Section 1 Short title
This Act may be cited as the “Community Bank Reporting Relief Act”.
Community Bank Reporting Relief Act
AN ACT
To amend the Federal Deposit Insurance Act to require short form call reports for certain depository institutions.
Sec. 2 Short form call reports
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 that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year, as required under paragraph (3).
“(B) Definition—In this paragraph, the term covered depository institution means an insured depository institution that—
“(i) has less than $5,000,000,000 in total consolidated assets; and
“(ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.”