The Independent Community Bankers of America has released a petition in an effort to obtain regulatory relief from what it calls burdensome quarterly call reporting requirements.
"The call report is one piece of the overall regulatory tsunami that needs to be addressed before community banks are swept off the face of America's banking landscape," said Terry Jorde, ICBA's senior EVP and chief of staff.
"With 80 pages of forms to complete, more than 670 pages of instructions and another 57 pages recently proposed to implement the provisions of Basel III, the quarterly call report is reflective of the growing regulatory red tape strangling community banks," he said.
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In the 2014 ICBA Community Bank Call Report Burden Survey, hundreds of community banks said the call reporting requirements require a great deal of expenses and resources to meet. The results prompted the ICBA to seek signatures for the petition focused on the complexity of existing call report requirements.
"[The] ICBA's petition cites data from the call report survey, which found that the annual cost of preparing the call report has increased for 86% of respondents over the past 10 years and that community banks are spending hundreds of hours and thousands of dollars each year to comply," the trade group said in a July 29 press release.
The ICBA has called for modified rules that would streamline the call reporting process by allowing "highly rated, well-capitalized community banks" to file a call report in short form twice annually, for the first and third quarters of the year.
John Magill, EVP of government affairs at CUNA, said his trade group supports reforming call report requirements for credit unions.
"CUNA is a strong proponent of improvements that will streamline the process. We also support targeted modifications in call reports that could help reduce the need for additional regulations," Magill said.
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