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Financial Services Law Insights and Observations

Agencies seek OMB approval on November 2017 Call Report revisions

Agency Rule-Making & Guidance Call Report Federal Reserve FDIC OCC FFIEC OMB

Agency Rule-Making & Guidance

On April 11, the Federal Reserve Board, FDIC, and OCC—as members of the Federal Financial Institutions Examination Council (FFIEC)—published a joint notice and request for comment for OMB review and approval regarding revisions to the Consolidated Reports of Condition and Income (Call Reports) for financial institutions. The finalized changes modify Call Reports applicable to banks with (i) domestic offices only and less than $1 billion in total assets (FFIEC 051); (ii) domestic offices only (FFIEC 041); and (iii) domestic and foreign offices (FFIEC 031). The changes include removing or consolidating certain data items and adding a new or raising certain existing reporting thresholds in the three versions of the Call Report. Comments must be submitted by May 11. Subject to OMB approval, the revisions would take effect as of the June 30, 2018 report date. As previously covered by InfoBytes, the changes were originally proposed in November 2017.