Banking and Finance Law Daily Agencies broaden eligibility for simpler Call Reports
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Monday, June 17, 2019

Agencies broaden eligibility for simpler Call Reports

By Richard A. Roth, J.D.

The federal banking regulatory agencies have adopted a rule that permits less complicated financial institutions with less than $5 billion in total assets to use the simplest Call Report form. According to the regulators, covered institutions will be able to reduce the number of items they report by about one-third in two of their four quarterly reports.

The Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation have jointly adopted a rule that is intended to ease the reporting burdens on smaller, less complex financial institutions. The change is required by the Economic Growth, Regulatory Reform, and Consumer Protection Act, the agencies said.

Under the rule, covered institutions will be permitted to use the simplest of the three Call Report forms. This form (FFIEC 051) requires that fewer information items be reported in the first and third calendar quarters of each year. The rule will take effect 30 days after it is published in the Federal Register. The agencies’ joint press release noted that they are committed to finding more ways to simplify Call Reports.

The rule applies to banks and savings associations that:

  • have less than $5 billion in total consolidated assets;
  • have no foreign assets;
  • are not advanced approaches institutions for purposes of calculating risk-based capital requirements;
  • do not qualify as large or highly complex institutions under the FDIC’s deposit insurance rule; and
  • are not state-licensed insured branches of foreign banks.

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