To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Financial Institutions Examination Council (FFIEC) announced the voluntary testing and mandatory enrollment for a new method of submitting the Consolidated Reports of Condition and Income (Call Report FFIEC 031 and 041).
The notice was published jointly by the Federal Reserve Board, the Department of the Treasury, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, who are all members of the FFIEC.
The testing will be conducted in three phases (a functional pilot, an end-to-end test, and a 100+ bank test), after which there will be mandatory global enrollment in the new system for all institutions that file the Call Report.
The time frame for testing is the second and third quarters of 2004.