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From Banking and Finance Law Daily, August 8, 2016

Streamlined Call Report would reduce small bank reporting requirements

By Katalina M. Bianco, J.D.

The federal banking agencies, as members of the Federal Financial Institutions Examination Council, are seeking public input on a proposal that would streamline Call Reports for small institutions. The proposal, issued by the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, is intended to reduce reporting requirements and regulatory burden for financial institutions with domestic offices only and less than $1 billion in total assets. According to the agencies, approximately 90 percent of all institutions required to file Call Reports would qualify for the proposed version.

The streamlined Call Report would reduce the existing Call Report from 85 to 61 pages resulting from the removal of approximately 950 (or about 40 percent) of the nearly 2,400 data items in the Call Report. The proposed changes would eliminate certain data items and would reduce the reporting frequency of other data items. For certain complex and specialized activities, the proposal would consolidate five schedules into a single new supplemental schedule.

The proposal is the result of an initiative launched by the FFIEC in December 2014 to reduce the burden associated with Call Report requirements for community banks. It incorporates comments the federal banking agencies received from small institutions during outreach activities and as part of the regulatory review being conducted under the Economic Growth and Regulatory Paperwork Reduction Act.

Additional comment request. The banking agencies also are requesting comments on certain proposed revisions to the two existing versions of the Call Report, which would remain applicable to institutions not qualifying for the streamlined Call Report. Comments are due 60 days after publication in the Federal Register.

ICBA statement. The Independent Community Bankers of America said that it is "encouraged that regulators have proposed call report relief for community banks" and looks forward to reviewing the details of the proposal. "The quarterly call report is among the many excessively burdensome regulations limiting the ability of community banks to support local jobs and economic growth," ICBA President and CEO Camden R. Fine said. "A streamlined report would provide sufficient information for regulators while being significantly less burdensome to prepare for community banks nationwide."

Companies: Independent Community Bankers of America

MainStory: TopStory BankingOperations FederalReserveSystem

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