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Explanatory All Institutions Letter

January 18, 2012 


Re:   Adoption of amendments to Part 23 of the General Regulations of the Banking Board and new Part 342 of the Superintendent’s  Regulations (Call Reports)

The Superintendent has adopted amendments to Part 23 of the General Regulations of the Banking Board and a new Part 342 of the Superintendent’s Regulations.  The changes will become effective upon publication in the State Register, which is expected to occur on January 18, 2012.

Most banking institutions regulated by the Department, including licensed branches and agencies of foreign banking organizations, are required to file periodic call reports with their primary federal regulator on forms specified by the Federal Financial Institutions Examination Council (FFIEC).  The regulatory changes here adopted will have the effect of (1) formalizing the requirement that such reports also be filed with the Department, (2) formalizing the requirement that those relatively few banking institutions regulated by the Department which are not required to file reports of condition with a federal regulator file such reports with the Department using the same forms as the federal filers, and (3) requiring that banking institutions filing reports of condition with the Department provide the same certification as to the accuracy and completeness of the reports that federal filers provide to their principal federal regulator. 

The amendments to Part 23 apply to banks, trust companies and private bankers.  New Part 342 of the Superintendent’s Regulations formalizes the comparable call report requirements for branches and agencies of foreign banks, savings banks and savings and loan associations.

The amendments to Part 23 and new Part 342 retain the current approach of minimizing the cost and regulatory burden of compliance with the State’s reporting requirements by providing that a call report is deemed rendered to the Superintendent if appropriate access to the institution’s federally filed call report is available. 

While the regulation requires that call reports be certified to the Department as true and correct, federal filers are deemed to have made the appropriate certification to the Department by virtue of filing their reports of condition with the appropriate federal regulator.  The regulation accepts attestations in the same form and from the same individuals as required by the FFIEC call report.  In response to a comment received from the industry, the final regulation makes it clear that future changes in the federal form of certification will change the state form of deemed certification as well.

Entities that are not federal filers will also file using the FFIEC call report forms, which include a form of certification. 

Taken together, these requirements will ensure that the Department has an explicit and direct legal basis on which to take appropriate enforcement action against any of its regulated banking organizations which fails to file a report of condition or files a report which is not true and correct, or against any individual who certifies an inaccurate report.

The Notice of Proposed Rule Making was published in the September 14, 2011 issue of the State Register.  The comment period ended October 29, 2011.

Very truly yours,

Sam L. Abram
Assistant Counsel


Department of Financial Services


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