To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a joint press release, the Federal Financial Institutions Examination Council (FFIEC) announced the first step in an interagency effort to modernize and streamline how federal bank regulators collect, process and distribute quarterly bank financial reports.
This first step involves awarding a contract, through the Federal Deposit Insurance Corporation (FDIC), to Unisys Corporation, McLean, Virginia. Unisys, with its multi-company development team, will create a flexible solution that incorporates innovative Internet delivery.
The new business process will consolidate the collection, editing, and access of quarterly bank financial reports into a central data repository accessible to banking regulators, financial institutions, and the public.
Initial system development and pilot projects will take place over the next 18 months. During that time, the FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency will work with the banking industry to define data standards, streamline the collection and validation of the data, and prepare for the rollout of the new central data repository.
The first reports are expected to be filed under the new system effective with the September 2004 Call Report.
Questions on this matter may be directed, at this Bank, to Richard Molloy, Staff Director, Regulatory Reports Division, Statistics Function.
