To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The federal banking agencies announced that they will postpone the rollout of the Central Data Repository (CDR), an Internet based system created to modernize and streamline how the agencies collect, validate and distribute financial data, or “Call Reports,” submitted by banks. Originally scheduled to be implemented on October 1, 2004, the system’s start date will be delayed to address industry feedback and allow more time for testing and enrollment. A new timeline for implementation will be announced in August.
The decision to delay implementation of the CDR was made to address delays in system development and testing. Moreover, the agencies had received an increasing number of questions and concerns about the new system from banks, industry trade associations, software vendors and other stakeholders.
The agencies are considering alternative plans for the CDR rollout, including phasing in the new technology and business models in separate reporting quarters. For now, the agencies will continue to collect, validate and manage Call Report data using their existing processing systems. This includes the retention of Electronic Data Services Corporation as the agencies’ electronic collection agent for Call Report data. Banks should continue to fill their Call Report in the same manner until they are notified by the agencies to begin using the new CDR system.
This interagency initiative – the Call Report Modernization Project – is being undertaken under the auspices of the Federal Financial Institutions Examination Council (FFIEC). Details are available on the FFIEC website.
Although the BHC Report Modernization initiative has similarities to the development of a Central Data Repository (CDR) for the commercial bank Call Report Modernization initiative, this effort is separate and distinct from that initiative. The postponement in the implementation date of the CDR for the Call Report does not affect the implementation dates of the BHC Report Modernization initiative.
Regulatory Reports Division, Statistics Function