US banking agencies set date for safer CDR

WASHINGTON DC - US federal banking agencies have released the implementation plan for the web-based central data repository (CDR), which they hope will improve efficiency and eliminate human errors during the processing of financial data submitted by banks in quarterly 'call reports'. The new system will be running in October.

The Call Report Agencies - the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) - say the new system will modernise and streamline how they collect, validate, manage, and distribute financial data from banks.

While the banks are only expected to send their call reports to the new CDR in October 2005, pre-testing has already begun, say project co-ordinators at the FDIC. The officials say they are currently testing all