DEFINITION of Consolidated Reports of Condition and Income

Consolidated Reports of Condition and Income are a quarterly financial statement that U.S. banks, bank holding companies and Edge Act corporations must file with the FDIC under Section 1817(a)(1) of the Federal Deposit Insurance Act. It is used by regulatory agencies to monitor banks.

BREAKING DOWN Consolidated Reports of Condition and Income

Consolidated Reports of Condition and Income are also known as call reports because for many years banks had to file them on surprise dates within a month of the end-quarter date. They contain information about a bank's financial health, including its income, assets, liabilities and write-offs for bad debt, as well as several other sections discussing aspects of its viability.

Call report data provides insight into the condition, performance and risk profile of individual institutions and the industry as a whole, and help regulatory agencies ensure the soundness of the financial system and protect consumer rights. It is also used to calculate the deposit insurance assessments of institutions.

The Federal Insurance Deposit Commission (FDIC) is tasked with overseeing compliance with call report filing requirements – they have to be filed no later than 30 days after the end of each quarter by every national bank, state member bank, insured state nonmember bank, and savings association. They are also submitted to the Federal Financial Institutions Examination Council (FFIEC), an interagency entity that coordinates regulatory efforts between the Federal Reserve, the FDIC and the Office of Thrift Supervision — the bureau of the U.S. Treasury Department that is responsible for issuing and enforcing regulations governing the United States’ savings and loan industry.

Call Report data is also used by the public, state banking authorities, researchers, bank rating agencies and the academic community, and are available on the FDIC website. Credit unions and thrift banks are also required to file similar reports with their own regulatory agencies.