US agencies (FDIC, FED, and OCC) proposed to reduce regulatory reporting burden on small institutions by expanding the number of regulated institutions eligible for streamlined reporting. The proposal would implement section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCP Act). Comments must be received within 60 days of publication in the Federal Register.
The proposal 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 US Agencies proposed to reduce, by approximately 37%, the number of existing data items "reportable" in the FFIEC 051 Call Reports for the first and third calendar quarters. FED and OCC also are proposing similar reduced reporting for certain uninsured institutions that they supervise with less than USD 5 billion in total consolidated assets that meet the proposed criteria.
Section 205 of EGRRCP Act defines covered depository institution as an insured depository institution that has less than USD 5 billion in total consolidated assets and satisfies such other criteria as the agencies determine appropriate. The proposed rule would provide for reduced reporting by allowing covered depository institutions to file the FFIEC 051 Call Report, with fewer data items required in the reports for the first and third calendar quarters. For covered depository institutions, the principal areas of reduced reporting in the first and third calendar quarters generally would include data items related to categories of risk-weighting of various types of assets and other exposures under the agencies’ regulatory capital rules, fiduciary and related services assets and income, and troubled debt restructurings by loan category. In addition, covered depository institutions that were previously ineligible to file the FFIEC 051 Call Report (that is, those with total assets of USD 1 billion or more) would benefit from the FFIEC 051 Call Report’s less detailed quarterly reporting ,compared to the other versions of the Call Report.
Comment Due Date: FR + 60 Days
Keywords: Americas, US, Banking, Reporting, FFIEC 051, Call Reports, Covered Depository Institutions, EGRRCP Act, US Agencies
Previous ArticleCSRC Consults on Depository Receipt Provisions Under SSE-LSE Connect
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.