The Federal Financial Institutions Examination Council (FFIEC) has approved a number of revisions to the Reports of Condition and Income (Call Report) for 2002. The FFIEC is providing this advance notification to assist you in planning for these changes. These changes will be submitted to the U.S. Office of Management and Budget, which must approve them before they become final. On October 18, 2001, the federal banking agencies issued proposed Call Report revisions for public comment. The final revisions for 2002, which the FFIEC approved after considering the comments received, are described in the attached document. These changes will take effect as of the March 31, 2002, report date. In that Call Report, banks may report a reasonable estimate for any new or revised item for which the requested information is not readily available. The Call Report revisions include:
Banks are also reminded that the final stage of the phase-in of the Call Report revisions whose implementation started on March 31, 2001, will be completed in the reports for the first quarter of 2002 (see FIL-5-2001, dated January 17, 2001). More specifically, beginning March 31, 2002, all banks must report their loan income and quarterly averages for loans by loan category. During 2001, banks with domestic offices only and less than $25 million in total assets were permitted to report only the total amount of their loan income and average total loans. In addition, institutions with more than $250 million in fiduciary assets as of December 31, 2001, or whose gross fiduciary and related services income exceeded 10 percent of revenue during 2001 must begin to report information on their trust assets and accounts and on their trust income each quarter in Schedule RC-T, Fiduciary and Related Services, rather than solely at year-end. Further information on these loan and fiduciary reporting requirements also is included in the attached document. Please forward this letter to the person responsible for preparing Call Reports at your bank. For further information or assistance, state member banks should contact their Federal Reserve District Bank. National and FDIC-supervised banks should telephone the FDIC's Reports Analysis and Quality Control Section in Washington, D.C., toll free at (800) 688-FDIC (3342) or at (202) 898-6607, Monday through Friday between 8:00 a.m. and 5:00 p.m., Eastern Time.
Attachments:
Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks |