Call reports due to FDIC July 30; FIL highlights info related to crypto-assets, hedging

The due date and process for the filing of banks’ consolidated reports of condition and income (or call reports), including some direction related to crypto-assets and derivatives hedging, are outlined in a Financial Institution Letter (FIL) issued Tuesday by the federal bank deposit insurer.

Federal Deposit Insurance Corp. (FDIC) FIL-29-2022 notes that banks’ June 30, 2022, call reports are due to be filed with the central data repository (CDR) by July 30, except for certain institutions with foreign offices. That latter group has another five days, until Aug. 4, to file its data, the letter states.

Supplemental instructions are attached to the FIL, which addresses a couple topics in particular:

  • Crypto: For institutions that have determined that it is appropriate to apply U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 121 (SAB 121) regarding the accounting for entities that have obligations to safeguard crypto-assets held for their platform users, a new topic, “Securities and Exchange Commission Staff Bulletin No. 121,” has been added to the attached June 2022 Supplemental Instructions. This topic provides information on how these institutions may indicate that SAB 121 was implemented in their Call Report for the June 30, 2022, report date.
  • Derivatives hedging: For institutions that have adopted Accounting Standards Update 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method,” new item 7, “Unallocated portfolio layer fair value hedge basis adjustments,” has been added to Schedule RC-B, Securities.

Institutions are required to file their call reports either by electronically submitting them directly to the CDR; or completing reports in paper form and arranging with a software vendor or other party to convert it to the electronic format that can be processed by the CDR. In the latter case, the software vendor or other party then must electronically submit the institution’s call report data file to the CDR, the letter states.

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