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January 08, 2018

US Agencies (OCC, FED, and FDIC) proposed revisions to three Consolidated Reports of Condition and Income (Call Reports)—FFIEC 051, FFIEC 041, and FFIEC 031. The proposed revisions to these Call Reports would result in an overall reduction in burden for the reporting entities. Comments must be submitted on or before February 07, 2018.

FFIEC 031 is the Call Report for a bank with domestic and foreign offices, FFIEC 041 is the Call Report for a bank with domestic offices only, and FFIEC 051 is the call report for a bank with domestic offices only and total assets less than USD 1 billion. The reporting revisions relate to the deletion or consolidation of a large number of items, the raising of certain reporting thresholds, and a reduction in reporting frequency for a number of items. For small institutions filing the FFIEC 051 report, these changes affect approximately 7% of the data items collected. The US Agencies will also proceed with the scope revision to the FFIEC 031 and FFIEC 041 reports to require all institutions with consolidated total assets of USD 100 billion or more, regardless of whether an institution has any foreign offices, to file the FFIEC 031. However, the US Agencies will delay the effective date of these reporting revisions and scope revision until the June 30, 2018 report date, rather than implementing them as of the March 31, 2018 report date, as originally proposed.

In addition, the agencies will proceed with the revisions to address changes in the accounting for equity investments, with modifications to the proposal, in response to the comments received. The effective date for these revisions would be the March 31, 2018 report date, as originally proposed, to coincide with the first reporting period in which the accounting changes will be adopted under U.S. generally accepted accounting principles (GAAP) by certain reporting institutions. Finally, because of concerns raised in the feedback received on the proposed revisions to the definition of “past due” assets for regulatory reporting purposes, the US Agencies are giving further consideration to this proposal, including its effect on and relationship to other regulatory reporting requirements and are not proceeding with this proposed revision at this time.

Related Links

Comment Due Date: February 07, 2018

Keywords: Americas, US, Banking, FFIEC 051, FFIEC 041, FFIEC 031, Call Reports, Reporting, US Agencies

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