US Agencies Propose Revisions to FFIEC Reports 031, 041, 051, and 101
US Agencies (FDIC, FED, and OCC) propose to extend for three years, with revision, consolidated reports of condition and income for banks with domestic and foreign offices (FFIEC 031), the consolidated reports of condition and income for banks with domestic offices only (FFIEC 041), and the consolidated reports of condition and income for banks with domestic offices only and total assets less than USD 1 billion (FFIEC 051). US Agencies also propose to extend for three years, with revision, the form on Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101). Comments must be submitted on or before March 18, 2019. Also published were the OMB supporting statements for call reports (FFIEC 031, 041, and 051) and FFIEC 101 report.
In response to the new credit losses standard, US Agencies reviewed the existing FFIEC reports to determine which reports may be affected by FASB's Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." As a result, on September 28, 2018, US Agencies had requested comment for 60 days on a proposal to revise and extend the FFIEC reports—Call Reports (FFIEC 031, FFIEC 041, and FFIEC 051) and FFIEC 101. The agencies also reviewed the existing FFIEC reports to determine which reports may be affected by Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. As a result, additional revisions were proposed for the Call Reports and FFIEC 101. The comment period for the September 2018 notice ended on November 27, 2018. The agencies received comments on the proposals covered in the notice from two entities, a bankers' association and a bank. The commenters recommended clarifications to the language used in the notice and associated reporting instructions as well as "clarifying edits" to the proposed revised reporting forms.
In addition, in December 2018, the agencies approved a final rule amending their capital rule to address current expected credit losses methodology (CECL). The final rule included revised terminology for the allowance balance eligible for inclusion in regulatory capital. The agencies plan to make a conforming terminology revision for the reporting of regulatory capital on Schedule RC-R. After considering these comments, the agencies will proceed with the revisions proposed in the September 2018 notice to the Call Reports and FFIEC 101, as originally proposed, with some modification to FFIEC 031 and FFIEC 041. The agencies will incorporate appropriate clarifying edits suggested by commenters in the updated instruction books and report forms. The agencies are now submitting requests to OMB for review and approval of the extension, with revisions, of the FFIEC reports—Call Reports and FFIEC 101, among others.
Related Links
- Federal Register Notice
- OMB Supporting Statement for Call Reports
- OMB Supporting Statement for FFIEC 101
- Reporting Forms Updates
Comment Due Date: March 18, 2019
Keywords: Americas, US, Banking, Reporting, FFIEC 031, FFIEC 041, FFIEC 051, Call Reports, FFIEC 101, CECL, EGRRCP Act, IFRS 9, US Agencies
Featured Experts
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
APRA Reporting Guidance for Large Exposures of Insurers on GRF 117.0Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.