To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The federal banking agencies announced that they will target implementation of the Central Data Repository (CDR) for one of the first two Call Report periods of 2005. A specific date will be announced by the end of the year.
The system’s scheduled implementation in October 2004 was postponed last month to address industry feedback and to allow time for testing and enrollment. The decision to delay implementation beyond 2004 was made to ensure that rollout of the new system would not increase burden for those bankers with additional reporting requirements at the end of the year.
The schedule is currently being evaluated and detailed information and a new timeline will be posted on the Federal Financial Institutions Examination Council (FFIEC) website later this year. Meanwhile, banks will continue filing their Call Report data in the same manner they do today. The agencies also will continue to process the data using their existing processing systems.
The agencies are considering Call Report changes that may be introduced in 2005. Information on any proposed revisions will be released separately from the announcement of the updated schedule for the CDR.
The CDR is an Internet-based system created to modernize and streamline how the agencies collect, validate and distribute financial data, or “Call Reports,” submitted by banks. This initiative – the Call Report Modernization Project – is an interagency effort under the auspices of the FFIEC. Additional project details and other important information are available on FFIEC’s website.
Regulatory Reports Division, Statistics Function