FFIEC031_FFIEC041_FFIEC051_20200519_omb_emergency

Supporting Statement for the
Consolidated Reports of Condition and Income
(FFIEC 031, FFIEC 041, and FFIEC 051; OMB No. 7100-0036)
Summary
The Board of Governors of the Federal Reserve System (Board) requests approval from
the Office of Management and Budget (OMB) to revise the Federal Financial Institutions
Examination Council (FFIEC) Consolidated Reports of Condition and Income (Call Reports)
(FFIEC 031, FFIEC 041, and FFIEC 051; OMB No. 7100-0036) under the emergency clearance
provisions of OMB’s regulations. With respect to the Board, these reports are required of state
member banks and are filed on a quarterly basis. The revisions to the Call Reports that are the
subject of this request have been approved by the FFIEC. The Federal Deposit Insurance
Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (together with the
Board, the agencies) have also submitted similar requests for OMB review to request this
information from banks under their supervision.
The Board uses the information collected on the Call Reports to fulfill its statutory
obligation to supervise state member banks. State member banks are required to file detailed
schedules of assets, liabilities, and capital accounts in the form of a condition report and
summary statement as well as detailed schedules of operating income and expense, sources and
disposition of income, and changes in equity capital.
The agencies propose to revise the Call Reports effective beginning with reports for the
June 30, 2020, report date. The proposed revisions are related to a number of interim final rules
(IFRs) and an FDIC notice of proposed rulemaking in response to disruptions related to the
coronavirus disease 2019 (COVID-19) and provisions of the Coronavirus Aid, Relief, and
Economic Security Act (CARES Act) (Sections 1102 and 4013).1 The current estimated total
annual burden for the Call Reports is 134,417 hours, and would increase to 137,199 hours. The
proposed revisions would result in an increase of 2,782 hours. The forms and instructions are
available on the FFIEC’s public website at https://www.ffiec.gov/ffiec_report_forms.htm.
Background and Justification
State banks that are members of the Federal Reserve System are required by section 9(6)
of the Federal Reserve Act (12 U.S.C. § 324) to file reports of condition with the Board. The
Board, acting in concert with the other federal banking supervisory agencies through the FFIEC
since 1979, requires state member banks to submit on the quarterly Call Reports such financial
data as are needed by the Federal Reserve System to supervise and regulate banks through
monitoring of their financial condition, ensuring the continued safety of the public’s monies and
the overall soundness of the nation’s financial structure, and discharging of the Federal Reserve’s
monetary policy responsibilities. The data, which generally is made publicly available by the
agencies, is used not only by the federal government, but also by state and local governments,
the banking industry, securities analysts, and the academic community.

1

Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136, 134 Stat. 281 (March. 27, 2020).

Description of Information Collection
The Call Reports, which consist of the Reports of Condition and Income, collect basic
financial data from commercial banks in the form of a balance sheet, income statement, and
supporting schedules. The Report of Condition contains supporting schedules that provide detail
on assets, liabilities, and capital accounts. The Report of Income contains supporting schedules
that provide detail on income and expenses.
The Call Reports consist of three reporting forms that apply to different categories of
state member banks. Currently, banks that have foreign offices or that have total consolidated
assets of $100 billion or more must file the FFIEC 031, banks with domestic offices only and
total consolidated assets of less than $100 billion but more than $5 billion file the FFIEC 041,
and banks with domestic offices only and total assets less than $5 billion file the FFIEC 051.
The information collected by the Call Reports is not available from other sources.
Although there are other reports that collect information similar to certain items on the Call
Reports, the information they collect would be of limited value as a replacement for Call Report
data. For example, the Board collects various data in connection with its measurement of
monetary aggregates, bank credit, and flow of funds.2 These reports provide the Board with
detailed information relating to balance sheet accounts such as balances due from depository
institutions, loans, and deposit liabilities. These collections of information, however, are
collected on a weekly basis usually prepared as of dates other than the last business day of each
quarter. Moreover, information on bank credit is obtained on a sample basis rather than from all
insured banks. Additionally, institutions below a certain size are exempt entirely from some of
these reporting requirements.
The Board also collects financial data from bank holding companies on a regular basis.
Such data is generally required to be reported for the holding company on a consolidated basis,
including its banking and nonbanking subsidiaries, and on a parent-company-only basis. Data
collected from bank holding companies on a consolidated basis reflect aggregate amounts for all
entities within the organization, including banking and nonbanking subsidiaries, so that the
actual dollar amounts applicable to any banking subsidiary would not be determinable from the
holding company reporting information. Therefore, reports collected from bank holding
companies lack the data necessary to assess the financial condition of individual banks to
determine whether there had been any deterioration in their condition.
Banks are required to transmit their Call Report data electronically. Each bank must
maintain in its files for three years a signed and attested record of its completed report each
quarter.

