Another Step into Electronics: Call Reports

In recent years, federal agencies have taken steps to have data and reports submitted to them electronically. We've seen this come up in areas such as Currency Transaction Reports and Home Mortgage Disclosure Act data. Electronic reporting enables the federal agency to analyze and react much faster. The electronic reporting of HMDA loan application registers has significantly shortened the amount of time it takes the FRB to compile all the data and generate the reports. Electronic reporting has also reduced the error rate, particularly errors from entering data manually.

The bank regulatory agencies, through the FFIEC, are proposing to phase out hard copy call reports beginning in June, 1997 with banks having assets over $50 million filing electronically. The phase-in would be complete with the December, 1997 reports. Comments are due by January 3, 1997.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 18 & 19, 12/96