Federal Financial Institutions Examination Council |
2000 K Street, NW, Suite 310 . Washington, DC 20006 . (202) 872-7500 . FAX (202) 872-7501 |
Press Release | |
For Immediate Release | November 2, 2000 |
Revisions to the Reports of Condition and Income (Call Report) for 2001
The Federal Financial Institutions Examination Council (FFIEC) today announced that it has approved revisions to the reporting requirements for the Reports of Condition and Income (Call Report) for 2001. Call Reports are filed quarterly with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency by all insured commercial banks and FDIC-supervised savings banks. The Call Report includes a balance sheet, income statement, and supporting schedules providing additional information on bank assets, liabilities, off-balance sheet activities, and regulatory capital.
On May 31, 2000, the three banking agencies, under the auspices of the FFIEC, requested comment on proposed revisions to the Call Report that would take effect March 31, 2001. These reporting changes are designed to make the content of the Call Report more relevant to the banking agencies in today's evolving financial services environment and to complement the agencies' emphasis on risk-focused supervision. The revisions also address certain aspects of Sections 307(b) and (c) of the Riegle Community Development and Regulatory Improvement Act of 1994. These sections direct the banking agencies to work jointly toward more uniform reporting, to review the information that institutions currently report, and to eliminate existing reporting requirements that are not warranted for safety and soundness or other public policy purposes.
The agencies received approximately 110 comments on the Call Report proposal from various segments of the public, including banking organizations, banking trade groups, community groups, and state bank supervisors. The regulatory reporting revisions approved by the FFIEC incorporate modifications made to the proposal in response to the comments received. The U.S. Office of Management and Budget also must approve these revisions before they can become final.
The FFIEC's modifications to the Call Report proposal include deferring the implementation dates for the collection of new data on securitizations and the new trust activities schedule until later in 2001. In addition, the proposed collection of data on subprime lending activities has been delayed until further notice. The attachment describes these deferred effective dates and the other decisions that the FFIEC has made concerning the revisions contained in the May 31 proposal.
The FFIEC will send banks a Financial Institution Letter providing more detailed information about the Call Report revisions for 2001 within the next month.
Attachment
STATUS OF THE REVISIONS TO THE CALL REPORT CONTAINED IN THE BANKING AGENCIES' MAY 31, 2000, PROPOSAL
In a May 31, 2000, joint Federal Register notice, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency described the revisions to the Call Report that the Federal Financial Institutions Examination Council (FFIEC) had proposed for implementation as of the March 31, 2001, report date. The following listing of the Call Report changes contained in the May 31 proposal uses the section numbers from that Federal Register notice to identify the proposed revisions and the FFIEC's decisions to date concerning these revisions.
I. | A. |
Specific Proposed Deletions, Reductions in Detail, Changes To Increase Uniformity in Regulatory Reporting, and Revisions To Conform With GAAP (Outside Of Regulatory Capital Reporting) The FFIEC has decided to implement the revisions as proposed with the following modifications, effective as of the March 31, 2001, report date.
|
II. | B. |
Proposed New Regulatory Capital Reporting Approach The FFIEC has decided to implement the revisions as proposed with the following modifications, effective as of the March 31, 2001, report date.
|
III. | A. |
Subprime Loans
The banking agencies are continuing to evaluate how to proceed with this part of the proposal. Therefore, the proposed reporting of subprime lending data has been delayed until further notice. Accordingly, the FFIEC will not implement these new reporting requirements in the Call Report as of the March 31, 2001, report date. Banks will be notified of any decision by the FFIEC to begin collecting information on subprime lending in advance of the scheduled effective date.
|
III. | B. |
Bank Securitization and Asset Sale Activities The FFIEC has decided to implement the reporting requirements of this new Call Report schedule (Schedule RC-S), effective as of the June 30, 2001, report date, with the following exceptions and modifications.
|
III. | C. |
Additional Categories of Noninterest Income The FFIEC has decided to implement the revisions as proposed with the following modifications, effective as of the March 31, 2001, report date.
|
III. | D. |
Federal Home Loan Advances
The FFIEC has decided to implement the revisions as proposed, effective as of the March 31, 2001, report date.
|
III. | E. |
Restructured Derivative Contracts
The FFIEC has decided not to add proposed Memorandum item 1, "Fair value of derivative contracts with a positive fair value that have been restructured or renegotiated for reasons related to the counterparty's financial difficulties," to Schedule RC-L.
|
IV. |
Reporting of Trust Data The FFIEC has decided to implement the replacement of its two separate trust activities reports with a new trust Call Report schedule (Schedule RC-T) as proposed with the following modifications, effective as of the December 31, 2001, report date.
|
|
V. | A. |
Subchapter S Bank Dividends Distributed to Cover Shareholders' Personal Tax Liabilities
The FFIEC has decided that an item for the dividends distributed by Subchapter S banks to their shareholders to cover their personal tax liabilities will not be added to the Call Report.
|
V. | B. |
Reporting of Loan Income and Averages by Small Banks
The FFIEC has decided that banks with less than $25 million in assets will begin reporting loan income and loan averages by loan category (in Schedules RI and RC-K) using the standard loan category definitions from the loan schedule (Schedule RC-C) beginning as of the March 31, 2002, report date.
|
V. | C. |
Eliminating Confidential Treatment for Certain Past Due and Nonaccrual Data
The FFIEC has decided to implement this revision as proposed, effective as of the March 31, 2001, report date. However, for periods prior to March 31, 2001, data on loans, leases, and other assets past due 30 through 89 days and still accruing (and on restructured loans and leases that are 90 days or more past due and still accruing or that are in nonaccrual status) will not be publicly disclosed.
|
V. | D. |
Shortening the Submission Period for Banks with Foreign Offices The FFIEC has decided to continue to provide banks with more than one foreign office the additional 15 days they are permitted for filing their Call Reports. |
# # #