ICBA said the newly released interagency final rule to implement call report relief fails to meet the intent of Congress.
While the Economic Growth, Regulatory Relief, and Consumer Protection Act required a short-form call report in the first and third quarters for banks with less than $5 billion in assets, the final rule effectively removes data items that generally do not apply to community banks anyway.
"Despite years of advocacy by community bankers and a congressional mandate, today's final rule from the federal banking regulators barely moves the needle in reducing unnecessary reporting burdens that inhibit lending and economic growth in local communities," ICBA President and CEO Rebeca Romero Rainey said.
ICBA said it will continue working with policymakers 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.
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