2

Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900; OMB No. 7100-0087) and Weekly
Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and
Agencies of Foreign Banks (FR 2644; OMB No. 7100-0075.

2

Respondent Panel
The respondent panel for the Call Report consists of all state member banks. State
member banks that have foreign offices or that have total consolidated assets of $100 billion or
more must file the FFIEC 031, banks with domestic offices only and total consolidated assets of
less than $100 billion but more than $5 billion file the FFIEC 041, and banks with domestic
offices only and total assets less than $5 billion file the FFIEC 051.
Proposed Revisions
The agencies propose under the emergency clearance provisions of OMB’s regulations to
revise the Call Reports effective beginning with the June 30, 2020, report date. The agencies
have 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 CFR 1320.10, (2) this collection of
information is essential to the mission of the agencies, and (3) the agencies 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.
Recent events have suddenly and significantly impacted financial markets. The spread of
COVID-19 has disrupted economic activity in many countries. In addition, financial markets
have experienced significant volatility. The magnitude and persistence of the overall effects on
the economy remain highly uncertain. In light of these developments, banking organizations may
realize a sudden, unanticipated drop in capital ratios and liquidity. This could create a strong
incentive for these banking organizations to limit their lending and other financial intermediation
activities in order to avoid facing abrupt regulatory capital and liquidity limitations. Also, small
businesses are facing severe liquidity constraints and a collapse in revenue streams resulting
from COVID-19 situation. Lastly, financial disruptions arising in connection with the COVID-19
situation have caused many depositors to have a more urgent need for access to their funds by
remote means, particularly in light of the closure of many depository institution branches and
other in person facilities.
In March through May 2020, the agencies issued IFRs relating to the Community Bank
Leverage Ratio3, Paycheck Protection Program Liquidity Facility (PPPLF)4, and Supplementary
Leverage Ratio (SLR)5 to make changes to their regulatory capital and liquidity rules and to
facilitate banking organizations’ use of the Board’s emergency facility and support prudent
lending by banking organizations. Various provisions of the CARES Act led to the agencies
issuing these IFRs. The Board also issued IFRs to amend its Regulation D6 and provide an
exemption under section 22(h) of the Federal Reserve Act and its Regulation O7 to allow
depository institution customers more convenient access to their funds, simplify account
3

85 FR 22924 (April 23, 2020).
85 FR 20387 (April 13, 2020).
5
See https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm.
6
85 FR 23445 (April 28, 2020).
7
85 FR 22345 (April 22, 2020).
4

