# FDIC FIL-47-2009: Proposed Revisions to Reports of Condition and Income (Call Report) for 2010

> Federal · Agency guidance · Superseded

URL: https://www.frixlaw.com/law-library/statutes/FDIC_FIL09047

## Section

- **Citation:** FDIC FIL-47-2009
- **Heading:** Proposed Revisions to Reports of Condition and Income (Call Report) for 2010
- **Jurisdiction:** Federal
- **Kind:** Agency guidance
- **Status:** Superseded
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** FDIC Financial Institution Letters / Proposed Revisions to Reports of Condition and Income (Call Report) for 2010

## Text

41973
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Proposed Agency Information
Collection Activities; Comment
Request
AGENCIES: Office of the Comptroller of
the Currency (OCC), Treasury; Board of
Governors of the Federal Reserve
System (Board); and Federal Deposit
Insurance Corporation (FDIC).
ACTION: Joint notice and request for
comment.
SUMMARY: In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C.
chapter 35), the OCC, the Board, and the
FDIC (the ‘‘agencies’’) may not conduct
or sponsor, and the respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The Federal
Financial Institutions Examination
Council (FFIEC), of which the agencies
are members, has approved the
agencies’ publication for public
comment of a proposal to extend, with
revision, the Consolidated Reports of
Condition and Income (Call Report),
which are currently approved
collections of information. At the end of
the comment period, the comments and
recommendations received will be
analyzed to determine the extent to
which the FFIEC and the agencies
should modify the proposed revisions
prior to giving final approval. The
agencies will then submit the revisions
to OMB for review and approval.
DATES: Comments must be submitted on
or before October 19, 2009.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the agencies. All comments,
which should refer to the OMB control
number(s), will be shared among the
agencies.
OCC: You should direct all written
comments to: Communications
Division, Office of the Comptroller of
the Currency, Public Information Room,
Mailstop 2–3, Attention: 1557–0081,
250 E Street, SW., Washington, DC
20219
ies are
invited to submit written comments to
any or all of the agencies. All comments,
which should refer to the OMB control
number(s), will be shared among the
agencies.
OCC: You should direct all written
comments to: Communications
Division, Office of the Comptroller of
the Currency, Public Information Room,
Mailstop 2–3, Attention: 1557–0081,
250 E Street, SW., Washington, DC
20219. In addition, comments may be
sent by fax to (202) 874–5274, or by
electronic mail to
regs.comments@occ.treas.gov. You may
personally inspect and photocopy
comments at the OCC, 250 E Street,
SW., Washington, DC 20219. For
security reasons, the OCC requires that
visitors make an appointment to inspect
comments. You may do so by calling
(202) 874–4700. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and to submit to security screening in
order to inspect and photocopy
comments.
Board: You may submit comments,
which should refer to ‘‘Consolidated
Reports of Condition and Income, 7100–
0036,’’ by any of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments
on the http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include the OMB control number in the
subject line of the message.
• Fax: 202–452–3819 or 202–452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available from
the Board’s Web site at http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information
oard of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available from
the Board’s Web site at http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room MP–500 of the Board’s
Martin Building (20th and C Streets,
NW.) between 9 a.m. and 5 p.m. on
weekdays.
FDIC: You may submit comments,
which should refer to ‘‘Consolidated
Reports of Condition and Income, 3064–
0052,’’ by any of the following methods:
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow the instructions
for submitting comments on the FDIC
Web site.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail: comments@FDIC.gov.
Include ‘‘Consolidated Reports of
Condition and Income, 3064–0052’’ in
the subject line of the message.
• Mail: Herbert J. Messite (202–898–
6834), Counsel, Attn: Comments, Room
F–1052, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
• Hand Delivery: Comments may be
hand delivered to the guard station at
the rear of the 550 17th Street Building
(located on F Street) on business days
between 7 a.m. and 5 p.m.
Public Inspection: All comments
received will be posted without change
to http://www.fdic.gov/regulations/laws/
federal/propose.html including any
personal information provided.
Comments may be inspected at the FDIC
Public Information Center, Room E–
1002, 3501 Fairfax Drive, Arlington, VA
22226, between 9 a.m. and 5 p.m. on
business days.
Additionally, commenters may send a
copy of their comments to the OMB
desk officer for the agencies by mail to
the Office of Information and Regulatory
Affairs, U.S
al/propose.html including any
personal information provided.
Comments may be inspected at the FDIC
Public Information Center, Room E–
1002, 3501 Fairfax Drive, Arlington, VA
22226, between 9 a.m. and 5 p.m. on
business days.
Additionally, commenters may send a
copy of their comments to the OMB
desk officer for the agencies by mail to
the Office of Information and Regulatory
Affairs, U.S. Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street, NW.,
Washington, DC 20503, or by fax to
(202) 395–6974.
FOR FURTHER INFORMATION CONTACT: For
further information about the revisions
discussed in this notice, please contact
any of the agency clearance officers
whose names appear below. In addition,
copies of the Call Report forms can be
obtained at the FFIEC’s Web site
(http://www.ffiec.gov/
ffiec_report_forms.htm).
OCC: Mary Gottlieb, OCC Clearance
Officer, (202) 874–5090, Legislative and
Regulatory Activities Division, Office of
the Comptroller of the Currency, 250 E
Street, SW., Washington, DC 20219.
Board: Michelle Shore, Federal
Reserve Board Clearance Officer, (202)
452–3829, Division of Research and
Statistics, Board of Governors of the
Federal Reserve System, 20th and C
Streets, NW., Washington, DC 20551.
Telecommunications Device for the Deaf
(TDD) users may call (202) 263–4869.
FDIC: Herbert J. Messite, Counsel,
(202) 898–6834, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The
agencies are proposing to revise and
extend for three years the Call Report,
which is currently an approved
collection of information for each
agency.
Report Title: Consolidated Reports of
Condition and Income (Call Report).
Form Number: Call Report: FFIEC 031
(for banks with domestic and foreign
offices) and FFIEC 041 (for banks with
domestic offices only).
Frequency of Response: Quarterly.
Affected Public: Business or other for-
profit.
OCC
OMB Number: 1557–0081
h is currently an approved
collection of information for each
agency.
Report Title: Consolidated Reports of
Condition and Income (Call Report).
Form Number: Call Report: FFIEC 031
(for banks with domestic and foreign
offices) and FFIEC 041 (for banks with
domestic offices only).
Frequency of Response: Quarterly.
Affected Public: Business or other for-
profit.
OCC
OMB Number: 1557–0081.
Estimated Number of Respondents:
1,569 national banks.
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1 Under the FASB Accounting Standards
Codification TM, see Topic 320, Investments—Debt
and Equity Securities.
Estimated Time per Response: 49.33
burden hours.
Estimated Total Annual Burden:
309,595 burden hours.
Board
OMB Number: 7100–0036.
Estimated Number of Respondents:
861 state member banks.
Estimated Time per Response: 55.08
burden hours.
Estimated Total Annual Burden:
189,696 burden hours.
FDIC
OMB Number: 3064–0052.
Estimated Number of Respondents:
5,032 insured state nonmember banks.
Estimated Time per Response: 39.15
burden hours.
Estimated Total Annual Burden:
788,011 burden hours.
The estimated time per response for
the Call Report is an average that varies
by agency because of differences in the
composition of the institutions under
each agency’s supervision (e.g., size
distribution of institutions, types of
activities in which they are engaged,
and existence of foreign offices). The
average reporting burden for the Call
Report is estimated to range from 16 to
655 hours per quarter, depending on an
individual institution’s circumstances.
General Description of Reports
These information collections are
mandatory: 12 U.S.C. 161 (for national
banks), 12 U.S.C. 324 (for state member
banks), and 12 U.S.C. 1817 (for insured
state nonmember commercial and
savings banks)
he
average reporting burden for the Call
Report is estimated to range from 16 to
655 hours per quarter, depending on an
individual institution’s circumstances.
General Description of Reports
These information collections are
mandatory: 12 U.S.C. 161 (for national
banks), 12 U.S.C. 324 (for state member
banks), and 12 U.S.C. 1817 (for insured
state nonmember commercial and
savings banks). At present, except for
selected data items, these information
collections are not given confidential
treatment.
Abstract
Institutions submit Call Report data to
the agencies each quarter for the
agencies’ use in monitoring the
condition, performance, and risk profile
of individual institutions and the
industry as a whole. Call Report data
provide the most current statistical data
available for evaluating institutions’
corporate applications, for identifying
areas of focus for both on-site and off-
site examinations, and for monetary and
other public policy purposes. The
agencies use Call Report data in
evaluating interstate merger and
acquisition applications to determine, as
required by law, whether the resulting
institution would control more than ten
percent of the total amount of deposits
of insured depository institutions in the
United States. Call Report data are also
used to calculate institutions’ deposit
insurance and Financing Corporation
assessments and national banks’
semiannual assessment fees.
Current Actions
I. Overview
The agencies are proposing to
implement certain changes to the Call
Report requirements in 2010 that are
intended to provide data needed for
reasons of safety and soundness or other
public purposes. These proposed
revisions respond, for example, to a
change in accounting standards, a
temporary increase in the deposit
insurance limit, and credit availability
concerns.
The proposed Call Report changes
that are the subject of this proposal
would take effect as of March 31, 2010,
unless otherwise indicated
rovide data needed for
reasons of safety and soundness or other
public purposes. These proposed
revisions respond, for example, to a
change in accounting standards, a
temporary increase in the deposit
insurance limit, and credit availability
concerns.
The proposed Call Report changes
that are the subject of this proposal
would take effect as of March 31, 2010,
unless otherwise indicated. These
revisions, which are discussed in detail
in Sections II.A. through J. of this
notice, include:
• New items identifying total other-
than-temporary impairment losses on
debt securities, the portion of the total
recognized in other comprehensive
income, and the net losses recognized in
earnings, consistent with the
presentation requirements of a recent
accounting standard;
• Clarification of the instructions for
reporting unused commitments;
• Breakdowns of the existing items
for unused credit card lines and other
unused commitments, with the former
breakdown required only for certain
institutions, and a related breakdown of
the existing item for other loans;
• New items pertaining to reverse
mortgages that would be collected
annually as of December 31;
• A breakdown of the existing item
for time deposits of $100,000 or more
(in domestic offices);
• Revisions of existing items for
brokered deposits;
• New items for the interest expense
and quarterly averages for fully insured
brokered time deposits and other
brokered time deposits;
• A change in the reporting frequency
for small business and small farm
lending data from annually to quarterly;
• A change in the reporting frequency
for the number of certain deposit
accounts from annually to quarterly;
and
• The elimination of the item for
internal allocations of income and
expense from the schedule for income
from foreign offices.
The agencies seek to establish
reporting thresholds for the collection of
Call Report information where
practicable to limit the reporting burden
imposed on banking institutions
equency
for the number of certain deposit
accounts from annually to quarterly;
and
• The elimination of the item for
internal allocations of income and
expense from the schedule for income
from foreign offices.
The agencies seek to establish
reporting thresholds for the collection of
Call Report information where
practicable to limit the reporting burden
imposed on banking institutions. In
establishing such thresholds, the
agencies weigh the characteristics of the
institutions involved in the activity that
would be subject to the reporting
requirements, the number of institutions
affected by the reporting requirements,
the type of information being collected,
how that information will be used by
the agencies, and banks’ costs associated
with gathering and reporting the
requested information. The agencies
solicit comments from banking
institutions related to the proposals
described in this notice. Are there
appropriate reporting thresholds for
specific proposed changes that will
enable the agencies to collect
meaningful information without
creating undue burden for institutions?
Please provide specific feedback
regarding the amount of burden created
by the proposed amendments as well as
suggestions for thresholds that would
reduce this burden without
compromising the usefulness of the
data.
For the March 31 and December 31,
2010 report dates, banks may provide
reasonable estimates for any new or
revised Call Report item initially
required to be reported as of that date
for which the requested information is
not readily available. The specific
wording of the captions for the new or
revised Call Report data items discussed
in this proposal and the numbering of
these data items should be regarded as
preliminary.
Type of Review: Revision and
extension of currently approved
collections.
II. Discussion of Proposed Call Report
Revisions
A
d as of that date
for which the requested information is
not readily available. The specific
wording of the captions for the new or
revised Call Report data items discussed
in this proposal and the numbering of
these data items should be regarded as
preliminary.
Type of Review: Revision and
extension of currently approved
collections.
II. Discussion of Proposed Call Report
Revisions
A. Other-Than-Temporary Impairment
Losses on Debt Securities
On April 9, 2009, the Financial
Accounting Standards Board (FASB)
issued FASB Staff Position (FSP) No.
115–2 and 124–2, Recognition and
Presentation of Other-Than-Temporary
Impairments (FSP FAS 115–2).1 This
FSP amended the other-than-temporary
impairment guidance in other
accounting standards that applies to
investments in debt securities. Under
FSP FAS 115–2, if a bank intends to sell
a debt security or it is more likely than
not that it will be required to sell the
debt security before recovery of its
amortized cost basis, an other-than-
temporary impairment has occurred and
the entire difference between the
security’s amortized cost basis and its
fair value at the balance sheet date must
be recognized in earnings. FSP FAS
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2 73 FR 54811, September 23, 2008.
115–2 also provides that if the present
value of cash flows expected to be
collected on a debt security is less than
its amortized cost basis, a credit loss
exists. In this situation, if a bank does
not intend to sell the security and it is
not more likely than not that the bank
will be required to sell the debt security
before recovery of its amortized cost
basis less any current-period credit loss,
an other-than-temporary impairment
has occurred
xpected to be
collected on a debt security is less than
its amortized cost basis, a credit loss
exists. In this situation, if a bank does
not intend to sell the security and it is
not more likely than not that the bank
will be required to sell the debt security
before recovery of its amortized cost
basis less any current-period credit loss,
an other-than-temporary impairment
has occurred. The amount of the total
other-than-temporary impairment
related to the credit loss must be
recognized in earnings, but the amount
of the total impairment related to other
factors must be recognized in other
comprehensive income, net of
applicable taxes.
For other-than-temporary impairment
losses on held-to-maturity and
available-for-sale debt securities, banks
report the amount of the other-than-
temporary impairment losses that must
be recognized in earnings in items 6.a
and 6.b of the Call Report income
statement (Schedule RI), respectively.
Other-than-temporary impairment
losses that are to be recognized in other
comprehensive income, net of
applicable taxes, are reported in
Schedule RI–A, Changes in Bank Equity
Capital, item 10, ‘‘Other comprehensive
income.’’ However, because items 6.a
and 6.b of Schedule RI also include
other amounts such as gains (losses) on
sales of held-to-maturity and available-
for-sale securities, the agencies
currently are not able to determine the
effect on the net income of banks,
individually and in the aggregate, of
other-than-temporary impairment losses
that must be recognized in earnings.
Similarly, because item 10 of Schedule
RI–A includes all of the other
components of a bank’s other
comprehensive income, the agencies
cannot identify the portion of other
comprehensive income attributable to
other-than-temporary impairment losses
for banks individually and in the
aggregate
d in the aggregate, of
other-than-temporary impairment losses
that must be recognized in earnings.
Similarly, because item 10 of Schedule
RI–A includes all of the other
components of a bank’s other
comprehensive income, the agencies
cannot identify the portion of other
comprehensive income attributable to
other-than-temporary impairment losses
for banks individually and in the
aggregate.
According to FSP FAS 115–2, in a
period in which a bank determines that
a debt security’s decline in fair value
below its amortized cost basis is other
than temporary, the bank must present
the total other-than-temporary
impairment loss in the income
statement with an offset for the amount
of the total loss that is recognized in
other comprehensive income. This new
presentation provides additional
information about the amounts that a
bank does not expect to collect related
to its investments in debt securities held
for purposes other than trading.
Therefore, to enhance the agencies’
ability to evaluate the factors affecting
bank earnings, the agencies propose to
add three Memorandum items to the
Call Report income statement that
would mirror the presentation
requirements of FSP FAS 115–2. In
these new Memorandum items, banks
would report total other-than-temporary
impairment losses on debt securities for
the calendar year-to-date reporting
period, the portion of these losses
recognized in other comprehensive
income, and the net losses recognized in
earnings
B. Clarification of the Instructions for
Reporting Unused Commitments
Banks report unused commitments in
item 1 of Schedule RC–L, Derivatives
and Off-Balance Sheet Items
l other-than-temporary
impairment losses on debt securities for
the calendar year-to-date reporting
period, the portion of these losses
recognized in other comprehensive
income, and the net losses recognized in
earnings
B. Clarification of the Instructions for
Reporting Unused Commitments
Banks report unused commitments in
item 1 of Schedule RC–L, Derivatives
and Off-Balance Sheet Items. The
instructions for this item identify
various arrangements that should be
reported as unused commitments,
including but not limited to
commitments for which the bank has
charged a commitment fee or other
consideration, commitments that are
legally binding, loan proceeds that the
bank is obligated to advance,
commitments to issue a commitment,
and revolving underwriting facilities.
