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ECB cuts bank reporting by a third, eases governance rules
ECB cuts bank reporting by a third and eases governance rules after industry pushback, trimming recurring data requests and softening board oversight standards.
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The European Central Bank said Friday it would cut the number of reports it expects from banks by nearly a third and soften its expectations about good governance, partly in response to pushback from the industry.
The changes, outlined in a revised supervisory manual, trim roughly 30% of recurring data requests. The ECB also dropped language requiring banks to maintain "robust" governance frameworks, replacing it with a lighter standard that gives lenders more discretion over internal controls and board structures.
The move follows months of complaints from European lenders that the ECB's reporting burden had grown excessive since it took over bank supervision in 2014. Banks argued the volume of data requests diverted resources from risk management and lending. The ECB acknowledged those concerns in a statement, saying the revisions aim to "reduce unnecessary administrative costs without weakening oversight."