ABA, Financial Trades Raise Concerns About Proposed Call Report Changes

The American Bankers Association joined the Bank Policy Institute and the Securities Industry and Financial Markets Association in a letter to the federal banking agencies providing feedback on recent proposed changes to the Call Report. Among other things, the groups raised concerns that several of the new reporting items are duplicative of existing requirements, such as data on sweep deposits that firms already report in the FR 2052a.

The groups also raised concerns around the confidential treatment of Call Report memorandum items, as well as the implementation timeline. They urged the agencies to postpone the implementation of the new reporting requirements until the March 30, 2022, report date. Additionally, they urged the agencies to confirm that firms are permitted to incorporate the new brokered deposit rules starting with the June 30 as-of date, and to provide additional clarification around a requirement for firms to report data on sweep accounts that are “not fully insured.”