Financial institutions under $5 billion in assets will soon be able to submit smaller quarterly call reports with less information on them.

The federal banking agencies recently adopted the rule as part of the Economic Growth, Regulatory Relief and Consumer Protection Act. The rule will allow for reduced call reports for the first and third calendar quarters of a year. Previously, only financial institutions under $1 billion in assets were exempted from the call report requirements under this rule.

The agencies also approved certain reporting changes to the FFIEC 051 Call Report, which institutions under $5 billion in assets will now fill out in the first and third quarters, by reducing the existing reportable data items in the call report by approximately 37 percent, according to JD Supra.

The rule is set to take effect for third quarter of this year.

Small Financial Institutions to Get Break on Call Report Requirements

by Banker & Tradesman time to read: 1 min
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