However, the agencies have found that
some banks have not reported
commitments that they have entered
into until they have signed the loan
agreement for the financing that they
have committed to provide. Although
the agencies consider these
arrangements to be commitments to
issue a commitment and, therefore,
within the scope of the existing
instructions for reporting commitments
in Schedule RC–L, they believe that
these instructions may not be
sufficiently clear. Therefore, the
agencies originally proposed to revise
the instructions for Schedule RC–L,
item 1, ‘‘Unused commitments,’’ as one
of the proposed Call Report changes for
implementation as of March 31, 2009.2
More specifically, with respect to
commitments to issue a commitment at
some point in the future, the agencies
proposed to add language to the
instructions for this item explicitly
stating that such commitments include
those that have been entered into even
though the related loan agreement has
not yet been signed.
In response to the agencies’ request
for comment on Call Report revisions
for 2009, three commenters specifically
addressed the proposed instructional
clarification pertaining to unused
commitments
d language to the
instructions for this item explicitly
stating that such commitments include
those that have been entered into even
though the related loan agreement has
not yet been signed.
In response to the agencies’ request
for comment on Call Report revisions
for 2009, three commenters specifically
addressed the proposed instructional
clarification pertaining to unused
commitments. One commenter agreed
that clarification is needed, but
recommended that commitments to
issue a commitment in the future,
including those entered into even
though the related loan agreement has
not yet been signed, should be removed
from the list of types of arrangements
that the instructions would direct banks
to report as unused commitments. A
second commenter expressed concern
about reporting ‘‘commitments that
contain a relatively high level of
uncertainty until a loan agreement has
been signed or the loan has been funded
with a first advance’’ and the reliability
of data on such commitments. The third
commenter stated that because some
banks do not have systems for tracking
such arrangements, the instructions
should in effect permit banks to exclude
commitment letters with an expiration
date of 90 days or less. Finally, the first
commenter also recommended that the
instructions for reporting unused
commitments should state that amounts
conveyed or participated to others that
the conveying or participating bank is
not obligated to fund should not be
reported as unused commitments by the
conveying or participating bank.
After evaluating these comments, the
agencies have refined their approach to
identifying commitments to issue a
commitment in a manner that is
intended to address the commenters’
concerns by focusing on a point in the
commitment process when the agencies
believe that banks’ systems should be
tracking their commitments
reported as unused commitments by the
conveying or participating bank.
After evaluating these comments, the
agencies have refined their approach to
identifying commitments to issue a
commitment in a manner that is
intended to address the commenters’
concerns by focusing on a point in the
commitment process when the agencies
believe that banks’ systems should be
tracking their commitments. Thus, the
instructions would state that
commitments to issue a commitment at
some point in the future are those where
the bank has extended terms and the
borrower has accepted the offered terms,
even though the related loan agreement
has not yet been signed. In addition, the
agencies agree with the commenter’s
recommendation concerning
commitments that have been conveyed
or participated to others and are
proposing to modify the instructions
accordingly.
The proposed revised instructions for
Schedule RC–L, item 1, would read as
follows:
Report in the appropriate subitem the
unused portions of commitments.
Unused commitments are to be reported
gross, i.e., include in the appropriate
subitem the unused amount of
commitments acquired from and
conveyed or participated to others.
However, exclude commitments
conveyed or participated to others that
the bank is not legally obligated to fund
even if the party to whom the
commitment has been conveyed or
participated fails to perform in
accordance with the terms of the
commitment.
For purposes of this item,
commitments include:
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(1) Commitments to make or purchase
extensions of credit in the form of loans
or participations in loans, lease
financing receivables, or similar
transactions.
(2) Commitments for which the bank
has charged a commitment fee or other
consideration.
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(1) Commitments to make or purchase
extensions of credit in the form of loans
or participations in loans, lease
financing receivables, or similar
transactions.
(2) Commitments for which the bank
has charged a commitment fee or other
consideration.
(3) Commitments that are legally
binding.
(4) Loan proceeds that the bank is
obligated to advance, such as:
(a) Loan draws;
(b) Construction progress payments;
and
(c) Seasonal or living advances to
farmers under prearranged lines of
credit.
(5) Rotating, revolving, and open-end
credit arrangements, including, but not
limited to, retail credit card lines and
home equity lines of credit.
(6) Commitments to issue a
commitment at some point in the future,
where the bank has extended terms and
the borrower has accepted the offered
terms, even though the related loan
agreement has not yet been signed.
(7) Overdraft protection on depositors’
accounts offered under a program where
the bank advises account holders of the
available amount of overdraft
protection, for example, when accounts
are opened or on depositors’ account
statements or ATM receipts.
(8) The bank’s own takedown in
securities underwriting transactions.
(9) Revolving underwriting facilities
(RUFs), note issuance facilities (NIFs),
and other similar arrangements, which
are facilities under which a borrower
can issue on a revolving basis short-term
paper in its own name, but for which
the underwriting banks have a legally
binding commitment either to purchase
any notes the borrower is unable to sell
by the rollover date or to advance funds
to the borrower.
Exclude forward contracts and other
commitments that meet the definition of
a derivative and must be accounted for
in accordance with FASB Statement No.
133, which should be reported in
Schedule RC–L, item 12
which
the underwriting banks have a legally
binding commitment either to purchase
any notes the borrower is unable to sell
by the rollover date or to advance funds
to the borrower.
Exclude forward contracts and other
commitments that meet the definition of
a derivative and must be accounted for
in accordance with FASB Statement No.
133, which should be reported in
Schedule RC–L, item 12. Include the
amount (not the fair value) of the
unused portions of loan commitments
that do not meet the definition of a
derivative that the bank has elected to
report at fair value under a fair value
option. Also include forward contracts
that do not meet the definition of a
derivative. The unused portions of
commitments are to be reported in the
appropriate subitem regardless of
whether they contain ‘‘material adverse
change’’ clauses or other provisions that
are intended to relieve the issuer of its
funding obligations under certain
conditions and regardless of whether
they are unconditionally cancelable at
any time.
In the case of commitments for
syndicated loans, report only the bank’s
proportional share of the commitment.
For purposes of reporting the unused
portions of revolving asset-based
lending commitments, the commitment
is defined as the amount a bank is
obligated to fund—as of the report
date—based on the contractually agreed
upon terms. In the case of revolving
asset-based lending, the unused
portions of such commitments should
be measured as the difference between
ional share of the commitment.
For purposes of reporting the unused
portions of revolving asset-based
lending commitments, the commitment
is defined as the amount a bank is
obligated to fund—as of the report
date—based on the contractually agreed
upon terms. In the case of revolving
asset-based lending, the unused
portions of such commitments should
be measured as the difference between
(a) the lesser of the contractual
borrowing base (i.e., eligible collateral
times the advance rate) or the note
commitment limit, and (b) the sum of
outstanding loans and letters of credit
under the commitment. The note
commitment limit is the overall
maximum loan amount beyond which
the bank will not advance funds
regardless of the amount of collateral
posted. This definition of
‘‘commitment’’ is applicable only to
revolving asset-based lending, which is
a specialized form of secured lending in
which a borrower uses current assets
(e.g., accounts receivable and inventory)
as collateral for a loan. The loan is
structured so that the amount of credit
is limited by the value of the collateral.
C. Additional Categories of Unused
Commitments and Loans
The extent to which banks are
reducing the supply of credit during the
current financial crisis has been of great
interest to the agencies and to Congress.
Also, bank lending plays a central role
in any economic recovery and the
agencies need data to better determine
when credit conditions have eased. One
way to measure the supply of credit is
to analyze the change in total lending
commitments by banks, considering
both the amount of loans outstanding
and the volume of unused credit lines.
These data are also needed for safety
and soundness purposes because draws
on commitments during periods when
banks face significant funding pressures,
such as during the fall of 2008, can
place significant and unexpected
demands on the liquidity and capital
positions of banks
g
commitments by banks, considering
both the amount of loans outstanding
and the volume of unused credit lines.
These data are also needed for safety
and soundness purposes because draws
on commitments during periods when
banks face significant funding pressures,
such as during the fall of 2008, can
place significant and unexpected
demands on the liquidity and capital
positions of banks. Therefore, the
agencies propose breaking out in further
detail two categories of unused
commitments on Schedule RC–L,
Derivatives and Off-Balance Sheet
Items. The agencies also propose to
break out in further detail one new loan
category on Schedule RC–C, part I,
Loans and Leases. These new data items
would improve the agencies’ ability to
obtain timely and accurate readings on
the supply of credit available to
households and businesses. These data
would also be useful in determining the
effectiveness of the government’s
economic stabilization programs.