3

administration for depository institutions, and support prudent lending by banking organizations.
Section 4013 of the CARES provided temporary relief from the requirement to classify
COVID-19 related loan modifications as Troubled Debt Restructurings. The Paycheck Protection
Program (PPP)8 implemented by the U.S. Small Business Administration (SBA), and the PPPLF
and Money Market Mutual Fund Liquidity Facility (MMLF),9 each established by the Board,
were put in place to provide financing to small businesses and liquidity to small business lenders
and the broader credit markets, and to help stabilize the financial system in a time of significant
economic strain. The FDIC issued a notice of proposed rulemaking (FDIC NPR) related to
deposit insurance assessment that aims to mitigate the deposit insurance assessment effects of
participating in these programs.10
The IFRs were issued with an immediate effective date and the FDIC NPR was issued
with a 7-day comment period, in order to allow sufficient time for the FDIC to consider
comments and ensure publication of a final rule before June 30, 2020. The changes, as described
below, apply to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051).
The agencies propose to revise the Call Reports to account for the provisions of the IFRs and
FDIC NPR. The agencies believe that, in light of current market uncertainty, and the urgent
policy matter of these programs and facilities at issue, the public interest is best served by
implementing these revisions as soon as possible. The agencies request emergency clearance
from OMB to permit these revisions for the June 30, 2020, Call Reports.
Community Bank Leverage Ratio - Interim Final Rules
Section 4012 of the CARES Act required the appropriate Federal banking agencies to
reduce the community bank leverage ratio (CBLR) to 8 percent for a temporary period ending on
the earlier of the termination date of the national emergency concerning the coronavirus disease
COVID-19 outbreak declared by the President on March 13, 2020, under the National
Emergencies Act11 (National Emergency) or December 31, 2020, which the agencies did through
an interim final rule.12 To provide further clarity around the possible end date of the statutory
relief and provide a qualifying community banking organization that is planning to elect to use
the community bank leverage ratio framework sufficient time to meet the leverage ratio
requirement, the agencies also issued an interim final rule extending relief for the 8 percent
community bank leverage ratio through 2020, providing relief through an 8.5 percent community
bank leverage ratio in 2021, and resuming the existing 9 percent community bank leverage ratio
in 2022.13 Neither interim final rule changed the methodology for calculating the CBLR, merely
the qualifying ratio for an institution to report as a CBLR institution.
There are no substantive reporting revisions associated with the revised CBLR
framework. However, it is possible that some additional banking organizations that are now
eligible CBLR banks under the lower qualifying ratio may choose to use the less burdensome
8

See 85 FR 20811 (April 15, 2020).
85 FR 16232 (March 23, 2020).
10
See https://www.fdic.gov/news/board/2020/2020-05-12-notational-fr.pdf.
11
50 U.S.C. § 1601 et seq.
12
85 FR 22924 (April 23, 2020).
13
85 FR 22930 (April 23, 2020).
9

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reporting for regulatory capital on Schedule RC-R. Since the CBLR framework only came into
effect for purposes of reporting for the first quarter of 2020, the agencies currently do not have
an accurate estimate of the number of banking organizations that elected to use the CBLR
reporting for the first quarter of 2020. Similarly, the agencies cannot reliably estimate the
number of banking organizations that might use the CBLR reporting in the second quarter of
2020 under the reduced ratio at this time. The agencies plan to revise the burden estimates after
more data is available on banking organizations’ election to use the CBLR framework.
Regulatory Capital: Paycheck Protection Program Liquidity Facility (PPPLF) and
Paycheck Protection Program (PPP) Loans - Interim Final Rule and CARES Act
Section 1102
Section 1102 of the CARES Act allows for banking organizations to make loans under a
program of the Small Business Administration (SBA) in connection with COVID-19 disruptions
to small businesses (referred to as PPP loans or PPP covered loans). While the loans are funded
by the banking organizations, they receive a guarantee from the SBA. The statute specified that
these loans should receive a zero percent risk weight for regulatory capital purposes. The Federal
Reserve subsequently established a liquidity facility to permit banking organizations to obtain
non-recourse loans, for which PPP loans are pledged to the facility, to provide additional
liquidity.
On April 13, 2020, the agencies published an interim final rule with an immediate
effective date, which permits banking organizations to exclude from regulatory capital
requirements PPP loans pledged to the PPPLF.14 The interim final rule modifies the agencies’
capital rule to allow banking organizations to neutralize the effects on their risk-based and
leverage capital ratios of making PPP loans that are pledged to the PPPLF. Specifically, a
banking organization may exclude from its total leverage exposure, average total consolidated
assets, standardized total risk-weighted assets, and advanced approaches total risk-weighted
assets, as applicable, any exposure from a PPP loan pledged to the PPPLF. The interim final rule
also codified the statutory zero percent risk weight for PPP loans; however, the PPP loans
already received a zero percent risk weight under the agencies’ existing capital rules as an
exposure directly and unconditionally guaranteed by an agency of the U.S. government.
The agencies need to collect information on the number and outstanding balance of PPP
loans, as well as the amount of PPP loans pledged to the liquidity facility, for their use in
supervising banking organizations. Therefore, the agencies are proposing to add four new data
items to collect this information, with the collection of these items expected to be time-limited.
The agencies would expect to propose to discontinue the collection of a specific item once the
aggregate industry activity has diminished to a point where the individual information is of
limited practical utility.
Starting with the June 30, 2020, reporting period, a banking organization would report the
total number of PPP loans outstanding, the outstanding balance of PPP loans, the outstanding
balance of PPP loans pledged to the Federal Reserve’s liquidity facility, and the quarterly
average amount of PPP loans pledged to the Federal Reserve’s liquidity facility and excluded
14

