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FFIEC finalizes rule for streamlined call reports for small institutions

The Federal Financial Institutions Examination Council finalized a rule streamlining call reports for small institutions.

The rule cuts approximately 40% of the nearly 2,400 data items included in reports, thus reducing existing reports to 61 pages from 85 pages. The frequency of certain reporting requirements were also reduced.

The changes apply to financial institutions with domestic offices only and less than $1 billion in total assets, which is roughly 90% of all institutions required to file call reports.

Covered institutions can submit streamlined call reports as early as March 31, 2017.