Federal banking regulators plan to relax quarterly reporting requirements for banks with less than $1 billion in assets and no overseas offices starting March 31.

Local banks that stand to benefit from the new rules include San Diego-based Seacoast Commerce Bank, which reported $578.9 million in assets at the end of the third quarter.

The Federal Financial Institutions Examination Council, which prescribes the forms used by federal bank regulators to oversee financial institutions, said Dec. 30 it had approved the implementation of less extensive Consolidated Reports of Condition and Income, typically referred to as “call reports,” for eligible institutions.

The U.S. Office of Management and Budget has to give the call report revisions its OK before they can be implemented, the FFIEC said.

The FFIEC, an interagency body that includes five banking regulators – the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau – launched an initiative two years ago to explore the potential reduction of quarterly reporting requirements for community banks. The OCC, FDIC and the Fed were behind the 2014 proposal that’s now come to fruition.

The modified call report for smaller banks is 61 pages, down from 85 pages, with 40 percent fewer data items. About 950 items were removed from the previous version of the report, which has nearly 2,400 such items.

For about 100 items, the frequency which with banks must report them has been reduced.

In what the FFIEC called the “most substantive modification,” banks eligible for the new call report will now provide data on loans to small businesses and small farms semiannually rather than quarterly.