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Regulatory Filing Deadline Change – Call Report / 1st Quarter 2020

The banking regulators (FDIC, FRB, and OCC) have announced that banks will have an additional 30 days to file their Bank Call Report for the quarter ending 3/31/20. The regulators realize that banks may need this additional time due to disruptions caused by the Coronavirus Disease 2019 (a/k/a COVID-19).

Normally, the first quarter Bank Call Report is due no later than 4/30/20. With the 30-day extension, banks will now have until 5/30/20 to file.

Banks are encouraged to contact their regulator in advance of the official filing date if they anticipate a delayed submission.

Regulatory Filing Deadline Change – IRS Form 5498

The Internal Revenue Service has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020.

That’s the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020, as COVID-19 continues to impact the United States.

Regulatory Update – Regulation D

The Federal Reserve Board (FRB) has published interim final changes to Regulation D (Reserve Requirements of Depository Institutions) that would lower reserve requirements on transaction accounts to zero percent (0%).

This action is being taken in response to a change in how the Federal Open Market Committee (FOMC) implements monetary policy.

With this change, reserve requirement ratios for all depository institutions will be 0%.
Note: Reserve requirements on Nonpersonal Time Deposits and Eurocurrency liabilities are already set at 0% and have been that way since 1990.

Current Reserve Requirements
Revised reserve requirements


Applicability Date – the 0% rate is applicable on March 26, 2020 (which is the beginning of the next reserve maintenance period).
Comment Deadline – comments are due by May 26, 2020.

Reference: Federal Register; March 24, 2020; pp. 16525-16526