Daily Archives: September 9, 2015

Streamline Reporting Requirements for Community Banks

On Tuesday, the Federal Financial Institutions Examinations Council (FFIEC) unveiled plans to simplify regulatory reporting requirements for community banks, as part of broader efforts to review rules and cut through red tape facing smaller institutions. The FFIEC will seek public feedback for 60 days on a plan to eliminate or revise certain items that banks must include in “call reports,” or quarterly filings that banks must submit to regulators. Regulators routinely use these reports to monitor banks’ risk profiles. The plan would apply to banks and savings associations, but not to credit unions. If adopted, it would take effect with call reports either for December 2015 or March 2016.

In addition to the reporting changes proposed, the FFIEC also is focusing on four other areas:

  • Accelerating the start of a statutorily required review of the continued appropriateness of the data items collected in the Call Report;
  • Evaluating the feasibility and merits of creating a streamlined version of the quarterly Call Report for community institutions;
  • Continuing dialogue with community institutions to identify additional opportunities to reduce reporting burden by revising or redefining Call Report data items;
  • Reaching out to banks and savings associations through teleconferences and webinars to explain upcoming reporting changes and clarify technical reporting requirements.

FFIEC Press ReleaseFederal Register Notice (PDF)

Federal Historic Tax Credits Stimulate Economy

The National Park Service (NPS) and Rutgers University today released the Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2014. The report reveals that the historic tax credit (HTC) yields a net benefit to the Treasury Department, generating $28.6 billion in federal tax receipts since the program’s inception, compared to $22.6 billion in credits allocated. From fiscal years 1978 through 2014, those $22.6 billion in federal HTCs allocated spurred $117.6 billion (in inflation-adjusted 2014 dollars) in historic rehabilitation. Those investments generated about 2.5 million new jobs and billions of dollars in direct and secondary economic gains. In short, the federal HTC is a good investment for local communities, individual states, and the natioon. The cumulative impacts of the program to date (FY 1978 through FY 2014) as shown in the study support this conclusion.