November 07, 2018

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.

 

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Comment Due Date: FR + 60 Days

Keywords: Americas, US, Banking, Reporting, FFIEC 051, Call Reports, Covered Depository Institutions, EGRRCP Act, US Agencies

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