Washington, D.C (June 21, 2018)—The Independent Community Bankers of America® (ICBA) today called on federal banking regulators to quickly implement the short-form call report for certain community banks required by the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act. ICBA said the agencies should limit short-form reporting to the balance sheet, income statement, and statement of changes in shareholders’ equity without any other supporting schedules.
“Creating a simple but effective short-form call report for the first and third quarters will free up employees and other resources that should be serving community bank customers and the operational needs of the bank,” ICBA President and CEO Rebeca Romero Rainey wrote. “Congress has recognized the reporting burden associated with the call report and has identified the solution to bring community banks the relief they so desperately need. It is now time for the agencies to enact comprehensive reporting relief.”
A provision in the ICBA-advocated Economic Growth, Regulatory Relief and Consumer Protection Act establishes a short-form call report in the first and third quarters for banks with total consolidated assets of less than $5 billion. These banks would continue to file the full report at mid-year and year-end. A key piece of ICBA’s pro-growth Plan for Prosperity platform, the provision will reduce the time required to meet call reporting obligations, allowing community banks to dedicate more of their resources to meeting the needs of local communities.
Establishing a short-form call report in the first and third quarters that is limited to the balance sheet, income statement, and statement of changes in shareholders’ equity allows relevant stakeholders to gain a solid understanding of reporting institutions’ financial condition and performance without the excessively complex and burdensome reporting exercise.
ICBA has for many years been at the forefront in advocating community bank call report relief and looks forward to continuing to work with regulators to implement the reforms included in the Economic Growth, Regulatory Relief and Consumer Protection Act.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 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. For more information, visit ICBA’s website at www.icba.org.