96-16197. Rescission of Statement of Policy on Time Limits for Filing Reports of Condition  

  • [Federal Register Volume 61, Number 123 (Tuesday, June 25, 1996)]
    [Notices]
    [Pages 32813-32814]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 96-16197]
    
    
    
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    FEDERAL DEPOSIT INSURANCE CORPORATION
    
    
    Rescission of Statement of Policy on Time Limits for Filing 
    Reports of Condition
    
    AGENCY: Federal Deposit Insurance Corporation (FDIC).
    
    ACTION: Rescission of statement of policy.
    
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    SUMMARY: As part of the FDIC's systematic review of its regulations and 
    written policies under Section 303(a) of the Riegle Community 
    Development and Regulatory Improvement Act of 1994
    
    [[Page 32814]]
    
    (CDRI Act), the FDIC is rescinding its policy statement concerning time 
    limits for filing Reports of Condition (Statement). The Statement, 
    which was adopted in 1976, established a deadline for submitting the 
    Consolidated Reports of Condition and Consolidated Reports of Income 
    (Call Reports) required to be filed by FDIC-supervised banks, announced 
    that these reports must be prepared as of the last day of each calendar 
    quarter (report dates), and recited the statutory penalty then in 
    effect for failing to file these reports by the deadline. The FDIC is 
    rescinding the Statement because it is now outmoded. The submission 
    deadlines and report dates for Call Reports are fully explained in the 
    Call Report instructions now issued by the Federal Financial 
    Institutions Examination Council (FFIEC). Efforts also are currently 
    under way to reflect the submission deadlines in the FDIC's Rules and 
    Regulations. In addition, the statutory penalty has been changed since 
    the Statement's issuance. The civil money penalties that the FDIC 
    currently may assess for the late filing of a Call Report are clearly 
    set forth in the FDIC's regulations.
    
    EFFECTIVE DATE: This Statement is rescinded effective June 25, 1996.
    
    FOR FURTHER INFORMATION CONTACT: Robert F. Storch, Chief, Accounting 
    Section, Division of Supervision, (202) 898-8906, or H. Andrea Gribble, 
    Senior Counsel, Legal Division, (202) 736-3047, FDIC, 550 17th Street, 
    NW., Washington, D.C. 20429.
    
    SUPPLEMENTARY INFORMATION: The FDIC is conducting a systematic review 
    of its regulations and written policies. Section 303(a) of the CDRI Act 
    (12 U.S.C. 4803(a)) requires each federal banking agency to streamline 
    and modify its regulations and written policies in order to improve 
    efficiency, reduce unnecessary costs, and eliminate unwarranted 
    constraints on credit availability. Section 303(a) also requires each 
    federal banking agency to remove inconsistencies and outmoded and 
    duplicative requirements from its regulations and written policies.
        As part of this review, the FDIC has determined that the Statement 
    is outmoded, and that the FDIC's written policies can be streamlined by 
    its elimination.
        The Statement was published on July 12, 1976 (41 FR 28583). One of 
    the purposes of the Statement was to extend the submission deadline for 
    Reports of Condition from ten to 30 days after the report date because 
    the FDIC's Board of Directors (Board) had determined that FDIC-
    supervised banks needed additional time to complete these reports. The 
    Board also determined that the submission deadline for the Reports of 
    Condition and the Reports of Income should be the same. Another purpose 
    of the Statement was to announce that, by mutual agreement of the FDIC 
    Chairman, the Comptroller of the Currency, and the Chairman of the 
    Federal Reserve Board, the dates as of which Call Reports must be 
    prepared each year would be March 31, June 30, September 30, and 
    December 31. Previously, banks had been required to prepare their first 
    and third Call Reports of each year as of varying dates that were other 
    than March 31 and September 30. Finally, the Statement recited the 
    statutory penalty that was then in effect for failing to file the 
    Report of Condition by the submission deadline.
        Subsequent to the issuance of the Statement, in 1978, Congress 
    created the FFIEC, of which the FDIC is a member. Section 1006(c) of 
    the FFIEC Act requires the FFIEC to develop uniform reporting standards 
    for federally-supervised financial institutions. In 1988, the FFIEC 
    took final action to define the term ``submission date'' for the Call 
    Reports and to establish specific deadlines for submitting these 
    reports by various delivery methods (53 FR 32104). This action was 
    preceded by the FFIEC's solicitation of public comments on these 
    matters (53 FR 11558). The FFIEC carefully considered the comments that 
    were received before making its final decision. The definition of the 
    term ``submission date'' and the specific deadlines themselves, as well 
    as the calendar quarter-end report dates, have been incorporated into 
    the Instructions--Consolidated Reports of Condition and Income issued 
    by the FFIEC. Thus, the information in the policy statement on the 
    timing for submitting Call Reports is no longer entirely accurate. 
    Amending the policy statement would serve little purpose. Efforts are 
    currently under way to amend the FDIC's Rules and Regulations to 
    reflect the submission deadlines. The FDIC believes that it would be 
    redundant for information that will be covered by regulation and is 
    fully explained in the Call Report instructions to be repeated in a 
    policy statement.
        Section 911(c) of the Financial Institutions Reform, Recovery, and 
    Enforcement Act of 1989 amended section 7(a)(1) of the Federal Deposit 
    Insurance Act (12 U.S.C. 1817(a)(1)) to increase the statutory penalty 
    for a bank's failure to file the Call Report on time to amounts in 
    excess of the amount cited in the Statement. The civil money penalties 
    that the FDIC currently may assess for the late filing of a Call Report 
    or the filing of a false or misleading Call Report are also described 
    in section 308.132(c)(2) of the FDIC's Rules and Regulations (12 C.F.R. 
    Sec. 308.132(c)(2)). The FDIC believes that it is unnecessary for a 
    policy statement to restate penalties that are clearly set forth in its 
    regulations.
        For the above reasons, the Statement is hereby rescinded.
    
        By order of the Board of Directors.
    
        Dated at Washington, D.C., this 17th day of June, 1996.
    
    Federal Deposit Insurance Corporation.
    Robert E. Feldman,
    Deputy Executive Secretary.
    [FR Doc. 96-16197 Filed 6-24-96; 8:45 am]
    BILLING CODE 6714-01-P
    
    

Document Information

Effective Date:
6/25/1996
Published:
06/25/1996
Department:
Federal Deposit Insurance Corporation
Entry Type:
Notice
Action:
Rescission of statement of policy.
Document Number:
96-16197
Dates:
This Statement is rescinded effective June 25, 1996.
Pages:
32813-32814 (2 pages)
PDF File:
96-16197.pdf