Unused commitments associated with
credit card lines are reported in
Schedule RC–L, item 1.b. This data item
is not sufficiently meaningful for
monitoring the supply of credit because
it mixes consumer credit card lines with
credit card lines for businesses and
other entities. As a result of this
aggregation, it is not possible to fully
monitor credit available specifically to
households. Furthermore, bank
supervisors would benefit from the
split, because the usage patterns,
profitability, and evolution of credit
quality through the business cycle are
likely to differ for consumer credit cards
and business credit cards. Therefore, the
agencies propose to split Schedule RC–
L, item 1.b, into unused consumer credit
card lines and other unused credit card
lines. This breakout would be reported
by institutions with either $300 million
or more in total assets or $300 million
or more in unused credit card
commitments. Draws from these credit
lines that have not been sold are already
reported on Schedule RC–C, part I
re, the
agencies propose to split Schedule RC–
L, item 1.b, into unused consumer credit
card lines and other unused credit card
lines. This breakout would be reported
by institutions with either $300 million
or more in total assets or $300 million
or more in unused credit card
commitments. Draws from these credit
lines that have not been sold are already
reported on Schedule RC–C, part I. For
example, banks must report draws on
credit cards issued to nonfarm
nonfinancial businesses as commercial
and industrial (C&I) loans in Schedule
RC–C, part I, item 4, and draws on
personal credit cards as consumer loans
in Schedule RC–C, part I, item 6.a.
Schedule RC–L, item 1.e, aggregates
all other unused commitments, and
includes unused commitments to fund
C&I loans (other than credit card lines
to commercial and industrial
enterprises, which are reported in item
1.b, and commitments to fund
commercial real estate, construction,
and land development loans not secured
by real estate, which are reported in
item 1.c.(2)). Separating these C&I
lending commitments from the other
commitments included in other unused
commitments would considerably
improve the agencies’ ability to analyze
business credit conditions. A very large
percentage of banks responding to the
Federal Reserve’s Senior Loan Officer
Opinion Survey on Bank Lending
Practices (FR 2018; OMB No. 7100–
0058) reported having tightened lending
policies for C&I loans and credit lines
during 2008; however, C&I loans on
banks’ balance sheets expanded through
the end of October 2008, reportedly as
a result of substantial draws on existing
credit lines. In contrast, other unused
commitments reported on the Call
Report contracted, but without the
proposed breakouts of such
commitments, it was not possible to
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ober 2008, reportedly as
a result of substantial draws on existing
credit lines. In contrast, other unused
commitments reported on the Call
Report contracted, but without the
proposed breakouts of such
commitments, it was not possible to
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41977
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
know how total business borrowing
capacity had changed. The FR 2018 data
are qualitative rather than quantitative
and are collected only from a sample of
institutions up to six times per year.
Having the additional unused
commitment data reported separately on
the Call Report, along with the proposed
changes to Schedule RC–C described
below, would have indicated more
clearly whether there was a widespread
restriction in new credit available to
businesses.
Therefore, the agencies propose to
split Schedule RC–L, item 1.e, into three
categories: Unused commitments to
fund commercial and industrial loans
(which would include only
commitments not reported in Schedule
RC–L, items 1.b and 1.c.(2), for loans
that, when funded, would be reported in
Schedule RC–C, item 4), unused
commitments to fund loans to financial
institutions (defined to include
depository institutions and
nondepository financial institutions,
i.e., real estate investment trusts,
mortgage companies, holding
companies of other depository
institutions, insurance companies,
finance companies, mortgage finance
companies, factors and other financial
intermediaries, short-term business
credit institutions, personal finance
companies, investment banks, the
bank’s own trust department, other
domestic and foreign financial
intermediaries, and Small Business
Investment Companies), and all other
unused commitments
ther depository
institutions, insurance companies,
finance companies, mortgage finance
companies, factors and other financial
intermediaries, short-term business
credit institutions, personal finance
companies, investment banks, the
bank’s own trust department, other
domestic and foreign financial
intermediaries, and Small Business
Investment Companies), and all other
unused commitments. With respect to
Schedule RC–C, part I, the agencies also
propose to revise item 9, ‘‘Other loans,’’
by breaking out a new category for loans
to nondepository financial institutions
(as defined above). Banks already report
data on loans to depository institutions
in Schedule RC–C, part I, item 2.
Lending by nondepository financial
institutions was a key characteristic of
the recent credit cycle and many such
institutions failed; however, little
information existed on the exposure of
the banking system to those firms as this
information was obscured by the current
structure of the Call Report’s loan
schedule. The proposed addition of
separate items for unused commitments
to financial institutions and loans to
nondepository financial institutions,
together with the existing data on loans
to depository institutions, will allow
supervisors and other interested parties
to more closely monitor the exposure of
individual banks to financial
institutions and to assess the impact
that changes in the credit availability to
this sector have on the economy.
D. Reverse Mortgage Data
Reverse mortgages are complex loan
products that leverage equity in homes
to provide lump sum cash payments or
lines of credit to borrowers. These
products are typically marketed to
senior citizens who own homes. The
agencies are currently unable to
effectively identify and monitor
institutions that offer these products
due to a lack of reverse mortgage data
my.
D. Reverse Mortgage Data
Reverse mortgages are complex loan
products that leverage equity in homes
to provide lump sum cash payments or
lines of credit to borrowers. These
products are typically marketed to
senior citizens who own homes. The
agencies are currently unable to
effectively identify and monitor
institutions that offer these products
due to a lack of reverse mortgage data.
The reverse mortgage market
currently consists of two basic types of
products: Proprietary products designed
and originated by financial institutions
and a federally-insured product known
as a Home Equity Conversion Mortgage
(HECM). Some reverse mortgages
provide for a lump sum payment to the
borrower at closing, with no ability for
the borrower to receive additional funds
under the mortgage at a later date. Other
reverse mortgages are structured like
home equity lines of credit in that they
provide the borrower with additional
funds after closing, either as fixed
monthly payments, under a line of
credit, or both. There are also reverse
mortgages that provide a combination of
a lump sum payment to the borrower at
closing and additional payments to the
borrower after the closing of the loan.
The volume of reverse mortgage
activity is expected to dramatically
increase in the coming years as the U.S.
population ages. A number of consumer
protection related risks and safety and
soundness related risks are associated
with these products and the agencies
need to collect information from banks
involved in the reverse mortgage
activities to monitor and mitigate those
risks. For example, proprietary reverse
mortgages structured as lines of credit,
which are not insured by the federal
government, expose borrowers to the
risk that the lender will be unwilling or
unable to meet its obligation to make
payments due to the borrower
d the agencies
need to collect information from banks
involved in the reverse mortgage
activities to monitor and mitigate those
risks. For example, proprietary reverse
mortgages structured as lines of credit,
which are not insured by the federal
government, expose borrowers to the
risk that the lender will be unwilling or
unable to meet its obligation to make
payments due to the borrower.
Additionally, in those circumstances in
which housing prices are declining,
there is the risk that the reverse
mortgage loan balance may exceed the
value of the underlying collateral value
of the home.
As stated above, access to data
regarding loan volumes, dollar amounts
outstanding, and the institutions
offering reverse mortgages or
participating in reverse mortgage
activity is severely limited. The U.S.
Department of Housing and Urban
Development provides a monthly report
for reverse mortgages endorsed for
federal insurance, by fiscal year, for
those loans that are part of the federally-
sponsored HECM program. While this
monthly report provides information
such as average expected interest rates,
average property values, average age of
the borrower, and the number of active
insured accounts, there is no aggregate
monthly data nor is there institution-
specific information that identifies the
institutions participating in the
program. For proprietary reverse
mortgage loans, there is no known data
on the volume of reverse mortgages,
dollar amounts outstanding, or the
institutions offering these products.
The agencies propose that new items
be added to the Call Report to collect
reverse mortgage data on an annual
basis beginning on December 31, 2010.
Collecting this information will provide
the agencies the necessary information
for policy development and the
management of risk exposures posed by
institutions’ involvement with reverse
mortgages
r the
institutions offering these products.
The agencies propose that new items
be added to the Call Report to collect
reverse mortgage data on an annual
basis beginning on December 31, 2010.
