WASHINGTON — Financial regulators issued a long-awaited proposal Friday that would allow institutions with less than $1 billion in assets to file a short-form call report.

Issued on behalf of the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp., the proposal said the changes came about as a result of outreach efforts with community banks.

"The agencies aimed to balance institutions' requests for a less burdensome regulatory reporting process with [their] need for sufficient data" to monitor banks, the Federal Financial Institutions Examination Council said.

The proposal also called for some simplifying changes to larger banks' call reports. "The agencies recognize that institutions operate under widely varying business models, which affects the nature and extent of their activities and translates into differences in the amount of information to be reported," the FFIEC said.

Stakeholders will have two months to submit comments on the proposal once it is published in the Federal Register.

Once it has received comments on this first iteration of the plan, the FFIEC will open up public feedback on a second version for another 30 days. The final plan will then be sent to the White House's Office of Management and Budget for approval.

The agencies aim to begin implementing the proposal on March 31, 2017.

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