The Independent Community Bankers of America (ICBA) are supporting swift implementation of short-form call report revisions via the Economic Growth, Regulatory Relief and Consumer Protection Act.
ICBA officials said banking regulators should limit short-form reporting to the balance sheet, income statement and statement of changes in shareholders’ equity without any other supporting schedules.
“Creating a simple but effective short-form call report for the first and third quarters will free up employees, and other resources that should be serving community bank customers and the operational needs of the bank,” ICBA President and CEO Rebeca Romero Rainey said. “Congress has recognized the reporting burden associated with the call report and has identified the solution to bring community banks the relief they so desperately need. It is now time for the agencies to enact comprehensive reporting relief.”
The ICBA maintains establishing a short-form call report in the first and third quarters limited to the balance sheet, income statement, and statement of changes in shareholders’ equity allows relevant stakeholders to gain a solid understanding of reporting institutions’ financial condition and performance without the complex reporting exercise.
The ICBA said the revision would enable banks to continue to file the full report at mid-year and year-end while reducing the time required to meet all reporting obligations, allowing community banks to dedicate more of their resources to meet the needs of local communities.