Collecting this information will provide
the agencies the necessary information
for policy development and the
management of risk exposures posed by
institutions’ involvement with reverse
mortgages. First, a new Memorandum
item would be added to Schedule RC–
C, part I, Loans and Leases, for ‘‘Reverse
mortgages outstanding that are held for
investment.’’ In this Memorandum item,
banks would separately report the
amount of HECM reverse mortgages and
the amount of proprietary reverse
mortgages that are held for investment
and included in Schedule RC–C, part I,
item 1.c, Loans ‘‘Secured by 1–4 family
residential properties.’’ Additionally,
new items would be added to Schedule
RC–L, Derivatives and Off-Balance
Sheet Items, to collect the amounts of
‘‘Unused commitments for HECM
reverse mortgages outstanding that are
held for investment’’ and ‘‘Unused
commitments for proprietary reverse
mortgages outstanding that are held for
investment.’’ Because these reverse
mortgages have been structured in
whole or in part like home equity lines
of credit, the unused commitments
associated with these mortgages are also
reportable in existing item 1.a,
‘‘Revolving, open-end lines secured by
1–4 family residential properties,’’ of
Schedule RC–L. The proposed new
unused commitment items would be
subsets of item 1.a.
In many instances, institutions do not
underwrite and fund reverse mortgages,
but refer borrowers to other reverse
mortgage lenders
unused commitments
associated with these mortgages are also
reportable in existing item 1.a,
‘‘Revolving, open-end lines secured by
1–4 family residential properties,’’ of
Schedule RC–L. The proposed new
unused commitment items would be
subsets of item 1.a.
In many instances, institutions do not
underwrite and fund reverse mortgages,
but refer borrowers to other reverse
mortgage lenders. These institutions
receive a fee for referring customers to
the reverse mortgage lender and they
may be involved in (although their
involvement may not be limited to) the
following activities: Marketing the
reverse mortgage loan product,
providing information on or answering
questions about the reverse mortgage
loan, selling products in conjunction
with reverse mortgages, and/or
accepting an application for a reverse
mortgage from the potential borrower.
This model enables consumers to deal
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41978
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
3 The proposed linkage of the scope of the
Memorandum items on fully insured brokered
deposits in Schedule RC–E to the deposit insurance
limits in effect on the report date is consistent with
an existing linkage between the deposit insurance
limits in effect on the report date and the
Memorandum items in Schedule RC–O, Other Data
for Deposit Insurance and FICO Assessments, on
the amount and number of deposit accounts within
the insurance limit and in excess of the insurance
limit.
first with their local institutions without
the institutions having to build an
entirely new lending function. It also
provides an economy of scale for a
specialized lender because they will not
necessarily need a large physical branch
network when they can partner with
existing lenders
amount and number of deposit accounts within
the insurance limit and in excess of the insurance
limit.
first with their local institutions without
the institutions having to build an
entirely new lending function. It also
provides an economy of scale for a
specialized lender because they will not
necessarily need a large physical branch
network when they can partner with
existing lenders. The banking agencies
propose adding a new Memorandum
item to Schedule RC–C, part I, to
annually collect the estimated number
of fee-paid referrals during the year from
each bank making referrals beginning on
December 31, 2010. Banks would report
separately the estimated number of fee-
paid referrals for HECM reverse
mortgages and proprietary reverse
mortgages.
The agencies request specific
feedback from reporting institutions on
their ability to provide fee-paid referral
information for reverse mortgages. Do
banks maintain the data necessary to
provide an estimate of the number of fee
paid referrals they have made during the
year? Would it be less burdensome for
banks to report an estimated number of
fee-paid referrals for reverse mortgages
that falls within specified ranges of
numbers? Is there alternative
information that the agencies could
collect in order to better understand the
extent of banks’ reverse mortgage
referral activities?
Finally, many banks that originate
reverse mortgages routinely sell their
funded mortgages in the secondary
market. As a result, these loans will not
remain on the originating banks’ balance
sheets for long periods of time and,
therefore, the proposed items for reverse
mortgages outstanding that are held for
investment will not capture the extent
of banks’ reverse mortgage activity when
it involves the origination and sale of
these loans. Thus, the agencies propose
to add Memorandum items to Schedule
RC–C, part I, in which banks would
report the principal amount of reverse
mortgages originated for sale that have
been sold during the year
ms for reverse
mortgages outstanding that are held for
investment will not capture the extent
of banks’ reverse mortgage activity when
it involves the origination and sale of
these loans. Thus, the agencies propose
to add Memorandum items to Schedule
RC–C, part I, in which banks would
report the principal amount of reverse
mortgages originated for sale that have
been sold during the year. HECM and
proprietary reverse mortgages sold
would be reported separately. These
items are distinct and separate from the
items for the estimated number of
referrals because the referring bank is
not funding the loan, but is merely
taking an application or conducting
another service in order to refer the
borrower to another institution that
ultimately funds the reverse mortgage.
The information on loans sold during
the year also would be collected
annually beginning on December 31,
2010.
E. Time Deposits of $100,000 or More
On October 3, 2008, the Emergency
Economic Stabilization Act of 2008
temporarily raised the standard
maximum deposit insurance amount
(SMDIA) from $100,000 to $250,000 per
depositor. Under this legislation, the
SMDIA was to return to $100,000 after
December 31, 2009. However, on May
20, 2009, the Helping Families Save
Their Homes Act extended this
temporary increase in the SMDIA to
$250,000 per depositor through
December 31, 2013, after which the
SMDIA is scheduled to return to
$100,000.
At present, banks report a two-way
breakdown of their time deposits (in
domestic offices) in Schedule RC–E,
Deposit Liabilities, distinguishing
between time deposits of less than
$100,000 and time deposits of $100,000
or more. In response to the extension of
the temporary increase in the limit on
deposit insurance coverage, the agencies
understand that time deposits with
balances in excess of $100,000, but less
than or equal to $250,000, have been
growing and can be expected to increase
further
eposit Liabilities, distinguishing
between time deposits of less than
$100,000 and time deposits of $100,000
or more. In response to the extension of
the temporary increase in the limit on
deposit insurance coverage, the agencies
understand that time deposits with
balances in excess of $100,000, but less
than or equal to $250,000, have been
growing and can be expected to increase
further. However, given the existing
Schedule RC–E reporting requirements,
the agencies are unable to monitor
growth in banks’ time deposits with
balances within the temporarily
increased limit on deposit insurance
coverage.
Therefore, the agencies are proposing
to replace Schedule RC–E,
Memorandum item 2.c, ‘‘Total time
deposits of $100,000 or more,’’ with a
revised Memorandum item 2.c, ‘‘Total
time deposits of $100,000 through
$250,000,’’ and a new Memorandum
item 2.d, ‘‘Total time deposits of more
than $250,000.’’ Existing Memorandum
item 2.c.(1), ‘‘Individual Retirement
Accounts (IRAs) and Keogh Plan
accounts included in Memorandum
item 2.c, ‘Total time deposits of
$100,000 or more,’ above,’’ would be
renumbered and recaptioned as
Memorandum item 2.e, ‘‘Individual
Retirement Accounts (IRAs) and Keogh
Plan accounts of $100,000 or more
included in Memorandum items 2.c and
2.d above,’’ but the scope of this
Memorandum item would not change.
F. Revisions of Brokered Deposit Items
As mentioned in Section II.E. above,
the SMDIA has been increased
temporarily from $100,000 to $250,000
through year-end 2013. However, the
data that banks currently report in the
Call Report on fully insured brokered
deposits in Schedule RC–E,
Memorandum items 1.c.(1) and 1.c.(2),
is based on the $100,000 insurance limit
(except for brokered retirement deposit
accounts for which the deposit
insurance limit was already $250,000).
Therefore, in response to the temporary
increase in the SMDIA, the agencies are
proposing to revise the reporting of fully
insured brokered deposits in Schedule
RC–E
rokered
deposits in Schedule RC–E,
Memorandum items 1.c.(1) and 1.c.(2),
is based on the $100,000 insurance limit
(except for brokered retirement deposit
accounts for which the deposit
insurance limit was already $250,000).
Therefore, in response to the temporary
increase in the SMDIA, the agencies are
proposing to revise the reporting of fully
insured brokered deposits in Schedule
RC–E. Furthermore, given the linkage
between the deposit insurance limits
and the Memorandum items on fully
insured brokered deposits in Schedule
RC–E, the scope of these items needs to
be changed whenever deposit insurance
limits change. To ensure that the scope
of these Memorandum items, including
the dollar amounts cited in the captions
for these items, changes automatically
as a function of the deposit insurance
limit in effect on the report date,
Memorandum item 1.c, ‘‘Fully insured
brokered deposits,’’ would be footnoted
to state that the specific dollar amounts
used as the basis for reporting fully
insured brokered deposits in
Memorandum items 1.c.(1) and 1.c.(2)
reflect the deposit insurance limits in
effect on the report date. The
instructions for Memorandum item 1.c
would be similarly clarified.3
In addition, consistent with the
reporting of time deposits in other items
of Schedule RC–E, brokered deposits
would be reported based on their
balances rather than the denominations
in which they were issued.
