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IBAA OPPOSES MANDATORY ELECTRONIC FILING OF BANK CALL REPORTS

    IBAA OPPOSES MANDATORY ELECTRONIC FILING OF BANK CALL REPORTS
    WASHINGTON, Nov. 19 /PRNewswire/ -- Noting that community bankers are more receptive to incentives rather than mandates, the Independent Bankers Association of America (IBAA) today voiced its opposition to a Federal Financial Institutions Examination Council (FFIEC) plan to require electronic filing of bank Call Reports.
    "The IBAA urges the FFIEC to continue to allow financial institutions to electronically file their Call Reports on a voluntary basis," the association said in its comment letter to the agency. "These institutions are obviously able to cost-justify their usage of preparation software and electronic submission."
    Mandatory electronic filing of Call Reports, IBAA noted:
    -- imposes substantial costs on financial institutions without providing commensurate benefits;
    -- subjects financial institutions to a captive market of just a few suppliers of electronic filing software; and
    -- transfers the forms-accuracy onus from the FFIEC to financial institutions.
    "Recognizing the benefits of automation, the IBAA suggests that the FFIEC facilitate the compilation and assimilation of Call Report data by providing diskettes to financial institutions that cannot justify electronic submission," IBAA commented.  "If diskettes replace paper documents, financial institutions would only have to enter pertinent data and return the diskette to their regulators.
    "Financial institutions with assets under $50 million and that lack the technological capability to file via an electronic transmission or diskette should be allowed to continue paper reporting.  The IBAA also encourages the FFIEC to offer incentives to expedite the acceptance of automated reporting."
    IBAA is the only national trade association that exclusively represents the interest of the nation's community banks.
    -0-                   11/19/91
    /CONTACT:  Viveca Ware, associate director, bank operations, Independent Bankers Association of America, 202-659-8111/ CO:  Independent Bankers Association of America ST:  District of Columbia IN:  FIN SU: DC -- DC020 -- 5064 11/19/91 15:19 EST
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Publication:PR Newswire
Date:Nov 19, 1991
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