Summary:

The federal banking agencies have adopted the attached final rule to implement Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act . Section 205 requires the agencies to issue regulations to allow for reduced reporting in the reports of condition for the first and third calendar quarters of a year. The final rule expands the eligibility for filing the agencies' most streamlined report of condition, the FFIEC 051 Call Report, to include certain insured depository institutions with less than $5 billion in total consolidated assets that meet other criteria, i.e., "covered depository institutions." The agencies also approved certain reporting changes to the FFIEC 051 Call Report that, along with the increase in the asset size threshold for filing this report, will take effect September 30, 2019, subject to approval by the U.S. Office of Management and Budget (OMB).

Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to FDIC-supervised institutions with less than $5 billion in total assets.

Highlights:

• Under the final rule, a covered depository institution may file the FFIEC 051 Call Report, which provides for reduced reporting in the first and third quarters. The FDIC defines a covered depository institution as an FDIC-supervised institution with less than $5 billion in total assets that (1) has no foreign offices; (2) is not an "advanced approaches institution" for regulatory capital purposes; (3) is not treated as a "large" or "highly complex" institution for deposit insurance assessment purposes; and (4) is not a state-licensed insured branch of a foreign bank.
• In conjunction with the final rule, and subject to OMB approval, the agencies are:
  • Reducing the reporting frequency of certain existing data items in the FFIEC 051 Call Report for the first and third calendar quarters for all institutions filing this report; and
  • Incorporating a limited number of data items currently reported in the FFIEC 041 Call Report into the FFIEC 051 Call Report, generally with a reduced reporting frequency. These data items would be applicable only to certain institutions with $1 billion or more in total assets.
• An institution eligible to file the FFIEC 051 Call Report has the option to file the FFIEC 041 Call Report.
• The agencies are committed to exploring further burden reduction and are actively evaluating further revisions to the FFIEC 051 Call Report.
• Institutions should review FIL-35-2019 for further information about the final rule and the related reporting revisions.
• This FIL expires one year after issuance.

Distribution:

• FDIC-Supervised Institutions

Suggested Routing:

• Chief Financial Officer
• Chief Accounting Officer
• Call Report Preparer

Paper copies may be obtained via the FDIC's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).