Implementation of Web-based Central Data Repository.

The federal banking agencies announced on August 31, 2004, that they will target implementation of the Central Data Repository (CDR) for one of the first two Call Report periods of 2005. A specific date will be announced by the end of 2004.

Originally scheduled for implementation in October 2004, the system's start date was postponed last month to address industry feedback and to allow more time for testing and enrollment. The decision to delay implementation beyond 2004 was made to ensure that rollout of the new system would not increase burden for those bankers with additional reporting requirements at the end of 2004.

The agencies and industry focus groups are currently evaluating the schedule and will post detailed information and a new timeline on the Federal Financial Institutions Examination Council's (FFIEC) website, www.FFIEC.gov/FIND, later in 2004. In the meantime, banks will continue to file their Call Report data in the same manner that they have been and the agencies will continue to process Call Report data using their existing processing systems.

The agencies have been considering Call Report changes that may be introduced in 2005. Information on any proposed revisions to the Call Report will be released separately from the announcement of the updated schedule for the CDR.

The CDR is an Internet-based system created to modernize and streamline the way that agencies collect, validate, and distribute financial data or Call Reports, submitted by banks. This initiative--the Call Report Modernization Project--is an interagency effort under the auspices of the FFIEC. Additional project details and other important information are posted on the FFIEC's website at www.FFIEC.gov/FIND.