Section 1 Short title
This Act may be cited as the “Community Bank Reporting Relief Act”.
Community Bank Reporting Relief Act
A BILL
To amend the Federal Deposit Insurance Act to permit certain depository institutions to use a short form call report, and for other purposes.
Sec. 2 Short form call report
In general— Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by adding at the end the following:
“(12) Short form reporting
“(A) In general—The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3).
“(B) Covered depository institution defined—For purposes of this paragraph, the term “covered depository institution” means an insured depository institution that—
“(i) is highly rated and well capitalized (as defined under section 38(b)); and
“(ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.”
Report to Congress— Not later than 180 days after the date of the enactment of this Act, and every 365 days thereafter until the appropriate Federal banking agencies (as defined under section 3 of the Federal Deposit Insurance Act) have issued the regulations required under section 7(a)(12)(A) of the Federal Deposit Insurance Act, such agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report describing the progress made in issuing such regulations.