The Federal Financial Institutions Examination Council (FFIEC) published a Federal Register notice on December 30, 2016, finalizing the reporting requirements for a new and streamlined call report (Call Report) for small financial institutions. Institutions with less than $1 billion in assets and with only domestic offices will be eligible to file this new streamlined report.
The new Consolidated Reports of Condition and Income for Eligible Small Institutions (FFIEC 051) is a streamlined version of the existing Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041). The FFIEC created the new streamlined FFIEC 051 by removing items or reducing the reporting frequency of certain items from the existing FFIEC 041. These changes reduced the size of the Call Report from 85 to 61 pages and reduced the reporting frequency for approximately 100 data items.
Approximately 5,200 of the 6,000 reporting institutions will be eligible to file the streamlined FFIEC 051. These eligible small institutions may begin using the streamlined call report on March 31.
In addition, as part of the statutorily mandated review of the existing Call Reports, the FFIEC will continue to review FFIEC 051, FFIEC 041 and the Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices (FFIEC 031) to determine if any further revisions are necessary to reduce the burden on reporting institutions. Any further revisions to FFIEC 051, FFIEC 041 or FFIEC 031 have an anticipated implementation date of March 31, 2018.
The Federal Register notice is available here.