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Financial Services Law Insights and Observations

Agencies adopt standardized approach for counterparty credit risk Call Report

Agency Rule-Making & Guidance FDIC Federal Reserve OCC Call Report OMB FFIEC Bank Regulatory

Agency Rule-Making & Guidance

On November 9, the FDIC, Federal Reserve Board, and the OCC announced the publication of final regulatory reporting changes in the Federal Register applicable to three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051). In July, the agencies proposed to revise and extend the Call Report for three years, and requested public comments on proposed changes to clarify instructions for reporting of deferred tax assets (DTAs) and to add a new item related to the standardized approach for counterparty credit risk (SA–CCR). (See FIL-53-2021.) Following the comment period, the agencies are proceeding with the proposed SA-CCR-related reporting change to the Call Report, which will take effect with the December 31, 2021 report date, subject to approval by the Office of Management and Budget. However, proposed instruction revisions related to DTAs are not final as the agencies continue to consider comments received on the proposed rule on tax allocation agreements. (See FIL-29-2021.) Supervised financial institutions are encouraged to review the proposed regulatory change. Redline copies of the Call Report and related draft reporting instructions are available on the FFIEC’s webpage here.