Agencies postpone implementation of Central Data Repository

The Federal Financial Institutions Examination Council (FFIEC) Call Report Agencies (Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and Office of the Comptroller of the Currency) have postponed the implementation of the new Central Data Repository (CDR) to 2005, according to the FFIEC.

The FDIC says: “The system’s start date was delayed to address delays in system development and testing. In addition, 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 CDR, a comprehensive database for storing and managing consolidated Reports of Condition and Income (Call Report) data from more than 8,000 reporting entities, including banks and insurance companies, was to be implemented on September 30, 2004.

Every national bank, state member bank and insured non-member bank is required by the FFIEC to file call reports as of the close of business on the last day of each calendar quarter. The three agencies will have access to the repository.

The users and providers of financial institution data will use the CDR as a centralised resource, which will facilitate a more efficient regulatory reporting process by enhancing the methods used to collect, validate, process and distribute call report data.

Among the goals of the modernisation initiative are faster validation and release of call report data; improved agility in accommodating changing business environments and emerging risks; greater data reuse; and improved co-ordination of resources among the agencies.

Once the CDR has been implemented, financial institutions will transmit their data to the repository through the internet, using software approved by the federal agencies.

BaselAlert.com