The US Agencies (OCC, Treasury, FED, and FDIC) issued a joint notice proposing revisions to Consolidated Reports of Condition and Income (Call Reports) FFIEC 031, FFIEC 041, and FFIEC 051, which are currently approved collections of information. The publication of this proposal has been approved by FFIEC. The proposed revisions would take effect as of the reporting date of March 31, 2018. Updated forms for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051 were also posted.
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 proposed revisions to the FFIEC 051, FFIEC 041, and FFIEC 031 Call Reports would result in an overall reduction in burden. The proposed revisions primarily 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. The proposed revisions also address the definition of ‘‘past due’’ for regulatory reporting purposes as well as changes in the accounting for equity investments. Overall, these revisions are expected to reduce the reporting burden.The FFIEC and agencies will review the comments and recommendations received before giving the final approval on whether the proposed modifications should be made to these forms.
Comment Due Date: August 28, 2017
Keywords: Americas, USA, Banking, FFIEC 051, FFIEC 041, FFIEC 031, Call Reports, US Agencies
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