Financial Update (Third Quarter 2004)


 New Check 21
 Products for Banks

 Fed Responds to
 Declining Check

 Bank Regulators
 Watch Real
 Estate Market

 Call Reports

 Regulating Fannie
 and Freddie

 New Report on
 Banking Industry

 Fair Credit Act


 Data Bank

 Circular Letters



Bank Holding and Call Report Processes
to Be Streamlined

With the goal of speeding the processing and exchanging of banking data and increasing the transparency of the industry’s data, changes are coming in the way commercial banks’ domestic call reports and bank holding company (BHC) reports are filed.

Updating BHC filing methods
Although the Federal Reserve’s project to update the way it collects BHCs’ reports bears some resemblance to the call report modernization project (discussed below), the BHC project is a separate initiative and has different technical requirements. With the updated process, bank holding companies must submit their FR Y-9 reports via the Federal Reserve’s Internet submission facility (Internal Electronic Submission of Statistical Reports, or IESUB) using either file transfer or data entry.

Call report modernization
BHC report modernization

The BHC report change will be implemented beginning Sept. 30, 2004, for reports FR Y-9C and FR Y-9LP. Changes for reports FR Y-9SP and FR Y-9ES will be implemented on Dec. 31, 2004.

Modernizing call reports
The Federal Financial Institutions Examination Council (FFIEC) call report agencies—the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC)—are creating a secure, shared central data repository (CDR) for call reports. Institutions will submit their call report information to the CDR, and each regulatory agency will have access to the information. The CDR will replace the FDIC’s and the OCC’s previous call report system and will supplement the Federal Reserve Bank’s current system.

Originally scheduled for Oct. 1, 2004, the implementation of the call report modernization initiative is targeted for one of the first two call report periods of 2005. A specific date will be announced by the end of 2004.

This story was written by Vanessa Davis and Lisa Mitchell of the Atlanta Fed’s Statistical Reports Department.

Updated Sept. 1, 2004