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

Summary

Federal banking agencies must work together to cut the paperwork for bank, savings association, and bank-holding-company financial reports and make those reports faster to get. They must create a system so insured banks and their affiliates can file reports online and so the agencies can post the reports online for the public. Within 1 year after December 27, 2000, they must send a report to Congress with recommendations for any laws that would make filing and using the reports more efficient. The agencies must also, while keeping safety and soundness, adopt one single form for the core information all of them require, make the filing instructions simpler and add a useful index, and review the extra schedules that go with the core form to remove any requirements not needed for safety or other public reasons. Federal banking agency — means the agencies defined in section 1813 of this title.

Title 12, §4805a

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 December 27, 2000, 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.

(d)In this section, the term “Federal banking agency” has the same meaning as in section 1813 of this title.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Financial Regulatory Relief and Economic Efficiency Act of 2000, and also as part of the American Homeownership and Economic Opportunity Act of 2000, and not as part of title III of Pub. L. 103–325 which comprises this chapter. Provisions similar to this section are contained in section 4805 of this title.

§4805a Call report simplification

Summary

Title 12, §4805a

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata