ICBA expressed disappointment in federal regulators’ insufficient proposal to reduce reporting burdens and repeated its call for a true short-form call report. Following its weeks-long grassroots advocacy campaign, ICBA said the call report for the first and third quarters should consist of a balance sheet, income statement, and statement of changes in shareholders’ equity.
In a formal comment letter and separate message from President and CEO Rebeca Romero Rainey, ICBA said the proposal does not meet the intent of Congress, which advanced ICBA’s longtime push for a short-form call report via the S. 2155 regulatory relief law enacted last year. “The proposed ‘short-form’ call report results in a relatively insignificant reduction in quarterly reporting burden of 1.18 hours on average for most community banks,” Romero Rainey wrote.
ICBA thanks the community bankers who submitted some 1,100 comment letters to the agencies calling for more meaningful relief.