US Agencies Propose to Revise Call Reports, FFIEC 101, and FFIEC 002
US Agencies (FDIC, FED, and OCC) are requesting comment on revisions to the Call Reports (FFIEC 031, FFIEC 041, and FFIEC 051), the regulatory capital report for institutions subject to the advanced capital adequacy framework (FFIEC 101), and the report of assets and liabilities of U.S. branches and agencies of foreign banks (FFIEC 002). FFIEC has approved the proposal to revise and extend these reports. Draft reporting forms and instructions for Call Reports, FFIEC 101, and FFIEC 002 are available on the FFIEC website. Comments must be submitted by September 21, 2020.
The proposed revisions relate to:
- The interim final rules and final rule that revise the agencies' capital rule and have been issued in response to the COVID-19 disruptions, the FED regulations on reserve requirements and insider loans, and the FDIC assessments regulations
- Certain sections of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for which the agencies received emergency approvals from OMB
- Changes to Call Reports and FFIEC 002 report in context of the U.S. generally accepted accounting principles (GAAP)
- Call Report changes to reflect the expiration of the temporary exception for estimated disclosures on international remittance transfers and certain amendments to the Remittance Rule (recently finalized by CFPB)
From March through June 2020, in response to the impact of COVID-19 pandemic, the agencies published interim final rules to make certain changes to their regulatory capital and liquidity rules. The agencies requested and received emergency approvals on April 03, 2020, from OMB to implement revisions to Call Reports, FFIEC 101, and FFIEC 002. The agencies are requesting comments on whether there should be any further changes to the items or instructions to implement the revisions for which emergency approvals were received from OMB. In regard to the Regulation D amendments, agencies are requesting comment on whether to adopt proposed revisions to the Call Reports and the FFIEC 002 to remove a reporting option that was implemented by the emergency approvals and could result in the collection of ambiguous data. The agencies have also requested comment in connection with each of the interim final rules described in the Federal Register Notice.
The revisions associated with the interim final rules, the proposed and final deposit insurance assessments rule, and the CARES Act provisions have been approved by OMB through the emergency clearance process and these revisions have taken effect for the March 31, 2020 Call Reports and FFIEC 101; for the June 30, 2020 Call Reports, FFIEC 101, and FFIEC 002; or the September 30, 2020 FFIEC 002. For additional proposed revisions to Call Reports and FFIEC 002 instructions that are related to the amendment of Regulation D, the agencies propose to make these revisions effective for reporting beginning in the first quarter of 2021. For changes related to US GAAP, the agencies are proposing to make the revisions effective as of the March 31, 2021 report date, except for the revisions for last-of-layer hedging, which would be implemented following the FASB adoption of a final last-of-layer hedge accounting standard. A final standard is not expected to be issued before the second half of 2021. The agencies are also proposing to make revisions to Schedule RC-M for the international remittance transfer items, effective March 31, 2021.
Related Links
Comment Due Date: September 21, 2020
Keywords: Americas, US, Banking, COVID-19, Call Report, FFIEC 101, FFIEC 002, Reporting, CARES Act, Regulatory Capital, Basel, US GAAP, US Agencies
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
PRA Consults on Supervisory Approach for Non-Systemic Banks in UKRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.