June 30, 2021 Call Report – What to report for IRTs?
Jun 30, 2021
Well, we are going to get some relief regarding reporting International Remittance Transfers (IRTs) for the remainder of this year. The items that were typically required for the June reporting period will be pushed to December 31, 2021 given the new threshold that is now effective for additional reporting.
Revisions related to reporting international remittance transfers (IRT) in RC-M item 16:
- The reporting revisions to Schedule RC-M will take effect March 31, 2021.
- Prior to the March 31, 2021 report date, both 041 and 051 filers were required to answer 4 questions. The revision will reduce reporting to 2 questions: 16.a and 16.b, but 16.b will have 3 sub-questions so we still have 4 data points.
- The reporting items are renamed as “estimated” and revised item 16.b will only be required if revised item 16.a reported 501 or greater IRT in the current quarter or in the last year-end report.
What to look for?
- March 31, 2021 instructions and forms were revised, but no reporting was required.
- June 30, 2021 there will be no reporting for RC-M item 16.
- Revised reporting will be included in the December 31, 2021 report that will cover all of calendar year 2021 activities.
Refer to FIL 73-2020 and the federal register issued July 20, 2020 for more information.