Accordingly, Memorandum items
1.c.(1) and 1.c.(2) of Schedule RC–E and
their instructions would be revised as
follows:
• Memorandum item 1.c.(1),
‘‘Brokered deposits of less than
$100,000’’: Report in this item brokered
deposits with balances of less than
$100,000. Also report in this item time
deposits issued to deposit brokers in the
form of large ($100,000 or more)
certificates of deposit that have been
participated out by the broker in shares
with balances of less than $100,000
e revised as
follows:
• Memorandum item 1.c.(1),
‘‘Brokered deposits of less than
$100,000’’: Report in this item brokered
deposits with balances of less than
$100,000. Also report in this item time
deposits issued to deposit brokers in the
form of large ($100,000 or more)
certificates of deposit that have been
participated out by the broker in shares
with balances of less than $100,000. For
brokered deposits that represent
retirement deposit accounts (as defined
in Schedule RC–O, Memorandum item
1) eligible for $250,000 in deposit
insurance coverage, report such
brokered deposits in this item only if
their balances are less than $100,000.
• Memorandum item 1.c.(2),
‘‘Brokered deposits of $100,000 through
$250,000 and certain brokered
retirement deposit accounts’’: Report in
this item brokered deposits (including
brokered retirement deposit accounts)
with balances of $100,000 through
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41979
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
4 The FDIC publishes a weekly schedule of
national rates and national interest-rate caps by
maturity, which can be accessed at http://
www.fdic.gov/regulations/resources/rates/.
5 http://www.financialstability.gov/
roadtostability/smallbusinesscommunity.html.
6 http://www.financialstability.gov/latest/
tg58-remarks.html.
7 Ibid.
$250,000. Also report in this item
brokered deposits that represent
retirement deposit accounts (as defined
in Schedule RC–O, Memorandum item
1) eligible for $250,000 in deposit
insurance coverage that have been
issued by the bank in denominations of
more than $250,000 that have been
participated out by the broker in shares
of $100,000 through exactly $250,000
tg58-remarks.html.
7 Ibid.
$250,000. Also report in this item
brokered deposits that represent
retirement deposit accounts (as defined
in Schedule RC–O, Memorandum item
1) eligible for $250,000 in deposit
insurance coverage that have been
issued by the bank in denominations of
more than $250,000 that have been
participated out by the broker in shares
of $100,000 through exactly $250,000.
The proposed revisions to Schedule
RC–E, Memorandum items 1.c.(1) and
1.c.(2), that relate to the temporary
increase in the SMDIA would remain in
effect during this increase, after which
the dollar amounts used as the basis for
reporting fully insured brokered
deposits in these items would revert to
the amounts in effect prior to the
temporary increase.
The agencies are not proposing to
revise the existing requirements for the
reporting of maturity data on brokered
deposits in Memorandum items 1.d.(1)
and 1.d.(2) of Schedule RC–E.
G. Interest Expense on and Quarterly
Averages for Brokered Deposits
Under Section 29 of the Federal
Deposit Insurance Act (12 U.S.C. 1831f),
an insured depository institution that is
less than well capitalized generally may
not pay a rate of interest that
significantly exceeds the prevailing rate
in the institution’s ‘‘normal market
area’’ and/or the prevailing rate in the
‘‘market area’’ from which the deposit is
accepted. In the case of an adequately
capitalized institution with a waiver to
accept brokered deposits, the institution
may not pay a rate of interest on
brokered deposits accepted from outside
the bank’s ‘‘normal market area’’ that
significantly exceeds the ‘‘national rate’’
as defined by the FDIC. On May 29,
2009, the FDIC’s Board of Directors
adopted a final rule making certain
revisions to the interest rate restrictions
under Section 337.6 of the FDIC’s
regulations. Under the final rule, the
‘‘national rate’’ is a simple average of
rates paid by U.S
ts accepted from outside
the bank’s ‘‘normal market area’’ that
significantly exceeds the ‘‘national rate’’
as defined by the FDIC. On May 29,
2009, the FDIC’s Board of Directors
adopted a final rule making certain
revisions to the interest rate restrictions
under Section 337.6 of the FDIC’s
regulations. Under the final rule, the
‘‘national rate’’ is a simple average of
rates paid by U.S. depository
institutions as calculated by the FDIC.4
When evaluating compliance with the
interest rate restrictions in Section 337.6
by an institution that is less than well
capitalized, the FDIC generally will
deem the national rate to be the
prevailing rate in all market areas. The
final rule is effective January 1, 2010.
At present, the agencies are unable to
evaluate the level and trend of the cost
of brokered time deposits to institutions
that have acquired such funds, nor can
the agencies compare the cost of such
deposits across institutions with
brokered time deposits. Data on the cost
of brokered deposits would also assist
the agencies in evaluating the overall
cost of institutions’ time deposits, for
which data have long been collected in
the Call Report. Furthermore, many of
the banks that have failed since the
beginning of 2008 have relied
extensively on brokered deposits to
support their asset growth. Therefore, to
enhance the agencies’ ability to evaluate
funding costs and the impact of
brokered time deposits on these costs,
the agencies are proposing to add two
Memorandum items to both Schedule
RC–K, Quarterly Averages, and
Schedule RI, Income Statement. In these
Memorandum items, banks would
report the interest expense and quarterly
averages for ‘‘fully insured brokered
time deposits’’ and ‘‘other brokered time
deposits.’’ The definition of ‘‘fully
insured brokered time deposits’’ would
be based on the definitions of ‘‘fully
insured brokered deposits’’ and ‘‘time
deposits’’ in Schedule RC–E, Deposit
Liabilities
ule RI, Income Statement. In these
Memorandum items, banks would
report the interest expense and quarterly
averages for ‘‘fully insured brokered
time deposits’’ and ‘‘other brokered time
deposits.’’ The definition of ‘‘fully
insured brokered time deposits’’ would
be based on the definitions of ‘‘fully
insured brokered deposits’’ and ‘‘time
deposits’’ in Schedule RC–E, Deposit
Liabilities. ‘‘Other brokered time
deposits’’ would consist of all brokered
time deposits that are not ‘‘fully insured
brokered deposits.’’
H. Change in Reporting Frequency for
Loans to Small Businesses and Small
Farms
Section 122 of the Federal Deposit
Insurance Corporation Improvement Act
requires the banking agencies to collect
from insured institutions annually the
information the agencies ‘‘may need to
assess the availability of credit to small
businesses and small farms.’’ To
implement these requirements, the
banking agencies added Schedule RC–C,
Part II—Loans to Small Businesses and
Small Farms to the Call Report effective
June 30, 1993. This schedule requests
information on the number and amount
currently outstanding of ‘‘loans to small
businesses’’ and ‘‘loans to small farms,’’
as defined in the Call Report
instructions, which all banks must
report annually as of June 30.
With the United States now more than
a year into a recession, the current
administration ‘‘firmly believes that
economic recovery will be driven in
large part by America’s small
businesses,’’ but ‘‘small business owners
are finding it harder to get the credit
necessary to stay in business.’’ 5 Because
‘‘[c]redit is essential to economic
recovery,’’ Treasury Secretary Geithner
stated on March 16, 2009, that ‘‘we need
our nation’s banks to go the extra mile
in keeping credit lines in place on
reasonable terms for viable
businesses.’’ 6 Accordingly, Secretary
Geithner asked the banking agencies ‘‘to
call for quarterly, as opposed to annual
reporting of small business loans, so
that we can carefully monitor the degre
onomic
recovery,’’ Treasury Secretary Geithner
stated on March 16, 2009, that ‘‘we need
our nation’s banks to go the extra mile
in keeping credit lines in place on
reasonable terms for viable
businesses.’’ 6 Accordingly, Secretary
Geithner asked the banking agencies ‘‘to
call for quarterly, as opposed to annual
reporting of small business loans, so
that we can carefully monitor the degree
that credit is flowing to our nation’s
entrepreneurs and small business
owners.’’ 7 In response to Secretary
Geithner’s request and to improve the
agencies’ own ability to assess the
availability of credit to small businesses
and small farms, the agencies propose to
change the frequency with which banks
must submit Call Report Schedule RC–
C, Part II, from annually to quarterly
beginning March 31, 2010. The agencies
are not proposing to make any revisions
to the information that banks are
required to report on this schedule.
