Call Report Modernization Underway
The Federal Financial Institutions Examination Council (FFIEC) has announced that the banking agencies awarded a $39 million contract to Unisys Corporation of McLean, Virginia, as a first step to modernizing the collection, processing and distribution of call report data.
Unisys, along with a development team that includes Microsoft and PricewaterhouseCoopers, will be using XBRL business reporting language to devise an Internet delivery system for the call report data. The new business process, to be phased in through 2004, will consolidate the collection, editing and access of quarterly call report data into a central data repository that will be accessible by the regulators, the banks, and the public. The first reports to be filed under the new system will be the September 2004 Call Report. The FDIC has said the changes made by the system will fall on the software vendors banks use to process call reports. Regulators hope that the new process will lighten the workload at banks and make call report data more accurate and accessible.