Streamlined Call Report for Small Institutions

Thoughtware Article Published: Jan 01, 2017
Money and Credit cards laid out

The Federal Financial Institutions Examination Council (FFIEC) approved a proposal from August 2016 to help reduce the burden on community banks associated with Call Report requirements, subject to the U.S. Office of Management and Budget’s approval. The new FFIEC 051 Call Report is a streamlined version of the existing FFIEC 041 Call Report filed by all institutions with domestic offices.

Financial institutions with only domestic offices and less than or equal to $1 billion in total assets qualify for the streamlined report, which will be available for the March 31, 2017, report date. If an institution can’t use the new form for the March 31 date, it may begin using the form in a subsequent quarter in 2017, or wait until March 31, 2018, assuming it continues to meet eligibility requirements.

The measurement date of total assets to determine eligibility is June 30, 2016. If an institution’s consolidated assets were more than $1 billion and fall below the threshold for four consecutive quarters, the institution can change to the streamlined Call Report, unless the total assets exceed the threshold as of a subsequent June 30 report date.

Certain modifications were made to the August 2016 proposal as a result of comments received; however, the final report still removes approximately 40 percent of the Call Report’s nearly 2,400 data items. A separate, shorter Call Report instruction book also has been developed for the FFIEC 051 Call Report.

The FFIEC also approved various revisions to forms FFIEC 041, Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only, and FFIEC 031, Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices, which also were included in the August proposal.

To assist in understanding the differences between the new FFIEC 051 and existing FFIEC 041 Call Report, a redlined copy of the FFIEC 041 report form is available on FFIEC’s website. Drafts of the Call Report schedules in the FFIEC 041 and FFIEC 031 report forms on the FFIEC website also reflect the approved revisions.

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