In August of 2014, approximately 15,000 community bankers (more than 1,000 of which were from Illinois) signed an ICBA petition to the Federal Financial Institutions Examination Council (FFIEC) calling for relief from increasingly onerous quarterly Call Report requirements. CBAI is pleased to report that, in reaction to this impressive grassroots effort, FFIEC has announced the steps regulators are taking to reduce the regulatory burden by streamlining and simplifying Call Report requirements for community banks.
As an initial step to streamline some reporting requirements, FFIEC is seeking comments on proposals to, in part, eliminate or revise several Call Report data items. In evaluating changes to the Call Report, FFIEC reports it is seeking ways to balance the reporting burden against the regulators’ need for reliable data to ensure banks and savings associations operate in a safe and sound manner and are able to meet the financial needs of the communities they serve.
In addition to the proposed reporting changes, FFIEC is accelerating the start of a review of the appropriateness of Call Report data, evaluating the feasibility of a streamlined quarterly Call Report for community banks, and reaching out to banks and savings associations through teleconferences and webinars to explain upcoming reporting changes.
Comments on the proposed data reporting requirements will be accepted within 60 days of publication in the Federal Register. Individual reporting changes are proposed to take effect with the Call Reports for December 2015 or March 2016. Read More About Proposed Changes.