As part of an ongoing effort by the Federal Financial Institutions Examination Council ("FFIEC") to ease reporting requirements for small banks, the FDIC, the Board of Governors of the Federal Reserve System ("FRB") and the Office of the Comptroller of the Currency ("OCC") proposed revisions to the Consolidated Reports of Condition and Income ("call reports"). The revisions would become effective on March 31, 2018.
The proposed revisions would ease reporting frequency requirements, remove certain unnecessary data elements, and alter some reporting thresholds with the stated goal of an "overall reduction in burden," particularly for small institutions. The revisions were developed in response to survey results from banks detailing their use of data elements in existing call reports.
The proposal follows in the wake of other actions taken by FFIEC member agencies to reduce the call report burden. Those actions include:
- the finalization in mid-2016 of a number of burden-reducing changes and other revisions to the Call Report that were implemented in September 2016 and March 2017;
- outreach from the FFIEC to institutions in order to obtain a better understanding of significant sources of reporting burdens in their Call Report preparation processes; and
- the creation of a new streamlined FFIEC 051 Call Report for eligible small institutions that took effect as of March 31, 2017.
Comments from interested parties must be submitted by August 28, 2017.
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