Agencies propose Call Report revisions
On February 22, the FDIC, Federal Reserve Board, and the OCC announced the publication of a joint notice and request for comment proposing changes to three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051), as well as changes to the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), as applicable. Section 604 of the Financial Services Regulatory Relief Act of 2006 mandates agency review of information collected in the Call Reports “to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.” The proposed changes would eliminate and consolidate certain items in the Call Reports based on an evaluation of responses to a user survey addressing the Call Report schedules. The agencies are also requesting comments on certain technical clarifications made last year concerning the reporting of certain debt securities issued by Freddie Mac and proposed Call Report process revisions. The proposed changes if approved, will take effect as of the June 30, 2023, report date. Comments are due April 24.