While welcoming the banking agencies’ proposed streamlining of the Call Report for banks with less than $1 billion in assets and no foreign offices, ABA today urged regulators to do more to reduce the sources of burden that banks face when filing the report.
As part of its response to the recently concluded Economic Growth and Regulatory Paperwork Reduction Act review process, the federal banking agencies are looking to reduce burdens of appraisal requirements and to simplify regulatory capital rules for community banks, Federal Reserve Chairman Janet Yellen told the House Financial Services Committee today.
Along lines long urged by ABA, the federal banking agencies today proposed a new, shorter Call Report with simplified instructions for banks with less than $1 billion in assets and no foreign offices.
In a comment letter to the National Credit Union Administration today, ABA expressed support for NCUA’s effort to review and update two of its primary data collection vehicles.
Speaking at the agency’s community banking conference today, FDIC Vice Chairman Thomas Hoenig again offered a “legislative remedy” for excessive and ill-tailored regulatory burden for banks engaged in what he called “traditional banking activities,” which would encompass most community banks and some regional banks as well.
Reps. Randy Hultgren (R-Ill.), Terri Sewell (D-Ala.) and Blaine Luetkemeyer (R-Mo.) yesterday introduced the Community Bank Reporting Relief Act, an ABA-supported measure that would streamline bank reporting by permitting well-capitalized and highly rated banks to file a short-form Call Report in the first and third quarters each year. The full Call Report would be required in other quarters.
In a letter on Monday, ABA and the Clearing House commented on the Federal Reserve’s proposed changes to the FR Y-9C financial report that bank holding companies with more than $1 billion in assets are required to file quarterly.
The Federal Financial Institutions Examination Council announced today that no proposed changes to the Call Report will take effect with the Dec. 31 reports due by Jan. 31, 2016.
As part of its efforts to reduce Call Report burden, the banking agencies today advanced changes to the Call Report — proposing to eliminate or revise several Call Report entries and signaling further action down the road.