ICBA, more than 3,000 community bankers urge short-form call report
Washington, D.C. (Oct. 17, 2016)—The Independent Community Bankers of America® (ICBA) and thousands of community bankers told federal banking regulators that their proposal to streamline community bank quarterly reporting requirements does not go far enough to provide meaningful regulatory relief. While ICBA thanked the Federal Financial Institutions Examination Council (FFIEC) for proposing a separate call report for certain community banks, the association noted that the end result would have little or no impact on these locally based institutions and the communities they serve.
“Simply put, the current call reporting burden facilitates the consumption of vital bank resources, time, and money that should be reallocated to serving the community,” ICBA wrote in a letter to regulators, joining more than 3,000 community bankers who submitted comments. “We implore the FFIEC to take real action now by introducing the short-form call report as soon as possible as a first step in stopping the madness of regulatory overreach.”
In response to years of ICBA and community banker advocacy, the FFIEC proposed a revised call report for community banks with less than $1 billion in assets. This updated call report includes fewer required data items for these community banks to report, with the goal of easing the regulatory burden on these less-complex institutions. Unfortunately, the data items to be removed generally do not apply to community banks anyway, offering little or no relief.
Instead, ICBA and community bankers are calling on regulators to implement a short-form call report that community banks would file in the first and third quarters of each year. These truly streamlined reports would only include vital financial information to roll back the paperwork mandates on community banks, while local institutions would continue to submit complete call reports in the second and fourth quarters of each year. This would provide information needed by regulators while allowing community banks to return critical staff resources to serving the needs of their customers and communities.
ICBA and community bankers have long advocated relief from the call report, which has grown over the years to more than 80 pages of forms and 670 pages of instructions. Nearly 15,000 community bankers advocated substantial relief in a 2014 petition, and 98 percent of respondents to a 2014 survey said a short-form call report would reduce their regulatory burden. ICBA thanks the more than 3,000 community bankers who submitted comment letters to the FFIEC and looks forward to continuing its pursuit of a short-form call report with the regulatory agencies and Congress through ICBA’s Plan for Prosperity platform.
The Independent Community Bankers of America®, the nation’s voice for nearly 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.