On January 3, the Federal Reserve Board, FDIC, and OCC (agencies)—as members of the Federal Financial Institutions Examination Council (FFIEC)—announced finalized plans to reduce data reporting requirements and other regulatory requirements associated with the Consolidated Reports of Condition and Income (Call Reports) for financial institutions. According to the FFIEC, after reviewing comments related to the joint June 2017 proposal, the finalized changes will include:
- Reducing or remove the reporting frequency for approximately seven percent of the data items required on the Call Report for small institutions, effective June 30, 2018; and
- Revising Call Report schedules to align with the changes in accounting for equity securities, effective March 21, 2018.
The FFIEC noted that the agencies will not proceed with their June 2017 proposal to revise the instructions for determining past due status.
In addition to the June 2017 proposal, previous requests for proposed burden-reducing Call Report revisions were submitted by the agencies in August 2016 and November 2017 (see InfoBytes’ coverage of the August request here and the November request here).