Insured financial institutions must
provide quarterly reports of condition and income (Call Reports) to
the appropriate regulatory agency for supervisory, surveillance,
regulatory, research, insurance assessment and informational
purposes. Section 7 of the Federal Deposit Insurance Act requires
all insured depository institutions to submit four "reports of
condition" each year to their primary federal bank supervisory
authority, i.e., the FDIC, the OCC, or the FRB, as appropriate.
FDIC-supervised institutions, i.e., insured state nonmember banks
and state savings associations, submit these reports to the FDIC.
The FDIC uses the quarterly Call Reports to monitor the condition
and performance of individual institutions and the industry as a
whole. In addition, Call Reports provide the FDIC with the most
current statistical data available for evaluating depository
institution corporate applications such as mergers; identifying
areas of focus for both on-site and off-site examinations;
calculating all insured institutions' deposit insurance and
Financing Corporation assessments; and other public purposes.
Within the Call Report information collection system as it is
proposed to be revised, separate report forms apply to institutions
that have domestic and foreign offices (FFIEC 031) and to
institutions with domestic offices only (FFIEC 041 and, for those
with total assets less than $5 billion, FFIEC 051). The proposed
rule would implement section 205 of the Economic Growth, Regulatory
Relief, and Consumer Protection Act by: expanding the eligibility
to file the agencies’ most streamlined report of condition, the
FFIEC 051 Call Report, to include certain insured depository
institutions with less than $5 billion in total consolidated assets
that meet other criteria; and, establishing reduced reporting on
the FFIEC 051 Call Report for the first and third reports of
condition for a year.
On March 27, 2020, the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
became law. Various provisions of the CARES Act led to the banking
agencies issuing implementing regulations, many of which have
impacts on regulatory reporting in the Call Report and FFIEC 101.
In addition, the agencies have issued additional interim final
rules to assist banks with managing market disruptions related to
COVID-19 while continuing to provide access to funds and lending to
consumers and businesses. The FDIC has determined that (1) the
collection of information within the scope of this request is
needed prior to the expiration of time periods established under 5
C.F.R. § 1320.12; (2) this collection of information is essential
to the mission of the FDIC; and (3) the FDIC cannot reasonably
comply with the normal clearance procedures because an
unanticipated event has occurred and the use of normal clearance
procedures is reasonably likely to prevent or disrupt the
collection of information. The revisions to this information
collection through interim final rules prevent the FDIC from
clearing the collection under 5 C.F.R. § 1320.11, which covers only
collections of information contained in proposed rules. As noted in
5 C.F.R. § 1320.5(c)(1), the FDIC must clear the collection under 5
C.F.R. § 1320.10, which relates to information collections not
contained in proposed rules or current rules. There is insufficient
time to obtain clearance under 5 C.F.R. § 1320.10 prior to the
rules’ effective dates in the second quarter of 2020. Therefore,
the FDIC is requesting emergency clearance for these revisions. The
agencies plan to request comment on the revisions after the
emergency clearance through the standard PRA process, including
both 60-day and 30-day notices with requests for comment.
PL:
Pub.L. 115 - 174 205 Name of Law: Economic Growth, Regulatory
Relief, and Consumer Protection Act of 2018
US Code: 12
USC 1817(a) Name of Law: Federal Deposit Insurance Act
Statute at Large: 134
Stat. 281 Name of Statute: Coronavirus Aid. Relief, and
Economic Security Act
US Code: 12 USC 1817(a) Name of Law:
Dodd-Frank Act
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form FFIEC 051 Consolidated Report of Condition and Income (Call Report) for Bank with Domestic Offices Only and Total Assets Less than $5 Billion - FFIEC 051
SPST-0052 Call Report - IFRs NPR CARES Act Emergency Clearance 2Q 2020 FINAL.docx
Consolidated Report of Condition and Income (Call Report) for Bank with Domestic Offices Only and Total Assets Less than $5 Billion - FFIEC 051