Date: June 26, 2019
Description: Final Rule
On June 21, 2019, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (collectively, the agencies) published a final rule to implement section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The rule expands the eligibility to file the FFIEC 051 report of condition, which is the most streamlined version of the call report. This bulletin rescinds OCC Bulletin 2018-42, “Expanding Eligibility to File the FFIEC 051 Call Report – Notice of Proposed Rulemaking.”
Note for Community Banks
The final rule applies to all national banks and federal savings associations (collectively, banks) with total assets of less than $5 billion that do not engage in certain complex or international activities.
The final rule
- permits banks with total assets of less than $5 billion that do not engage in certain complex or international activities to file the streamlined FFIEC 051 call report beginning in the third quarter (September 30, 2019, call report).
- further reduces items reported in the first and third quarters in the FFIEC 051.
Please contact Cady Codding, Senior Policy Accountant, Office of the Chief Accountant, at (202) 649-5764; or Kevin Korzeniewski, Counsel, Chief Counsel’s Office, at (202) 649-5490.
Jonathan V. Gould
Senior Deputy Comptroller and Chief Counsel