The Call Report is constantly in a state of change. We worked through the extensive changes that took place over the course of the past few years. All financial institutions continue to feel the impact of the reporting burden that originated from the economic crisis and COVID-19.
Questions continue to be raised about the termination of the CARES Act. What will the reporting impact be if the Act terminates as scheduled by the end of 2021? How will reporting TDRs be impacted?
In addition, what will be the reporting impact for financial institutions related to the implementation of the new accounting standard for credit losses, also known as CECL?
The year 2022 could, once again, be a challenging financial reporting year.
This live 6-hour streaming webinar will provide information on new, proposed, and revised changes to the Call Report with identification of specific Call Report line items impacted. Accounting guidance and regulatory changes will be discussed and presented in order to update those with Call Report preparation and review responsibilities.
Participants will receive handout materials to include a PDF version of the presentation and additional documentation required to support the topics covered in the webinar. The FFIEC 041 and 051 reports will be referenced in the presentation and materials.
Covered Topics
This webinar will cover new accounting and regulatory matters that impact the financial services industry and require reporting changes currently impacting the Call Report and those scheduled to impact the first quarterly filing for March 31, 2022. Proposed changes impacting future 2022 quarterly reporting will also be discussed. The impact of the terminated CARES Act and related regulatory interim and final rules resulting from the COVID-19 crisis will be discussed.
Specific schedules will also be discussed in detail and will include the base-line reporting requirements for Schedule RI and Schedule RC, along with several other schedules and reporting items that often raise the most questions or common errors.
A summary of the reporting impact and the implementation timelines for new Accounting Standards Updates (ASU) related to the following will be discussed:
- Lease Accounting under ASU 2016-02
- Credit Loss Accounting (CECL) under ASU 2016-13
A discussion of regulatory changes impacting the 2022 Call Report will be covered in detail. As new regulatory matters arise, they will be added to the agenda in order to provide participants with the most current training applicable for the March 31, 2022 Call Report. Currently, regulatory topics covered in this webinar will include:
- What to reporting as sweep accounts in the newly added items for RC-E.
- International Remittance Transfers and what changes are in effect that may impact the reporting items for your institution.
- Accounting and reporting Troubled Debt Restructurings: 2022 reporting with the termination of Section 4013 of the CARES Act.
- Risk weighting loans with targeted look as those loans impacted by modifications made as a result of COVID-19.
- 2022 eligibility under the CBLR framework with reduced RC-R reporting.
- Understanding the term “unconditionally cancelable” when it comes to reporting off-balance sheet commitments.
- Loan coding items to be aware of including the current status for reporting PPP loans and the associated fees.
- High level Call Report impact from the adoption of CECL. What to be aware of as you prepare for adoption of ASU 2016-13.
- New item RC-R Part 1 item 31.b – what institutions are impacted by the new election related to the standardized approach to risk weighting counterparty credit risk?
- Classification of HELOCs and reporting changes to open-end and closed-end lines of credit secured by 1-4 family residential properties. With the first new reporting year behind us – are we properly reporting these revolving lines?
Who Should Attend?
Call Report preparation requires knowledge of bank accounting, bank regulations, and virtually all bank operations. Annual training is highly recommended by regulators. Banks should have a trained preparer and a trained reviewer. Anyone responsible for preparing, reviewing, or signing a Call Report will find this program valuable. Both new and experienced preparers and reviewers will benefit from the updates and the continued discussion on accounting and financial reporting matters. Specific areas of concern should be communicated to the sponsor in advance of the seminar so that these areas can be covered with appropriate adequacy.