US Agencies Finalize Revisions to Call Reports FFIEC 051, 041, and 031
US Agencies (OCC, FED, and FDIC) finalized additional burden-reducing revisions to FFIEC 051, FFIEC 041, and FFIEC 031—the three Consolidated Reports of Condition and Income (Call Reports). The revisions will take effect from June 30, 2018. The agencies will also conduct a webinar on April 05, 2018, to discuss the burden-reducing Call Report revisions and certain other reporting changes.
The revised Call Report requirements, which were issued for comment in November 2017, are subject to approval by the U.S. Office of Management and Budget. The burden-reducing changes from the November 2017 proposal supplement the previously announced Call Report revisions that were proposed in June 2017, which also will take effect from June 30, 2018. Redlined copies of the FFIEC 051, FFIEC 041, and FFIEC 031 report forms showing the burden-reducing changes from the current proposal, along with the proposed revisions from the June 2017 proposal, have been made available.
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 Call Report revisions from the June and November 2017 proposals, along with the implementation of the new FFIEC 051 report and other burden-reducing changes to the FFIEC 031 and FFIEC 041 reports in March 2017, collectively affect approximately 51% of the data items for smaller, less complex institutions and 28% of the data items for all other institutions that were contained in the Call Reports for December 31, 2016.
Related Link: Notification
Effective Date: June 30, 2018
Keywords: Americas, US, Banking, FFIEC 051, FFIEC 041, FFIEC 031, Call Reports, Reporting, US Agencies
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