Call Report Modernization Initiative

On February 17, 2004, the federal bank regulatory agencies issued a press release announcing the “…availability of a web site that provides information on the Federal Financial Institutions Examination Council’s (FFIEC) Call Report Modernization initiative.” The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency or the Call Report agencies are working together to, “…building a central data repository (CDR) to modernized and streamline how the agencies collect, process, and distribute bank financial data.”

Another resource for banking and financial institutions is the Find web site. The web site will be implemented during the fall of 2004 and will be available for the submission of the September 30, 2004 call report. The Software Vendors Focus Group (SVFG) has been meeting to refine testing requirements and implementation plans. The Find website provides more detailed information on who is involved, what is being created, when it will go into effect and how it will work.

Contact Nichols, Cauley & Associates by Email, phone, or online form with your questions.

Site visitors should keep in mind that the content is generally designed to be of general applicability. Particular state laws, regulations and special contractual provisions can greatly impact rights, responsibilities and legal obligations. Only a competent attorney, accountant or other professional looking at all the pertinent facts and circumstances of a particular situation can provide definitive guidance for you. Please refer to our important legal discalimer which can be accessed from the bottom of any BankAudit.net webpage.