The Federal Financial Institutions Examination Council (FFIEC) has proposed additional revisions to further streamline the Call Report to reduce data reporting and other burdens for small financial institutions.
The FFIEC — which is made up of representatives from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — will remove or reduce the reporting frequency of approximately seven percent of the data items on the Call Report for small institutions.
A Call Report is a document that financial institutions file quarterly that contains information that is used by regulators to monitor the condition, performance, and risk profile of the individual institutions as well as the industry. The Call Report for small institutions is applicable to financial institutions with domestic offices only and less than $1 billion in total assets, which represents approximately 90 percent of all institutions required to file Call Reports.
Earlier this year, the agencies created a new streamlined Call Report for small institutions that removed approximately 40 percent of the data items in the prior Call Report. Following the issuance of this current proposal, the agencies expect to propose additional simplification changes later this year.
The proposal also includes revisions in response to changes in the accounting for equity securities and an instructional revision for determining past due status.
Comments on the proposed revisions will be accepted for 60 days after the date of their publication in the Federal Register. The proposed effective date for the Call Report revisions is March 31, 2018.