A call report is a financial statement that banks must submit to their district Federal Reserve Bank. This report provides a detailed overview of the bank's financial condition and income, and it is filed quarterly. Banks are required to submit their call reports within 30 days after the end of each quarter. The official name for this document is the Report of Condition and Income.
Call reports are primarily used in the banking and finance sectors. They play a crucial role in regulatory compliance, as they help federal and state regulators assess the financial health of banks. This term is relevant in areas such as banking law and financial regulation. Users may find templates for call reports and related documents on platforms like US Legal Forms, which can assist in ensuring compliance with filing requirements.
Here are a couple of examples of abatement:
Example 1: A state bank completes its call report for the first quarter of the year, detailing its assets, liabilities, and income. The bank submits this report to the Federal Reserve by the end of April.
Example 2: A hypothetical example involves a bank that fails to submit its call report on time. As a result, the bank faces penalties from regulatory authorities.
| Term | Definition | Key Differences |
|---|---|---|
| Call Report | Quarterly financial statement for banks. | Required by the Federal Reserve; specific to banks. |
| Financial Statement | General report of financial performance. | Can be used by various entities, not just banks. |
| Annual Report | Yearly summary of a company's financial performance. | Filed annually, not quarterly; broader scope. |
If you are a bank or financial institution, ensure that you prepare and submit your call report on time to avoid penalties. Consider using templates from US Legal Forms to streamline the process. If you encounter complexities in your financial reporting, consulting with a legal professional may be advisable.
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| Attribute | Details |
|---|---|
| Filing Frequency | Quarterly |
| Submission Deadline | 30 days after quarter end |
| Regulatory Body | Federal Reserve |