The federal bank and thrift regulatory agencies have announced proposed changes to reporting requirements for savings associations and savings and loan holding companies regulated by the Office of Thrift Supervision (OTS).
The proposed changes include a change from quarterly Thrift Financial Reports to quarterly Consolidated Reports of Condition and Income, commonly known as Call Reports.
The agencies—the OTS, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board—are proposing the changes pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Provisions of Dodd-Frank require the transfer of OTS functions to the OCC, the FDIC, the Federal Reserve Board and the Bureau of Consumer Financial Protection on July 21, 2011.
Benefits of the proposed changes include uniform reporting systems and processes among all FDIC-insured banks and savings institutions. These changes also would make uniform all reporting requirements among all holding companies supervised by the Federal Reserve Board.
Also, the agencies would have a common set of reports for monitoring and evaluating financial condition and trends.
See press release for full details.