On Friday, August 5, the Federal Financial Institutions Examination Council (FFIEC) requested public comment on a proposal to streamline the existing regulatory reporting requirements by eliminating and revising several Call Report data items for certain financial institutions with assets of less than one billion and domestic offices only. The proposal attempts to reduce the reporting burden for the smaller, less complex financial institutions, while still gathering the information required to allow regulators to monitor the safety and soundness of such institutions. The streamlined Call Report would remove approximately 40% of the requested data items, which eliminates 24 pages from the existing Call Report.
Specifically, the changes focus on (i) eliminating certain schedules relating to complex or specialized activities, (ii) removing data items identified as unnecessary for monitoring the safety and soundness of smaller institutions, (iii) reducing the frequency of data collection for certain data items, and (iv) removing data items that are only required for institutions larger than one billion in assets. Comments must be received within 60 days from the date the proposal is published in the Federal Register.
To view the full text of the proposal, please click here: