The
federal banking agencies announced today 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 systems
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.
Initial testing of the system has
demonstrated that the technology chosen is sound and that the XBRL standard
underlying the systems framework will perform as required. However, Call Report data represent a
critical source of information for the bank supervision process, and the
banking agencies determined that a postponement is warranted.
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. Accordingly, banks will continue filing
their Call Report in the same manner until they are notified by the agencies to
begin using the new CDR system.
This
initiative the Call Report Modernization Project is an interagency effort
under the auspices of the Federal Financial Institutions Examination Council
(FFIEC). Additional project details and
other important information are posted on the FFIECs web site at www.FFIEC.gov/FIND.
Media Contacts:
Federal Reserve Andrew
Williams (202) 452-2955
FDIC David Barr (202) 898-6992
OCC Kevin Mukri (202) 874-5770