I. Change in Reporting Frequency for the
Number of Certain Deposit Accounts
In Call Report Schedule RC–O—Other
Data for Deposit Insurance and FICO
Assessments, banks report the number
of deposit accounts based on whether
the amount of the account is within the
deposit insurance limit or is in excess
of this limit. Information is reported
separately for retirement deposit
accounts and all other deposit accounts.
At present, for deposit accounts for
which the amount of the account
exceeds the deposit insurance limit, the
number of accounts is reported
quarterly (Schedule RC–O,
Memorandum items 1.b.(2) and 1.d.(2)).
However, for deposit accounts for which
the amount of the account is within this
limit, the number of accounts is
reported annually as of June 30
(Schedule RC–O, Memorandum items
1.a.(2) and 1.c.(2)).
Data on the number of deposit
accounts are used to estimate average
deposit account balances and changes
therein as well as insured and
uninsured deposits
andum items 1.b.(2) and 1.d.(2)).
However, for deposit accounts for which
the amount of the account is within this
limit, the number of accounts is
reported annually as of June 30
(Schedule RC–O, Memorandum items
1.a.(2) and 1.c.(2)).
Data on the number of deposit
accounts are used to estimate average
deposit account balances and changes
therein as well as insured and
uninsured deposits. These data also
assist the FDIC in its planning efforts as
it seeks to resolve potential failures of
insured institutions. As a consequence,
the difference in reporting frequency for
deposit accounts with balances within
and in excess of the deposit insurance
limit hinders the effectiveness of these
analyses. Therefore, the agencies are
proposing to require all of the existing
Call Report items on the number of
deposit accounts to be reported
quarterly beginning March 31, 2010.
The agencies note that savings
associations already report the number
of all deposit accounts quarterly in the
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41980
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
8 Statement of Financial Accounting Standards
No. 166, Accounting for Transfers of Financial
Assets, amends Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities. Statement of
Financial Accounting Standards No. 167,
Amendments to FASB Interpretation No. 46(R),
amends FASB Interpretation No. 46(R),
Consolidation of Variable Interest Entities. In
general, under the FASB Accounting Standards
CodificationTM, see Topics 860, Transfers and
Servicing, and 810, Consolidation.
9 FASB News Release, June 12, 2009, http://
www.fasb.org/cs/ContentServer?c=FASBContent_C
&pagename=FASB/FASBContent_C/NewsPage&cid
=1176156240834&pf=true.
10 73 FR 54807.
Thrift Financial Report (OMB No. 1550–
0023)
,
Consolidation of Variable Interest Entities. In
general, under the FASB Accounting Standards
CodificationTM, see Topics 860, Transfers and
Servicing, and 810, Consolidation.
9 FASB News Release, June 12, 2009, http://
www.fasb.org/cs/ContentServer?c=FASBContent_C
&pagename=FASB/FASBContent_C/NewsPage&cid
=1176156240834&pf=true.
10 73 FR 54807.
Thrift Financial Report (OMB No. 1550–
0023). Thus, this proposed change in
reporting frequency in the Call Report
would conform the reporting
requirements in this area for banks and
savings associations.
J. Internal Income and Expense
Allocations Applicable to Foreign
Offices
In Schedule RI–D, Income from
Foreign Offices, banks are to report in
item 11 their best estimate of all
appropriate internal allocations of
income and expense applicable to
foreign offices, whether or not ‘‘booked’’
that way in the bank’s formal
accounting records. This estimate
includes, for example, allocations of
income and expense in domestic offices
applicable to foreign offices and
allocations of income and expense in
foreign offices applicable to domestic
offices. A review of Schedule RI–D data
indicates that few banks report any
amount for these internal allocations
and the usefulness of the amounts that
are reported appears to be limited.
Accordingly, the agencies propose to
eliminate item 11, ‘‘Internal allocations
of income and expense applicable to
foreign offices,’’ from Schedule RI–D.
III. Other Matters
A. Effect of New Accounting Standards
on Schedule RC–S, Servicing,
Securitization, and Asset Sale Activities
On June 12, 2009, the Financial
Accounting Standards Board (FASB)
issued Statements of Financial
Accounting Standards Nos. 166 and
167, which revise the existing standards
governing the accounting for financial
asset transfers and the consolidation of
variable interest entities.8 Statement No
New Accounting Standards
on Schedule RC–S, Servicing,
Securitization, and Asset Sale Activities
On June 12, 2009, the Financial
Accounting Standards Board (FASB)
issued Statements of Financial
Accounting Standards Nos. 166 and
167, which revise the existing standards
governing the accounting for financial
asset transfers and the consolidation of
variable interest entities.8 Statement No.
166 eliminates the concept of a
‘‘qualifying special-purpose entity,’’
changes the requirements for
derecognizing financial assets, and
requires additional disclosures.
Statement No. 167 changes how a
company determines when an entity
that is insufficiently capitalized or is not
controlled through voting (or similar
rights) should be consolidated. This
consolidation determination is based
on, among other things, an entity’s
purpose and design and a company’s
ability to direct the activities of the
entity that most significantly impact the
entity’s economic performance.9 In
general, the revised standards take effect
January 1, 2010. The standards are
expected to cause a substantial volume
of assets in bank-sponsored entities
associated with securitization and
structured finance activities to be
brought onto bank balance sheets.
The agencies currently collect data on
banks’ securitization and structured
finance activities in Schedule RC–S,
Servicing, Securitization, and Asset Sale
Activities. The agencies will continue to
collect Schedule RC–S after the effective
date of Statements Nos. 166 and 167 and
banks should continue to complete this
schedule in accordance with its existing
instructions, taking into account the
changes in accounting brought about by
these two FASB statements. In this
regard, items 1 through 8 of Schedule
RC–S involve the reporting of
information for securitizations that the
reporting bank has accounted for as
sales. Therefore, after the effective date
of Statements Nos
hould continue to complete this
schedule in accordance with its existing
instructions, taking into account the
changes in accounting brought about by
these two FASB statements. In this
regard, items 1 through 8 of Schedule
RC–S involve the reporting of
information for securitizations that the
reporting bank has accounted for as
sales. Therefore, after the effective date
of Statements Nos. 166 and 167, a bank
should report information in items 1
through 8 only for those securitizations
for which the transferred assets qualify
for sale accounting or are otherwise not
carried as assets on the bank’s
consolidated balance sheet. Thus, if a
securitization transaction that qualified
for sale accounting prior to the effective
date of Statements Nos. 166 and 167
must be brought back onto the reporting
bank’s consolidated balance sheet upon
adoption of these statements, the bank
would no longer report information
about the securitization in items 1
through 8 of Schedule RC–S.
Items 11 and 12 of Schedule RC–S are
applicable to assets that the reporting
bank has sold with recourse or other
seller-provided credit enhancements,
but has not securitized. In
Memorandum item 1 of Schedule RC–S,
a bank reports certain transfers of small
business obligations with recourse that
qualify for sale accounting. The scope of
these items will continue to be limited
to such sold financial assets after the
effective date of Statements Nos. 166
and 167. In Memorandum item 2 of
Schedule RC–S, a bank currently reports
the outstanding principal balance of
loans and other financial assets that it
services for others when the servicing
has been purchased or when the assets
have been originated or purchased and
subsequently sold with servicing
retained. Thus, after the effective date of
Statements Nos. 166 and 167, a bank
should report retained servicing for
those assets or portions of assets
reported as sold as well as purchased
servicing in Memorandum item 2
ancial assets that it
services for others when the servicing
has been purchased or when the assets
have been originated or purchased and
subsequently sold with servicing
retained. Thus, after the effective date of
Statements Nos. 166 and 167, a bank
should report retained servicing for
those assets or portions of assets
reported as sold as well as purchased
servicing in Memorandum item 2.
Finally, Memorandum item 3 of
Schedule RC–S collects data on asset-
backed commercial paper conduits
regardless of whether the reporting bank
must consolidate the conduit in
accordance with FASB Interpretation
No. 46(R). This will continue to be the
case after the effective date of Statement
No. 167, which amended this FASB
interpretation.
The agencies plan to evaluate the
disclosure requirements in Statements
Nos. 166 and 167 and the disclosure
practices that develop in response to
these requirements. This evaluation will
assist the agencies in determining the
need for revisions to Schedule RC–S
that will improve their ability to assess
the nature and scope of banks’
involvement with securitization and
structured finance activities, including
those accounted for as sales and those
accounted for as secured borrowings.
