[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EFFECTIVE DATE: This Statement is rescinded effective June 25, 1996.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