85 FR 20387 (April 13, 2020).

5

from average total assets in the calculation of the leverage ratio. These items would tentatively
be added to Schedule RC-M, as items 17.a, 17.b, 17.c, and 17.e.
Also starting with the June 30, 2020, reporting period, the quarterly average amount of
PPP loans pledged to the liquidity facility and reported in 17.e would be reported as a deduction
in Schedule RC-R, part I, item 29, “LESS: Other deductions from (additions to) assets for
leverage ratio purposes,” and thus excluded from Schedule RC-R, Part I, item 30, “Total assets
for the leverage ratio.”
Since PPP loans, regardless of whether they are pledged to the liquidity facility, receive a
zero percent risk weight, they are effectively not included in the standardized total risk-weighted
assets. Similarly, advanced approaches banking organizations would not reflect PPP loans in
“Total risk-weighted assets” reported on Schedule RC-R, Part I, item 48.b.
Banking organizations subject to the supplementary leverage ratio requirement would
report their adjusted “Total leverage exposure” and “Supplementary leverage ratio” in Schedule
RC-R, Part I, items 55.a and 55.b, respectively. These organizations would adjust their existing
calculations of “Total leverage exposure” by excluding PPP loans pledged to the Federal
Reserve’s liquidity facility. The instructions for item 55.a would be revised to state that
institutions should measure their total leverage exposure in accordance with section 10(c)(4) of
the regulatory capital rules and the applicable section of these rules for exposures related to the
Paycheck Protection Program Liquidity facility (section 305 for institutions supervised by the
OCC and the Board; section 304 for institutions supervised by the FDIC).
Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks
from the Supplementary Leverage Ratio - Interim Final Rule
On April 14, 2020, the Board published in the Federal Register an interim final rule
(Holding Company SLR IFR)15 to temporarily exclude U.S. Treasury Securities (Treasuries) and
deposits in their accounts at Federal Reserve Banks (deposits at Federal Reserve Banks) from
total leverage exposure for bank holding companies, savings and loan holding companies, and
intermediate holding companies subject to the supplementary leverage ratio through March 31,
2021.
On May 15, 2020, the agencies issued an interim final rule (Depository Institution SLR
IFR)16 to provide depository institutions subject to the supplementary leverage ratio the ability to
temporarily exclude Treasuries and deposits at Federal Reserve Banks from total leverage
exposure. An electing depository institution must notify its primary Federal banking regulator of
its election within 30 days after the interim final rule is effective. The interim final rule will
terminate after March 31, 2021.
Depository institutions subject to the supplementary leverage ratio report Treasuries not
held for trading in Schedule RC-B, item 1, “U.S. Treasury securities,” and those held for trading
in Schedule RC, item 5, “Trading assets” (and, if applicable, in Schedule RC-D, item 1, “U.S.
15
16

