Key House Financial Services Committee members joined ICBA’s call for federal banking regulators to revisit their proposed rule implementing call report relief for community banks. The Committee’s subcommittee chairs followed up on a previous bipartisan Senate letter and said the proposal does not meet congressional intent. ICBA supports the provision in the S. 2155 regulatory relief law that establishes a short-form call report in the first and third quarters for banks with less than $5 billion in assets.
However, ICBA notes the agency proposal “barely moves the needle” in reducing unnecessary reporting burdens. ICBA and IBANYS urge community bankers to weigh in by contacting federal regulators and expressing concerns with the proposed rule. ICBA offers separate alerts on its Be Heard grassroots action center for community banks with less than $1 billion in assets and those between $1 billion and $5 billion.