WASHINGTON U.S. financial regulators are cutting the amount of information that small banks must provide on their condition, performance and risks each quarter, according to a Federal Reserve announcement released on Friday.
Banks that do not have foreign offices and hold less than $1 billion in total assets, the bulk of the country's financial institutions, will be able to file streamlined versions of quarterly "call reports" that give the major banking regulators, including the Fed and the Federal Deposit Insurance Corporation, inside views of their current states.
They will only have to provide roughly 60 percent of the data that larger institutions report, according to the Fed, and can start using the leaner version on March 1.
U.S. financial regulators across the board have been working to lighten small banks' regulatory loads, and the Fed said they expect to propose additional simplifications for call reports in the near future.
(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)