85 FR 20578 (April 14, 2020).
See https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm.

6

Treasury securities”). Such depository institutions report deposits at Federal Reserve Banks in
Schedule RC-A, item 4, “Balances due from Federal Reserve Banks.”
The agencies propose certain revisions to the Call Report to implement various
provisions of the Holding Company SLR IFR and Depository Institution SLR IFR. Advanced
approaches and Category III electing depository institutions would exclude Treasuries and
deposits at Federal Reserve Banks reported in the items identified above from Schedule RC-R,
Part I, item 55.a, “Total leverage exposure.” Custodial banking organizations will also be able to
exclude from total leverage exposure deposits with qualifying foreign central banks reported as a
part of Schedule RC-A, item 3, “Balances due from banks in foreign countries and foreign
central banks,” subject to the limits in a recent rule implementing section 402 of the Economic
Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA),17 in addition to the
deductions under this interim final rule. For purposes of reporting the supplementary leverage
ratio as of June 30, 2020, depository institutions may reflect the exclusion of Treasuries and
deposits at Federal Reserve Banks from total leverage exposure as if this interim final rule had
been in effect for the entire second quarter of 2020. The temporary exclusions from total
leverage exposure are available through the March 31, 2021, report date.
Regulation D Amendments - Interim Final Rule
The Board published in the Federal Register on April 28, 2020, an interim final rule that
amends the Board’s Regulation D (Reserve Requirements of Depository Institutions).18 The
interim final rule amends the six per month transfer limit in the “savings deposit” definition in
Regulation D. This interim final rule deleted a provision in the “savings deposit” definition that
required depository institutions either to prevent transfers and withdrawals in excess of the limit
or to monitor savings deposits ex post for violations of the limit. The interim final rule also
makes conforming changes to other definitions in Regulation D that refer to “savings deposit,” as
necessary.
The interim final rule allows depository institutions to immediately suspend enforcement
of the six transfer limit and to allow their customers to make an unlimited number of convenient
transfers and withdrawals from their savings deposits. The interim final rule permits, but does
not require, depository institutions to suspend enforcement of the six transfer limit. The interim
final rule also does not require any changes to the deposit reporting practices of depository
institutions.
The agencies are revising the instructions to the Call Report to reflect the revised
definition of “savings deposits” in accordance with the amendments to Regulation D in the
interim final rule. Specifically, the agencies are revising the General Instructions for Schedule
RC-E, Deposit Liabilities, and the Glossary entry for “Deposits” in the Call Report instructions
to remove references to the six transfer limit. As a result of the amendments to Regulation D, if a
17

The agencies recently issued a final rule, effective April 1, 2020, which implements section 402 of EGRRCPA by
amending the capital rule to allow a banking organization that qualifies as a custodial banking organization to
exclude from total leverage exposure deposits at qualifying central banks, subject to limits (402 rule). 85 FR 4569
(January 27, 2020). OMB approved the reporting changes associated with the 402 rule in March 2020.
18
85 FR 23445 (April 28, 2020).

7

depository institution chooses to suspend enforcement of the six transfer limit on a “savings
deposit” the depository institution may continue to report that account as a “savings deposit” or
may instead choose to report that account as a “transaction account.”
In addition, certain reporting items on Schedule RC-E differentiate between transaction
accounts and nontransaction accounts, in part based on the definitions in Regulation D (including
the previous six transfer limit distinction). Specifically, the revised definition would apply to the
classification of deposits in Schedule RC-E, items 1 through 7; and Memorandum items 2, 6, and
7 (including subcomponent items). Nevertheless, the agencies anticipate there will be no material
change in burden resulting from these revisions to the reporting of deposit accounts.
Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks Interim Final Rule
Under section 22(h) of the Federal Reserve Act and Regulation O, extensions of credit to
insiders of a banking institution are subject to quantitative limits, prior approval requirements by
an institution’s board, and qualitative requirements concerning loan terms. On April 22, 2020,
the Board issued an interim final rule19 that excepts certain loans that are guaranteed under the
Small Business Administration’s Paycheck Protection Program (PPP) from the requirements of
section 22(h) of the Federal Reserve Act and the corresponding provisions of the Board's
Regulation O. The interim final rule states that the Board has determined that PPP loans pose
minimal risk because the SBA guarantees PPP loans at 100 percent of principal and interest and
that PPP loans have fixed terms prescribed by the SBA. Accordingly, the IFR states that PPP
loans will not be subject to section 22(h) or the corresponding provisions of Regulation O
provided that they are not prohibited by the SBA lending restrictions.
The agencies currently collect data on the number and outstanding balance of all
“extensions of credit” to the reporting institution’s executive officers, directors, principal
shareholders, and their related interests that meet the definition of this term in Regulation O. This
information is collected in Call Report Schedule RC-M, items 1.a and 1.b. Call Report
instructions refer to Regulation O for guidance in reporting extensions of credit to insiders in
these items. Accordingly, the agencies are proposing to revise Call Report instructions to clarify
that PPP loans as described above should not be reported in these line items. The agencies do not
believe that revising the instructions for this exception would change burden because the PPP
loans did not exist in prior quarters and thus banking organizations would not need to revise the
existing amounts subject to reporting in these items in response to this change.
CARES Act Section 4013 - Temporary Relief from Troubled Debt Restructurings (TDR)
Section 4013 of the CARES Act suspends the requirements under United States generally
accepted accounting principles for eligible loan modifications related to the COVID-19
pandemic that would otherwise be categorized as troubled debt restructurings (TDRs). The
CARES Act defines an eligible loan under section 4013 (section 4013 loan) as a loan
modification that is (1) related to COVID-19, (2) executed on a loan that was not more than 30
days past due as of December 31, 2019, and (3) executed between March 1, 2020, and the earlier
19

