NPR Implementing Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act

The prudential regulators today published for a comment an NPR which would implement Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (“EGRRCPA”); i.e., the Crapo Bill. Section 205 of the EGRRCPA amends the Federal Deposit Insurance Act to require federal banking agencies to issue regulations allowing certain small depository institutions to satisfy reporting requirements with a reduced Report of Condition and Income (i.e., call report). The proposal would permit insured depository institutions with total assets of less than $5 billion that do not engage in certain complex or international activities to file the most streamlined version of the Call Report, the FFIEC 051 Call Report. The agencies also are proposing to reduce by approximately 37% the number of existing data items reportable in the FFIEC 051 Call Reports for the first and third calendar quarters. The Federal Reserve Board and the OCC also are proposing similar reduced reporting for certain uninsured institutions that they supervise with less than $5 billion in total consolidated assets that meet the same criteria. The NPR can be found at the following link: https://www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-117a.pdf.

All institutions, regardless of size, submit a quarterly Call Report that includes data used by regulators to monitor the condition, performance, and risk profile of individual institutions and the industry as a whole.

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