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16th November 2018
US agencies issue proposal to streamline regulatory reporting for qualifying small institutions
The three federal banking agencies have invited public comment on a proposal to reduce regulatory reporting burden on small institutions by expanding the number of regulated institutions eligible for streamlined reporting. The proposal would implement section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The proposal would permit insured depository institutions with total assets of less than $5bn that do not engage in certain complex or international activities to file the most streamlined version of the Call Report, the FFIEC 051 Call Report. The agencies also are proposing to reduce by approximately 37 per cent the number of existing data items reportable in the FFIEC 051 Call Reports for the first and third calendar quarters.
The Federal Reserve Board and the OCC also are proposing similar reduced reporting for certain uninsured institutions that they supervise with less than $5bn in total consolidated assets that meet the same criteria.
All institutions, regardless of size, submit a quarterly Call Report that includes data used by regulators to monitor the condition, performance, and risk profile of individual institutions and the industry as a whole.