec. 31, 2020, through Dec. 31, 2021, provided they satisfy the other qualifying criteria for this framework. For each of these report dates, the FIL notes, an institution would use the lesser of its total assets as of Dec. 31, 2019, or as of the current quarter-end report date to determine whether it has met the $10 billion total asset threshold.
The interim final rule also permits an institution to use the lesser of the total consolidated assets reported in its Call Report as of Dec. 31, 2019, or June 30, 2020, when determining whether the institution has crossed certain total asset thresholds to report additional data items in its call reports for report dates in calendar year 2021. These thresholds include the $5 billion threshold for the eligibility requirement to use the FFIEC 051 version of the Call Report, and the $100 million, $300 million, $1 billion, and $10 billion thresholds for reporting certain additional data items in the call reports, the letter states.