WASHINGTON, Nov. 7 (Xinhua) -- Three U.S. federal agencies released a joint proposal on Wednesday to reduce regulatory reporting burden on some small depository institutions in the United States.
The proposal was brought out by U.S. Federal Reserve (Fed), U.S. Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC).
The proposal would permit insured depository institutions with total assets of less than 5 billion U.S. dollars that do not engage in certain complex or international activities to file the "most streamlined version of the Call Report," the three agencies said in a joint statement.
A "Call Report" is one that must be filed on a quarterly basis, which includes the condition, performance, and risk profile of individual institutions, according to U.S. Federal Financial Institutions Examination Council (FFIEC).
According to the agencies, the "most streamlined version of the Call Report" which they mentioned above is the FFIEC 051 Call Report.
Until now, FFIEC 051 Call Report is a consolidated report of condition and income for a bank with U.S. offices only and total assets less than 1 billion U.S. dollars, according to FFIEC.
The agencies said they are also proposing to reduce by approximately 37 percent the number of existing data items reportable in the FFIEC 051 Call Reports for the first and third calendar quarters.
According to the joint release, the Fed and the OCC are also proposing similar reduced reporting for certain uninsured institutions with less than 5 billion dollars in total consolidated assets that meet the same criteria.
The agencies also announced their intention to solicit public comments on the new proposal. Comments will be accepted for 60 days after the proposal's publication in the U.S. Federal Register.