The Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency (collectively, the "agencies") adopted rules intended to reduce reporting requirements for eligible small depository institutions. The final rules will implement Section 205 ("Financial Reporting Requirements for Small Banks") of the Economic Growth, Regulatory Relief and Consumer Protection Act.
The final rules will:
- expand the eligibility for filing more "streamlined" FFIEC 051 Call Reports to include insured depository institutions with assets of less than $5 billion; and
- reduce the number of existing data items reportable in FFIEC 051 Call Reports for the first and third calendar quarters.
The final rules will become effective 30 days after publication in the Federal Register.
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