85 FR 22345 (April 22, 2020).

8

of (A) 60 days after the date of termination of the National Emergency concerning the
COVID-19 outbreak or (B) December 31, 2020.
Consistent with the CARES Act, the agencies seek to collect information about the
volume of loans modified under section 4013. The agencies are proposing to add two new data
items to the Call Report, which would be collected quarterly beginning with the June 30, 2020,
report date. These new items, Memorandum item 17.a, “Number of Section 4013 loans
outstanding,” and Memorandum item 17.b, “Outstanding balance of Section 4013 loans” (for
which emergency clearance was previously requested and received), would be added to Schedule
RC-C, Part I, Loans and Leases. Financial institutions would be instructed to report the total
number of loans outstanding that have been modified under section 4013 and the outstanding
balance of these loans in the Consolidated Reports of Condition and Income (commonly referred
to as the Call Report) on Schedule RC-C, Loans and Lease Financing Receivables, Part I, Loans
and Leases, Memorandum items 17.a and 17.b, respectively, beginning as of the June 30, 2020,
report date, with the collection of these items expected to be time-limited. The agencies would
expect to propose to discontinue the collection of a specific item once the aggregate industry
activity has diminished to a point where the individual information is of limited practical utility.
The agencies would collect institution-level information on a confidential basis. While
the agencies generally make institution-level Call Report data publicly available, the agencies are
collecting section 4013 loan information as part of condition reports for the impacted entities,
and the agencies believe disclosure of these items at the institution level would not be in the
public interest.20 Such information is permitted to be collected on a confidential basis, consistent
with 5 U.S.C. § 552(b)(8).21
The public disclosure of supervisory information on section 4013 loans could have a
detrimental impact on financial institutions offering modifications under this provision to
borrowers that need relief due to COVID-19. Financial institutions may be reluctant to offer
modifications under section 4013 if information on these modifications made by each institution
is publicly available, as analysts, investors, and other users of public Call Report information
may penalize an institution for using the relief provided by the CARES Act. The agencies have
encouraged financial institutions to work with their borrowers during the National Emergency
related to COVID-19, including use of the relief under section 4013.22
The agencies may disclose data on an aggregated basis, consistent with confidentiality.

20

See 12 U.S.C. § 1464(v)(2).
Exemption 8 of the Freedom of Information Act (FOIA), specifically exempts from disclosure information
“contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an
agency responsible for the regulation or supervision of financial institutions”.
22
See “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with
Customers Affected by the Coronavirus (Revised)” (April 7, 2020), available at: https://www.occ.gov/newsissuances/news-releases/2020/nr-ia-2020-50a.pdf.
21

