Definition
In the United States, all regulated financial institutions are obliged to file periodic financial and other information with their various regulators and other parties, as well as with the government. One of the most important reports needed to be submitted by banks in the United States is the quarterly Consolidated Report of Condition and Income, often known as the call report or the RC report, which is filed quarterly.
The Federal Financial Institutions Examination Council requires every National Bank, state member bank, and insured nonmember bank to file a call report as of the close of business on the last day of each calendar quarter, i.e. the report date, with the Federal Financial Institutions Examination Council. According on the size of the institution and whether or not it has any overseas offices, the exact reporting requirements will vary. Call reports must be submitted no later than 30 days after the end of each calendar quarter to be considered timely. Up to 30 days after the initial reporting period, revisions may be made without incurring any penalties.
What is ‘Call Report’
A report that is required to be submitted by all regulated financial institutions in the United States on a quarterly basis and that provides financial information about the banks is the quarterly report. Banks are expected to file their quarterly reports no later than 30 days after the end of each quarter in which they operate. For banks, the report is formally called as the Report of Condition and Income, and for thrifts, it is known as the Thrift Financial Report.
Explaining ‘Call Report’
The Call Report gathers fundamental financial information about the bank, such as the balance sheet and income statement, among other things. Compliance with the Federal Financial Institutions Examination Council (FFIEC) reporting requirements is mandatory (FFIEC). The Federal Financial Institutions Examination Council (FFIEC) is an interagency institution that coordinates between the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision.
Banks and thrifts are required to provide their data using the standardized formats given by the Federal Financial Institutions Examination Council (FFIEC), and each Call Report is reviewed by an FDIC analyst for mistakes and audit flags. These reports are available to the general public on the Federal Deposit Insurance Corporation’s website.
Call Report FAQ
What is in a call report?
It includes elements such as the bank's income statement, balance sheet, loan information, deposit information, investment information, changes in the bank's capital, information on assets sold, and numerous other parts that explain various factors that contribute to the bank's survival.
What is a Call Report for credit unions?
5300 Call Reports are a quarterly listing of summary accounts gathered from all Federally Insured credit unions and distributed to all credit union members. The National Credit Union Administration (NCUA) is the Federal deposit insurer for credit unions. Call Reports are submitted to the SEC approximately 30 days following the conclusion of each fiscal quarter.
Do all banks file call reports?
In accordance with federal law, every national bank, state member bank, and insured nonmember bank is obliged to file a Reports of Condition and Income (Call Report) by the close of business on the last day of each calendar quarter with the Federal Deposit Insurance Corporation (the report date).
Further Reading
- Financial reporting, supplemental disclosures, and bank share prices – www.jstor.org [PDF]
- Marginal abatement cost curves: a call for caution – www.tandfonline.com [PDF]
- The Squam Lake report: fixing the financial system – onlinelibrary.wiley.com [PDF]
- A call for replication studies – journals.sagepub.com [PDF]
- A critical evaluation of social impact assessment methodologies and a call to measure economic and social impact holistically through the External Rate of Return … – eprints.lse.ac.uk [PDF]
- Banking without deposits: Evidence from shadow bank call reports – www.nber.org [PDF]
- The international transmission of financial shocks: The case of Japan – www.jstor.org [PDF]
- The global economic burden of noncommunicable diseases – ideas.repec.org [PDF]
- Founders versus non-founders in large companies: Financial incentives and the call for regulation – link.springer.com [PDF]
