Short-form call report implemented for banks under $1 billion in total assets

Regulatory agencies listened to bankers’ feedback when developing the new Consolidated Reports of Condition and Income for Eligible Small Institutions (FFIEC 051), a shorter call report to replace FFEIC 041. The new call report, used since March 31, 2017, balances banks’ requests for a less burdensome reporting process with the need to collect enough data to monitor the condition, performance, safety and soundness of financial institutions.

FFIEC 051 applies to approximately 5,200 banks with domestic offices only and assets of less than $1 billion. An institution’s total assets are measured as of June 30 each year to determine its eligibility to file FFIEC 051 beginning in March of the following year. The new report form is nearly 20 pages shorter by streamlining the reporting of nearly 40 data items and reducing the reporting frequency for another 100 items, while maintaining much of the existing format and sequencing to make it as easy as possible to complete without extensive retraining.

Some highlights of the changes incorporated into FFIEC 051 include:

Schedule RC, Memorandum item 1 (the level of external auditing work performed for the bank) and Memorandum item 2 (the bank’s fiscal year-end date:

• Report annually as of the March 31 report date

Schedule RC-T, Fiduciary and Related Services:

• Banks with total fiduciary assets greater than $250 million or with gross fiduciary and related services income greater than 10 percent of revenue (net interest income plus noninterest income) for the preceding calendar year must complete the schedule quarterly
• Other banks with fiduciary powers must complete the schedule annually as of the December 31 report date

Schedule RC-C, Part II, Loans to Small Businesses and Small Farms:

• All banks must complete the schedule semiannually as of the June 30 and December 31 report dates

Schedule RC-A, Cash and Balances Due from Depository Institutions:

• Institutions with less than $300 million in total assets are exempt
• Institutions with $300 million or more in total assets must complete the schedule semiannually as of the June 30 and December 31 report dates

Statutorily mandated review of FFIEC 051, FFIEC 041 and the Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices (FFIEC 031) will determine if any further revisions are necessary. If so, they would likely be implemented in March 2018.

Click here for the complete FFEIC 051 instructions.

Click here for the FFEIC 051 call report form.

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