§4805 — Title 12 Banks and Banking | U.S. Code

Summary

Federal banking agencies must work together to cut paperwork and speed up bank financial reports. They must create a system so banks and their affiliates can file reports electronically and so the agencies can put those reports online for the public. Within one year after September 23, 1994, they must send Congress a report with ideas for laws to make filing and using the reports easier. The agencies must also, while keeping safety and soundness, agree on one common form for the main information all banks must give. They must make the instructions simpler and add a clear index. Each agency must review extra schedules of information and drop any requirements that are not needed for safety or other public purposes.

Title 12, §4805

Banks and Banking — Source: USLM XML via OLRC

(a)In order to reduce the administrative requirements pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeliness of such reports and statements, the Federal banking agencies shall—

(1)work jointly to develop a system under which—

(A)insured depository institutions and their affiliates may file such reports and statements electronically; and

(B)the Federal banking agencies may make such reports and statements available to the public electronically; and

(2)not later than 1 year after September 23, 1994, report to the Congress and make recommendations for legislation that would enhance efficiency for filers and users of such reports and statements.

(b)The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly—

(1)to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in subsection (a); and

(2)to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users.

(c)Each Federal banking agency shall—

(1)review the information required by schedules supplementing the core information referred to in subsection (b); and

(2)eliminate requirements that are not warranted for reasons of safety and soundness or other public purposes.

Editorial Notes

Codification Provisions similar to this section are contained in section 4805a of this title.

§4805 Call report simplification

Summary

Title 12, §4805

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata