The US’ three federal bank regulatory agencies have adopted a new ‘final rule’ to streamline regulatory reporting requirements for small institutions.
This rule implements Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The regulation requires all US banks and saving associations to provide consolidated reports of condition and income (Call Reports) at the end of each quarter.
Bank regulatory agencies use this information to support the safety and security of the financial system. All sized institutions must submit a quarterly Call Report which contains information used by the regulator to monitor the condition, performance and risk profile of individual institutions as well as the whole industry.
Further to this, the agencies will look to explore other revisions on Call Reports which would lower the reporting requirement burdens.
Changes outlined in the final rule permit any insured depository institution with total assets of less than $5bn that do not engage in complex or international activities to file a streamlined version of the Call Report, it said. Through this, it would lower by a third the number of existing numbers of existing data items reportable for the first and third calendar quarters.
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