Federal regulators’ newly proposed rule to implement a short-form call report appears to fail to meet the intent of Congress, ICBA said. Responding to agency plans to allow eligible community banks to file the FFIEC 051 Call Report for the first and third quarters, ICBA said the proposal barely moves the needle in reducing unnecessary reporting burdens.
“Congress and the president have recognized the reporting burden associated with the call report and identified the solution to bring community banks the relief they so desperately need,” ICBA President and CEO Rebeca Romero Rainey said. “It is now incumbent upon the regulators to enact comprehensive and meaningful reporting relief, as policymakers intended.”
The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) requires regulators to institute a short-form call report in the first and third quarters for banks with less than $5 billion in assets—reflecting a policy long advocated by ICBA. While S. 2155 requires the agencies to institute a short-form call report following enactment of the law in May 2018, the agency proposal would make insignificant adjustments to an existing call report.
ICBA reiterated its push for regulators to provide meaningful relief by limiting short-form reporting to the balance sheet, income statement, and statement of changes in shareholders’ equity without any other supporting schedules.
ICBA will continue reviewing the 100-page proposal and respond in greater detail during the 60-day comment period.
Read ICBA Release
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