Regulators award contract to modernize collection of bank data.The Federal Financial Institutions Examination Council The Federal Financial Institutions Examination Council, or FFIEC, is a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of (FFIEC) on June 17, 2003, announced the first step in an interagency effort to modernize and streamline the way that federal bank regulators collect, process, and distribute quarterly bank financial reports. This step involves awarding a contract, through the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ), to Unisys Corporation, McLean, Virginia. Unisys, with its development team of Microsoft, PricewaterhouseCoopers, IDOM, EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. Online, UBMatrix, and V-Tech Solutions, will create a flexible solution, based on proven technologies, that incorporates Internet delivery using promising new innovations such as the XBRL business reporting language. The new business process, which will be phased in through 2004, will consolidate the collection, editing, and access of quarterly bank financial reports into a central data repository, which will be accessible by banking regulators, financial institutions, and the public. The new model is also expected to reduce burden on the industry while providing data to the public in a more timely and flexible manner. Initial system development and pilot projects will take place over the next eighteen months. During that time the FDIC, the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , and the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. will work with the industry to define data standards, streamline the collection and validation of the data, and prepare for the rollout of the new central data repository. The first reports are expected to be filed under the new system effective with the September 2004 Call Report. The ten-year, fixed-price contract of $39 million includes short-term systems development costs and long-term operating costs. |
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