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Financial Institution Letter
Bank Reports

SUBJECT: Revisions to the Reports of Condition and Income (Call Reports) for 1996

The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency plan to implement several changes to the Reports of Condition and Income (Call Report) that were approved by the Federal Financial Institutions Examination Council (Examination Council) in 1995. The Examination Council provided advance notice of these changes in Financial Institutions Letter FIL-83-95, dated December 15, 1995. These changes will take effect on March 31, 1996, pending approval by the U.S. Office of Management and Budget.

The reporting changes for March 31, 1996, include deletions of a number of items, such as deposit totals for assessment purposes and deposits denominated in foreign currencies, and a reduced level of detail for larger banks on trading revenue and nontransaction accounts by type of depositor. In addition, Call Report disclosures about certain capital and asset amounts used in calculating regulatory capital ratios are being introduced, data on short-term liabilities and assets are being expanded, and a limited number of new items are being added for other information of a specialized nature. The attached document contains detailed instructions for these new or revised Call Report items, along with other revised instructions for the March 31, 1996, report date.

As banks were previously advised, Financial Accounting Standards Board Statement No. 122, "Accounting for Mortgage Servicing Rights," is effective for Call Report purposes for fiscal years beginning after December 15, 1995. Statement No. 122 eliminates the accounting distinction between originated mortgage servicing rights (OMSRs) and purchased mortgage servicing rights (PMSRs). OMSRs generally represent the servicing rights acquired when an institution originates mortgage loans and subsequently sells the loans but retains the servicing rights. PMSRs are mortgage servicing rights that have been purchased from other parties. Upon a bank's adoption of Statement No. 122, both OMSRs and PMSRs must be capitalized as balance sheet assets, a treatment previously permitted only for PMSRs. Additional information about mortgage servicing rights is presented in the attached document. Institutions are encouraged to consult with their outside accountants for assistance in implementing Statement No. 122.

For more information or assistance, national banks and FDIC-supervised commercial and savings banks may contact the FDIC's Call Reports Analysis Unit in Washington, D.C., toll-free on 1-800-688-FDIC (3342) or 202-898-6607, Monday through Friday, between 8:00 a.m. and 5:00 p.m. Eastern time. State member banks may contact their district Federal Reserve Bank.

Joe M. Cleaver
Executive Secretary

Attachment: PDF Format (74 kb, PDF help or hard copy ), HTML Format

Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks

Last Updated: March 8, 1996