The Federal Reserve, FDIC and OCC have released proposed revisions to Federal Financial Institutions Examination Council reports—including the Call Report—that would be made under the agencies’ proposed capital standards rulemaking.
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An interagency proposal to change what financial institutions must report on call reports is flawed in that it would add a new requirement to include modifications for borrowers experiencing financial difficulty, or FDMs, but in a manner that doesn’t align with generally accepted accounting principles and as a result, the banking agencies will lose out on the benefits of the GAAP-based metric, ABA said.
In a move that will significantly reduce the annual reporting burden on banks, the Federal Reserve today finalized a rule to automate non-merger-related adjustments to member banks’ subscriptions to reserve bank capital stock.
Three types of aggregate fee revenues—maintenance fees, ATM fees and overdraft fees—all declined in 2020, with overdraft fees seeing the greatest decline at 26.2%, according to data released by the CFPB today. In the years between 2015 and 2019, overdraft fees were increasing modestly year-over-year—about 1.7% annually, the bureau found.
In a move that would significantly reduce the annual reporting burden on banks, the Federal Reserve today proposed to automate non-merger-related adjustments to member banks’ subscriptions to Reserve Bank capital stock.
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand the scope of a recent proposal on goodwill accounting alternatives for evaluating triggering events.
The Federal Reserve announced today that it would provide relief from the six-per-month limit on transfers or withdrawals from savings accounts under Regulation D, effective immediately.
In a letter to bank CEOs last night, the federal banking agencies restated that they would not take action against institutions that submit their March 31, 2020, Call Report after the filing deadline, provided that the report is submitted within 30 days of the original filing date.
Acknowledging the significant burdens that banks are currently facing as they provide assistance to customers during the coronavirus pandemic, the Federal Financial Institutions Examination Council last night announced a 30-day extension for institutions for the Call Report due on March 31.
ABA, joined by the Bank Policy Institute, Consumer Bankers Association and the Independent Community Bankers of America, today called on the federal banking agencies to pause any changes in certain Call Report data until the ongoing Community Reinvestment Act regulatory revamp and Dodd-Frank Act Section 1071 rulemaking are completed.