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.