Such revisions, which would not be
implemented before March 2011, would
be incorporated into a formal proposal
that the agencies would publish with a
request for comment in accordance with
the requirements of the Paperwork
Reduction Act of 1995.
In addition, should new Call Report
data items pertaining to securitization
and structured finance transactions be
necessary for regulatory capital
calculation purposes after the effective
date of Statements No. 166 and 167, a
proposal to collect these data items
would be incorporated into any notice
of proposed rulemaking to amend the
agencies regulatory capital standards
that the agencies would publish for
comment in the Federal Register.
B
to securitization
and structured finance transactions be
necessary for regulatory capital
calculation purposes after the effective
date of Statements No. 166 and 167, a
proposal to collect these data items
would be incorporated into any notice
of proposed rulemaking to amend the
agencies regulatory capital standards
that the agencies would publish for
comment in the Federal Register.
B. Trading Assets That Are Past Due or
in Nonaccrual Status
In the proposed Call Report revisions
for 2009, which were issued for
comment on September 23, 2008,10 the
agencies proposed to replace Schedule
RC–N, Past Due and Nonaccrual Loans,
Leases, and Other Assets, item 9, for
‘‘Debt securities and other assets’’ that
are past due 30 days or more or in
nonaccrual status with two separate
items: item 9.a, ‘‘Trading assets,’’ and
item 9.b, ‘‘All other assets (including
available-for-sale and held-to-maturity
securities).’’ The agencies also proposed
to expand the scope of Schedule RC–D,
Trading Assets and Liabilities,
Memorandum item 3, ‘‘Loans measured
at fair value that are past due 90 days
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41981
Federal Register / Vol. 74, No. 159 / Wednesday, August 19, 2009 / Notices
or more,’’ to include loans held for
trading and measured at fair value that
are in nonaccrual status. The agencies
proposed to collect this information to
improve their ability to assess the
quality of assets held for trading
purposes and generally enhance
surveillance and examination planning
efforts. One commenter on these
proposed reporting changes questioned
the meaningfulness of delinquency and
nonaccrual data for trading assets
because they are accounted for at fair
value through earnings
cies
proposed to collect this information to
improve their ability to assess the
quality of assets held for trading
purposes and generally enhance
surveillance and examination planning
efforts. One commenter on these
proposed reporting changes questioned
the meaningfulness of delinquency and
nonaccrual data for trading assets
because they are accounted for at fair
value through earnings. After fully
considering this commenter’s views, the
agencies have decided not to implement
the proposed revisions to Schedule RC–
N, item 9, and Schedule RC–D,
Memorandum item 3. These items will
remain in their current form.
C. Unpaid Premiums on Certain Credit
Derivatives
The agencies’ proposed Call Report
revisions for 2009 also included the
addition of new Memorandum items 3.a
and 3.b to Schedule RC–R, Regulatory
Capital, to collect the present value of
unpaid premiums on credit derivatives
for which the bank is the protection
seller that are defined as covered
positions under the agencies’ market
risk capital guidelines. This present
value information was to be reported by
remaining maturity and with a
breakdown between investment grade
and subinvestment grade for the rating
of the underlying reference asset. One
commenter on this proposed credit
derivative data requested clarification of
the impact of the reporting requirement
on a bank’s risk-based capital
calculations. The agencies have
reconsidered this proposed reporting
change and have decided not to add
these new Memorandum items to
Schedule RC–R.
IV. Request for Comment
Public comment is requested on all
aspects of this joint notice. Comments
are invited specifically on:
(a) Whether the proposed revisions to
the Call Report collections of
information are necessary for the proper
performance of the agencies’ functions,
including whether the information has
practical utility;
t to add
these new Memorandum items to
Schedule RC–R.
IV. Request for Comment
Public comment is requested on all
aspects of this joint notice. Comments
are invited specifically on:
(a) Whether the proposed revisions to
the Call Report collections of
information are necessary for the proper
performance of the agencies’ functions,
including whether the information has
practical utility;
(b) The accuracy of the agencies’
estimates of the burden of the
information collections as they are
proposed to be revised, including the
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Comments submitted in response to
this joint notice will be shared among
the agencies and will be summarized or
included in the agencies’ requests for
OMB approval. All comments will
become a matter of public record.
Dated: August 12, 2009.
Michele Meyer,
Assistant Director, Legislative and Regulatory
Activities Division, Office of the Comptroller
of the Currency.
Board of Governors of the Federal Reserve
System, August 13, 2009.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 11th day of
August 2009.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E9–19911 Filed 8–18–09; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Proposed Agency Information
Collection Activities; Comment
Request—Thrift Financial Report:
Schedules SC, RM, CC, DI, and SB
AGENCY: Office of Thrift Supervision
(OTS), Treasury.
ACTION: Notice and request for comment
ldman,
Executive Secretary.
[FR Doc. E9–19911 Filed 8–18–09; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Proposed Agency Information
Collection Activities; Comment
Request—Thrift Financial Report:
Schedules SC, RM, CC, DI, and SB
AGENCY: Office of Thrift Supervision
(OTS), Treasury.
ACTION: Notice and request for comment.
SUMMARY: The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other federal agencies to comment on
proposed and continuing information
collections, as required by the
Paperwork Reduction Act of 1995, 44
U.S.C. 3507. Today, the Office of Thrift
Supervision within the Department of
the Treasury solicits comments on
proposed changes to the Thrift Financial
Report (TFR), Schedule SC—
Consolidated Statement of Condition,
Schedule CC—Consolidated
Commitments and Contingencies,
Schedule DI—Consolidated Deposit
Information, Schedule SB—
Consolidated Small Business Loans, and
on a proposed new schedule, Schedule
RM—Annual Supplemental
Consolidated Data on Reverse
Mortgages. The changes are proposed to
become effective in March 2010 except
for the proposed new schedule RM
which would become effective in
December 2010.
At the end of the comment period,
OTS will analyze the comments and
recommendations received to determine
if it should modify the proposed
revisions prior to giving its final
approval. OTS will then submit the
revisions to the Office of Management
and Budget (OMB) for review and
approval.
DATES: Submit written comments on or
before October 19, 2009
ld become effective in
December 2010.
At the end of the comment period,
OTS will analyze the comments and
recommendations received to determine
if it should modify the proposed
revisions prior to giving its final
approval. OTS will then submit the
revisions to the Office of Management
and Budget (OMB) for review and
approval.
DATES: Submit written comments on or
before October 19, 2009.
ADDRESSES: Send comments to
Information Collection Comments, Chief
Counsel’s Office, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552; send facsimile
transmissions to FAX number (202)
906–6518; send e-mails to
infocollection.comments@ots.treas.gov;
or hand deliver comments to the
Guard’s Desk, east lobby entrance, 1700
G Street, NW., on business days
between 9 a.m. and 4 p.m. All
comments should refer to ‘‘TFR
Revisions—2010, OMB No. 1550–0023.’’
OTS will post comments and the related
index on the OTS Internet Site at
http://www.ots.treas.gov. In addition,
interested persons may inspect
comments at the Public Reading Room,
1700 G Street, NW., by appointment. To
make an appointment, call (202) 906–
5922, send an e-mail to
publicinfo@ots.treas.gov, or send a
facsimile transmission to (202) 906–
7755.
FOR FURTHER INFORMATION CONTACT: You
can access sample copies of the
proposed 2010 TFR forms on OTS’s
Web site at http://www.ots.treas.gov or
you may request them by electronic
mail from tfr.instructions@ots.treas.gov.
You can request additional information
about this proposed information
collection from James Caton, Director,
Financial Monitoring and Analysis
Division, (202) 906–5680, Office of
Thrift Supervision, 1700 G Street, NW.,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Title: Thrift Financial Report.
OMB Number: 1550–0023.
Form Number: OTS 1313.
Abstract: OTS is proposing to revise
and extend for three years the TFR,
which is currently an approved
collection of information
ames Caton, Director,
Financial Monitoring and Analysis
Division, (202) 906–5680, Office of
Thrift Supervision, 1700 G Street, NW.,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Title: Thrift Financial Report.
OMB Number: 1550–0023.
Form Number: OTS 1313.
Abstract: OTS is proposing to revise
and extend for three years the TFR,
which is currently an approved
collection of information.
All OTS-regulated savings
associations must comply with the
information collections described in this
notice. OTS collects this information
each calendar quarter or less frequently
if so stated. OTS uses this information
to monitor the condition, performance,
and risk profile of individual
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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/FDIC_FIL09047. Check the current official text before relying on it. Not legal advice.