The Federal Financial Institutions Examinations Council (FFIEC) is streamlining the “Call Report” in an effort to reduce data reporting and other burdens for small financial institutions.
The FFIEC, whose members include federal banking agencies, is publishing a Federal Register Notice (FRN) which includes new reporting requirements for the Call Report, a document that financial institutions file quarterly. The Call Report contains information that is used by regulators to monitor the condition of the individual institutions as well as the industry as a whole.
This initiative would eliminate 40 percent of the nearly 2,400 data items in the Call Report and reduce its size from from 85 to 61 pages. The proposed changes would apply to U.S. financial institutions, with domestic offices only, with less than $1 billion in total assets. These smaller institutions represent 90 percent of all financial institutions required to file Call Reports. Those that qualify may begin to use the streamlined Call Report as early as March 31, 2017.
The FFIEC has six voting members that include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the State Liaison Committee. The organization expects to propose additional measures to further simplify the Call Report.