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Assessments: Paycheck Protection Program (PPP), PPP Liquidity Facility (PPPLF), and
Money Market Liquidity Facility (MMLF) - Notice of Proposed Rulemaking
On May 12, 2020, the FDIC proposed a rule that would modify its deposit insurance
assessment rules to mitigate the effects of participation in the PPP, PPPLF, and MMLF on
insured depository institutions.23
To effect these modifications, the FDIC would need information on the outstanding
balance of PPP loans, the amount of PPP loans pledged to the liquidity facility, the quarterly
average amount of PPP loans pledged to the liquidity facility, short- and long-term borrowings
from the Federal Reserve Banks under the PPPLF, the outstanding balance of assets purchased
under the MMLF program, and the quarterly average amount of assets purchased under the
MMLF. Five of these items – the outstanding balance of PPP loans, the amount and average
balance of PPP loans pledged to the PPPLF, and the amount and average balance of assets
purchased under the MMLF – are proposed as new Call Report data items arising from
Regulatory Capital IFRs related to the PPPLF and MMLF, described elsewhere in this memo.
Therefore, in addition to these five items, the agencies are proposing the following two
additional new data items to collect this information for assessment purposes.
Starting with the June 30, 2020, reporting period, the outstanding balance of borrowings
from Federal Reserve Banks under the PPPLF with a remaining maturity of one year or less and
the outstanding balance of borrowings from the Federal Reserve Banks under the PPPLF with a
remaining maturity of more than one year would be reported in new items 17.d.(1), and 17.d.(2)
of Schedule RC-M, respectively. The collection of these items is expected to be time-limited.
The agencies would expect to propose to discontinue the collection of a specific item once the
aggregate industry activity has diminished to a point where the individual information is of
limited practical utility.
Money Market Mutual Fund Liquidity Facility (MMLF) - Interim Final Rule (Revised)
In the emergency clearance request for the Call Report submitted on April 1, which was
subsequently approved by OMB, the agencies proposed to revise the Call Report to encourage
banking organizations to separately disclose in a “Narrative Statement Concerning the Amounts
Reported in the Reports of Condition and Income,” the amount of assets purchased under the
MMLF included in Schedule RC-R, Part II, item 2.a or item 2.b. Proposed Schedule RC-M, item
18.a, would collect the same information in a standardized format, and therefore the agencies
would discontinue collecting the previously approved information in the Narrative Statement
starting with the June 30, 2020, report date. The collection of this new item is expected to be
time-limited. The agencies would expect to propose to discontinue the collection of the specific
item once the aggregate industry activity has diminished to a point where the individual
information is of limited practical utility.
In addition, in connection with the emergency clearance request submitted on April 1, the
agencies encouraged banking organizations to separately disclose, in a similar narrative, the
average amount of assets purchased under the MMLF that were excluded from Schedule RC-R,
23

See FDIC Press Release PR-59-2020 (May 12, 2020), https://www.fdic.gov/news/news/press/2020/pr20059.html.

10

Part I, item 30, “Total assets for the leverage ratio.” The agencies would discontinue the
previously approved encouraged reporting of similar information in the Narrative Statement
starting with the June 30, 2020, report date. The agencies now are proposing to add this item to
Schedule RC-M as item 18.b to collect this average amount in a standardized format. The
collection of this new item is expected to be time-limited. The agencies would expect to propose
to discontinue the collection of the specific item once the aggregate industry activity has
diminished to a point where the individual information is of limited practical utility.
Time Schedule for Information Collection
The Call Reports are collected quarterly as of the end of the last calendar day of March,
June, September, and December, although certain information is collected on a semiannual or
annual basis, as described in the Call Report instructions. Less frequent collection of Call
Reports would reduce the Federal Reserve’s ability to identify on a timely basis those banks that
are experiencing adverse changes in their condition so that appropriate corrective measures can
be implemented to restore their safety and soundness. State member banks generally must submit
the Call Reports to the appropriate Federal Reserve Bank within 30 calendar days following the
as of date, except that banks with more than one foreign office must submit the call Reports
within 35 calendar days following the as of date.
Public Availability of Data
Aggregate data are published in the Federal Reserve Bulletin and the Annual Statistical
Digest. Additionally, data are used in the Uniform Bank Performance Report (UBPR) and the
Annual Report of the FFIEC. Individual respondent data, excluding confidential information, are
available to the public from the National Technical Information Service in Springfield, Virginia,
upon request approximately twelve weeks after the report date. Data are also available from the
FFIEC Central Data Repository Public Data Distribution (CDR PDD) website
(https://cdr.ffiec.gov/public/). Data for the current quarter are made available, shortly after a
bank’s submission, beginning the first calendar day after the report date. Updated or revised data
may replace data already posted at any time thereafter.
Legal Status
The Board is authorized to collect information on the Call Reports from state member
banks pursuant to section 9 of the Federal Reserve Act, which requires state member banks to
file reports of condition and of the payment of dividends with the Federal Reserve (12 U.S.C.
§ 324). The obligation for state member banks to respond is mandatory.
Most of the information provided on the Call Reports is made public. However, the
following items are confidential: (1) the FDIC deposit insurance assessment information reported
in response to item 2.g on schedule RI-E, (2) the prepaid deposit insurance assessments
information reported in response to item 6.f on schedule RC-F, and (3) the information regarding
other data for deposit insurance and FICO assessments reported in response to memorandum
items 6-9, 14-15, and 18 on schedule RC-O. Board staff have determined that it is possible to
reverse engineer an institution’s Capital, Asset Quality, Management, Earnings, Liquidity, and

