FMCSA Cuts Quarterly Financial Reports

Trucking companies no longer will be required to file quarterly financial reports to the Federal Motor Carrier Safety Administration, the agency announced in the Federal Register.

Motor carriers that haul property or household goods now are subject to the rule if their annual gross transportation revenue exceeds $3 million. FMCSA is eliminating that requirement effective Jan. 14, although annual filings will remain mandatory.

The agency said the change affects about 110 companies and will save the industry about $9,990 annually.

“This paperwork burden is removed without an adverse impact on safety or the agency's ability to maintain effective commercial regulatory oversight over the for-hire trucking and passenger-carrying industries,” the agency said.

The only public comment in opposition to the change came from SJ Consulting Group of Sewickley, Pa., after the rule was proposed in June 2012. The firm uses information from the reports to advise motor carriers, shippers and potential buyers of trucking companies, according FMCSA’s notice in the Federal Register.

“It stated that the quarterly report filings provide useful insight into the U.S. trucking industry, such as operating statistics that are not available from other public sources, particularly for private carriers,” FMCSA said.

The American Trucking Associations and National Motor Freight Traffic Association filed comments in support of the proposal during a 60-day public comment period.