In Brief: OTS Plans 30% Cutback In Its Quarterly Report

The Office of Thrift Supervision is planning to trim its quarterly report by 30%.

The agency is now deciding which sections of the Thrift Financial Report can go by asking examiners what information they actually use.

"We've taken a look at each line to see if it's valuable," said John F. Downey, director of supervision at the OTS.

This attempt to cut regulatory burden is a result of the OTS' Examination Outreach Program, a two-year effort to improve the agency's exam process.

In last year's exams, thrift executives told the agency that they would rather use the quarterly Call Report that banks turn into their regulators. That's because the OTS form asks for 50% more information than the bank report, Mr. Downey said.

"Thrift financial reports are a burden," he admitted.

The OTS plans to propose the new, slimmed-down report within 90 days, Mr. Downey said.

The Federal Financial Institutions Examination Council also plans to simplify bank call reports this year, although specifics are not yet settled.

Bank and thrift regulators are required under the community development bank bill passed last year to cut bank and thrift reporting burdens.

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