Common Sense Changes to Reduce Call Report Burdens
Posted on 08/22/2016 at 06:49 AM by Jesse Johnston
Community banks in Iowa have been feeling the weight of a heavy regulatory burden. Community banks have requested some relief, and politicians have promised it. Last Friday, August 5th, the FFEIC announced one small—albeit noteworthy—step away from onerous reporting. A newly proposed, joint-agency revision to the Call Report will streamline these regulatory reporting requirements for banks with assets totaling less than one billion, and with domestic offices only.
The discussion of the proposed revisions focused on the following changes:
- Replacing or eliminating certain schedules that relate to activities considered complex or specialized;
- Eliminating items that are unnecessary for monitoring the safety and sounds of smaller and less complex institutions;
- Reducing the frequency of certain data collection from quarterly to semiannually or annually;
- Removing reporting requirement for data items that are currently required for larger institutions with one billion or more in assets.
Banks can offer comments (including support and encouragement) on the proposed changes through their regulator’s website. Comments will be taken until October 14, 2016. For more information on the new FFEIC 051 reporting form, visit the FFEIC’s website here.
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