Three federal banking agencies are currently seeking public input regarding a proposal to streamline regulatory reporting for qualifying small institutions.
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced that public comments would be accepted for 60 days after the proposal’s publication in the Federal Register.
The agencies also said the plan would implement section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, enabling insured depository institutions with total assets of less than $5 billion that do not engage in certain complex or international activities to file the most streamlined version of the Call Report, the FFIEC 051 Call Report.
The agencies are also proposing to reduce the number of existing data items reportable in the FFIEC 051 Call Reports for the first and third calendar quarters by 37 percent.
Per guidelines, all institutions, regardless of size, submit a quarterly Call Report that includes data used by regulators to monitor the condition, performance, and risk profile of individual institutions and the industry as a whole.
The Federal Reserve Board and the OCC are additionally proposing similarly reduced reporting for certain uninsured institutions that they supervise with less than $5 billion in total consolidated assets that meet the same criteria.