FFIEC Finalizes Proposed Revisions to the Call Report in Effort to Reduce the Burden of Reporting

The FFIEC has finalized updates to the Consolidated Reports of Condition and Income (“Call Report”) with the goal of reducing the burden associated with Call Report data collection and reporting requirements and implementing a streamlined Call Report for small institutions with less than $1 billion in total assets.

Call Reports are used by the OCC, the Board of Governors of the Federal Reserve System, and the FDIC (“the agencies”) for monitoring the condition, performance, and risk profile of individual institutions and the industry as a whole.  Through the collection and analysis of the data required by the Call Report, the agencies are better able to ensure the safety and soundness of financial institutions and the financial system, as well as the protection of consumer financial rights.

The updates to the Call Report remove the requirement to collect some data points, raise the threshold for reporting others, and reduce the required reporting frequency of the collected data.  The revised reporting requirements will take effect on June 30, 2018, and the revised Call Report schedules for the reporting of equity investments will be effective March 31, 2018.

More information on the updated Call Report can be found here: https://www.ffiec.gov/press/pdf/June%202017%20Call%20Report%20proposal.final%2030-day%20FR%20Notice%2012.22.2017.final.pdf.