WASHINGTON–The Federal Financial Institutions Examinations Council has unveiled a plan to simplify regulatory reporting for community banks, but the proposed rules will not apply to credit unions.
The FFIEC said it will now to seek public comment on its plan to eliminate or revise certain portions of the call reports filed by banks and savings institutions with their regulators. The proposal will be out for comment for 60 days and, if adopted, would either go into effect in December of 2015 or in March 2016.
The FFIEC includes NCUA as a member. Its other members include the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp, the Office of the Comptroller of the Currency, and the State Liaison Committee.