Featured Product

    US Agencies Finalize Rule to Streamline Reporting for Small Banks

    June 26, 2019

    US Agencies (FDIC, FED, and OCC) adopted a final rule to streamline the regulatory reporting requirements for small institutions. The rule would permit insured depository institutions with total assets of less than USD 5 billion that do not engage in certain complex or international activities to file the most streamlined version of the Call Report FFIEC 051. The rule would reduce, by approximately one-third, the number of existing data items to be reported for the first and third calendar quarters. These revisions to the FFIEC 051 Call Report would take effect as of the September 30, 2019 report date. This rule will be effective from July 22, 2019.

    The final rule implements Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act and is one step in the agencies' efforts to meaningfully streamline reporting requirements. The agencies are committed to actively exploring additional revisions to Call Reports that would further reduce reporting requirement burdens. 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 agencies are committed to exploring further burden reduction and are actively evaluating further revisions to the FFIEC 051 Call Report, consistent with the guiding principles developed by FFIEC. The agencies are also considering ways to simplify the Call Report forms and instructions.

    Subject to OMB approval, these revisions to the FFIEC 051 Call Report would take effect as of the September 30, 2019 report date. The less than USD 5 billion asset-size test for determining eligibility to file the FFIEC 051 Call Report in 2019 would be based on the total assets reported on an institution’s Call Report as of June 30, 2018. An institution eligible to file the FFIEC 051 Call Report also has the option to file the FFIEC 041 Call Report. Beginning in 2020, an institution should file whichever version of the Call Report for which it is both eligible and chooses to file in the first quarter of that year, for the remainder of that year if it meets the asset-size threshold for eligibility as of June 30, 2019 and continues to meet the non-asset-size criteria. An institution with less than USD 5 billion in total assets may begin reporting on the FFIEC 051 Call Report as of the December 31, 2019 report date if it:

    • Qualifies to use the FFIEC 051 Call Report for the first time as a result of the agencies’ increase in the asset-size reporting threshold for the FFIEC 051 Call Report from less than USD 1 billion to less than USD 5 billion
    • Desires to use that report form but is unable to do so for the September 30, 2019 Call Report date

     

    Related Links

    Effective Date: July 22, 2019

    Keywords: Americas, US, Banking, Reporting, FFIEC 051, Small Banks, EGRRCP Act, US Agencies

    Featured Experts
    Related Articles
    News

    PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK

    PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.

    April 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Standards on Methods of Prudential Consolidation

    EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).

    April 15, 2021 WebPage Regulatory News
    News

    EBA Updates List of Other Systemically Important Institutions in EU

    EBA updated the list of other systemically important institutions (O-SIIs) in EU.

    April 15, 2021 WebPage Regulatory News
    News

    BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks

    BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.

    April 14, 2021 WebPage Regulatory News
    News

    UK Authorities Welcome FSB Review of their Remuneration Regime

    UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.

    April 14, 2021 WebPage Regulatory News
    News

    PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators

    PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.

    April 14, 2021 WebPage Regulatory News
    News

    MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5

    MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.

    April 14, 2021 WebPage Regulatory News
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Proposes to Enhance Assurance Expectations for Basel Returns

    OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.

    April 13, 2021 WebPage Regulatory News
    News

    ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks

    ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.

    April 13, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6858