Full text of Federal Reserve Bank of New York Circulars : 7765. Postponement of Effective Date for Implementing Proposed Changes in Reports of Condition and Income

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FED ER AL RESERVE BANK
O F N EW YORK

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C irc u la r N o . 7 7 6 5
D e c e m b e r 5, 1 9 7 5

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POSTPONEMENT OF EFFECTIVE DATE FOR IMPLEMENTING PROPOSED CHANGES
IN REPORTS OF CONDITION AND INCOME

To the Chief Executive Officer
of the State Member Bank Addressed, and Others Concerned:

O ur Circular No. 7725, sent to you on October 8, 1975, announced proposed changes in the
Report of Condition and Report of Income; these revisions were scheduled to be implemented on
December 31, 1975. The Board of Governors of the Federal Reserve System, together with
the Comptroller of the Currency and the Federal Deposit Insurance Corporation, have now post­
poned, to M arch 31, 1976, the effective date for implementing the proposal. In this regard, the
Board of Governors issued the following statem ent on December 3:
The Board of Governors of the Federal Reserve System, together with the other Federal bank regu­
latory agencies, today postponed the effective date for implementing proposed revised condition and income
reports required of banks under their supervision.
The proposed revisions were published for comment on October 1, at which time the date of implementa­
tion was December 31, 1975.
The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Comptroller of the
Currency have agreed to defer the initial filing of the revised reports to March 31, 1976. The FDIC
and the Comptroller are issuing similar announcements.
As a consequence of the postponement, the year-end 1975 report of condition and the 1975 income
statement for State member banks will be in the current formats. The schedule of the maturity distribution
of investment security holdings (Schedule B), which has been reported in recent years only for June 30,
will also be required for the 1975 year-end statement. The postponement of the proposed revisions was
made in light of extensive and constructive comments received from banks. It affects both the universal
condition and income statements to be filed by all banks and proposed large bank supplements to these
reports. The deferment was adopted to give banks more time to prepare for the new reporting requirements
and to give regulatory agencies additional time to take account of comment received.
The postponements will not change the main thrust of the proposals, but the final versions of the
reports, particularly of the large bank supplements, are expected to contain modifications to the original pro­
posals. The agencies will announce the contents of the final version of the universal reports of condition and
income in mid-December and will issue detailed forms, instructions, and definitions for them early in January.
In the preparation of the final form of the large bank supplements, the agencies are giving careful
study to comment received and will also meet with a panel of bankers that the Bank Administration Insti­
tute will be asked to designate. A revised version of the large bank supplements and detailed instructions
for them will be issued as soon in 1976 as possible.

Any questions regarding this m atter may be directed to our Banking Studies D epartm ent
(lelephone No. 212-791-5854). Additional copies of this circular will be furnished on request.




Paul A. V

olcker,

President.