Compliance "Call" Reports?

FDIC and the FRB have been working together to develop more efficient and consistent ways to conduct compliance examinations. The list of reports and data elements is extensive. In fact, it is pretty comprehensive. However, the announcement does explain that the request for data will be tailored to each specific examination. This raises the hope that the request will not be as overwhelming as the total list, but carries with it the possible burden of preparing a special submission for each examination. The data that may be requested includes customer information, detailed information on loans and deposits, and fair lending and HMDA information.

Remember, this is voluntary (for now) so it only represents burden for those banks willing to take on the electronic reporting. The theory is that, to balance the burden of reporting, the examination will be significantly shortened. The agencies' goal is that the benefit of an electronic examination outweighs the costs of compiling and reporting the information. This is what banks testing the procedure should consider. Track and compare the costs.

Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 15, 12/97