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Sensitivity (CAMELS) rating based on the data reported under the FDIC deposit insurance
assessment data item and the prepaid deposit insurance assessments data item. If this information
were publicly available, it would be possible to determine the state member bank’s CAMELS
rating. Therefore, this information can be kept confidential under exemption 8 of the Freedom of
Information Act (FOIA), which specifically exempts from disclosure information “contained in
or related to examination, operating, or condition reports prepared by, on behalf of, or for the use
of an agency responsible for the regulation or supervision of financial institutions” (5 U.S.C.
§ 552(b)(8)). Board staff have also advised that the release of this information and information
regarding other data for deposit insurance and FICO assessments reported in response to
memorandum items 6-9, 14-15, and 18 on schedule RC-O would likely cause substantial harm to
the competitive position of the institution from whom the information was obtained if it was
released. Therefore, this information can be kept confidential also under exemption 4 of FOIA,
which exempts “trade secrets and commercial or financial information obtained from a person
and privileged or confidential” (5 U.S.C. § 552(b)(4)).
Consultation Outside the Agency
The Board coordinated and consulted with the FDIC and OCC in proposing these
revisions. The agencies will follow this request for emergency processing with a request under
normal clearance procedures, during which comments will be solicited for the typical 60-day and
30-day periods. All comments received on paperwork burden, whether during the 60-day or
30-day comment periods, will be considered in finalizing the collection.
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the Call Reports is
134,417 hours, and would increase to 137,199 hours with the proposed revisions. The estimated
average hours per response for the quarterly filings of the Call Report is a weighted average of
the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051). Both the
weighted average Call Report burden estimate and the three separate versions of the Call Report
vary by agency because of differences in the composition of the institutions under each agency’s
supervision (e.g., size distribution of institutions, types of activities in which they are engaged,
and existence of foreign offices). These reporting requirements represent 1.5 percent of the
Board’s total paperwork burden.

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Estimated
number of
respondents24

Annual
frequency

Estimated
average hours
per response

Estimated
annual burden
hours

Current

756

4

44.45

134,417

Proposed

756

4

45.37

137,199

FFIEC 031, FFIEC 041, and
FFIEC 051

Change

2,782

The estimated total annual cost to the public for the Call Reports is $7,762,582 and would
increase to $7,923,242 with the proposed revisions.25
Sensitive Questions
This collection of information contains no questions of a sensitive nature, as defined by
OMB guidelines.
Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System for collecting and processing the
FFIEC 031, FFIEC 041, and FFIEC 051 is $1,871,500 per year.

24

Of these respondents, 507 are considered small entities as defined by the Small Business Administration (i.e.,
entities with less than $600 million in total assets), https://www.sba.gov/document/support--table-size-standards.
25
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $19, 45% Financial Managers at
$71, 15% Lawyers at $69, and 10% Chief Executives at $96). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor and Statistics (BLS), Occupational Employment and Wages
May 2018, published March 29, 2019, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined
using the BLS Occupational Classification System, https://www.bls.gov/soc/.

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