Magazine article Independent Banker

Reporting Reprieve

Magazine article Independent Banker

Reporting Reprieve

Article excerpt

QUICK Q&A

Regulators begin advancing ICBA call report reforms

Federal regulators recently proposed simplifying community bank call reports following years of ICBA advocacy on this issue. ICBA Senior Executive Vice President and Chief of Staff Terry J. Jorde explains what the changes would mean for community banks.

IB: What exactly are the : regulators proposing?

Jorde: The Federal Financial Institutions Examination Council announced a five-step process to review call report burden. The first round of reforms would simplify community bank call reports by deleting certain data items and revising reporting thresholds. The council also vowed to accelerate its regular review of the data collection, increase communications with institutions to explain reporting requirements and identify opportunities to improve the reports. Most important, the agencies said they would examine the possibility of having a short-form call report for community banks.

IB: Are they considering : the short-form call report that ICBA has been advocating?

Jorde: That's what they're evaluating. At a meeting in ICBA's offices a year before the FFIEC's announcement, we presented our survey results on the increasing impact of call report requirements and called for a short-form report that community banks could submit twice per year. We also delivered our petition with nearly 15,000 signatures urging relief.

Shortly after the meeting, the FFIEC launched a formal initiative to identify potential opportunities to reduce community bank call report burdens. …

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