US Call Reports
Every national bank, state member bank, insured state non-member bank, and savings association in the US is required to file quarterly Consolidated Reports of Condition and Income (Call Report). Specifically, the FFIEC requires institutions to submit a Call Report every quarter (FFIEC051/FFIEC041/FFIEC031) in eXtensible Business Reporting Language (XBRL) format. Lombard Risk AgileREPORTER delivers these requirements.
Lombard Risk AgileREPORTER includes Call Reports FFIEC051, FFIEC041 and FFIEC031. The regulatory reporting solution includes end-to-end processing from raw data, computing cell allocations and reporting. There is an array of management tools to deliver both the regulatory reporting and the workflow and management approval and attestation processes required.
The Call Reports collect financial data of commercial banks in the form of a balance sheet, an income statement, and supporting schedules. The Report of Condition schedules provide details on assets, liabilities, and capital accounts. The Report of Income schedules provide details on income and expenses.
FFIEC051 for small financial institutions with domestic offices only and less than $1 billion in total assets was created in 2016. The FFIEC051 is a streamlined version of the FFIEC041 where certain schedules and data items have been replaced by a new simpler supplemental schedule.
In June 2017, the US regulatory agencies released consultation on revision of the schedules for FFIEC051, FFIEC041 and FFIEC031. Besides these revisions, the agencies also revised the scope of the FFIEC041 to require all institutions with consolidated total assets of $100 billion or more to file the FFIEC031 instead, regardless of whether the firm has any foreign offices.
The agencies’ update includes two other Call Report revisions:
- Instructions align the method for determining the past-due status of certain assets with an accepted industry standard
- Revises portions of several schedules arising from changes in equity securities investments accounting under the Financial Accounting Standards Board (FASB)’s Accounting Standards Update No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.”
The revised Call Reports apply as at March 31, 2018.
Lombard Risk AgileREPORTER Call Reports
- Support electronic submission for all Call Reports
- Ongoing maintenance & implementation ensuring you are always up to date
- Delivers embedded regulatory reporting production process, reducing risk
- Ensures management has a comprehensive view of reporting status, trends & change analysis
- Delivers single solution for end-to-end reporting with streamlined workflow & exception management