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 agenciesâ 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 rulesâ 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
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