12 U.S.C. § 4805: Call report simplification

Summary

Federal banking agencies must modernize how banks, savings associations, and bank holding companies file and share financial reports. They must create a system so these institutions and their affiliates can file reports electronically and so the agencies can post them online for the public. Not later than 1 year after September 23, 1994, the agencies must send Congress a report with suggested laws to make filing and using the reports more efficient. The agencies must also work together, while keeping safety and soundness in mind, to use one single form for core data, simplify the instructions and add a helpful index, and review any extra schedules to remove filing items that are not needed for safety or other public purposes.

Title 12, §4805

Banks and Banking, Source: USLM XML via OLRC

(a)Modernization of call report filing and disclosure system

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)Uniform reports and simplification of instructions

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)Review of call report schedule

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