The Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency (collectively, the "agencies") proposed rules that would reduce regulatory reporting requirements for eligible small depository institutions. The rule proposals would implement Section 205 (Financial Reporting Requirements for Small Banks) of the Economic Growth, Regulatory Relief and Consumer Protection Act.
The agencies stated the proposals would permit insured depository institutions with assets of less than $5 billion that (i) have no foreign offices and (ii) do not engage in "certain complex or international activities" to file the more "streamlined" FFIEC 051 Call Report. In addition, the agencies proposed to reduce significantly the number of existing data items reportable in the FFIEC 051 Call Reports for the first and third calendar quarters. According to the agencies, insured depository institutions that previously were ineligible to file the FFIEC 051 Call Report would benefit.
Comments on the rule proposals must be submitted within 60 days after the date of their publication in the Federal Register.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
