Treasury to test Web system for quarterly bank reports
- By Mary Mosquera
- Jan 08, 2004
The Treasury Department in April will begin testing a system for banks to submit quarterly reports about their financial health via the Web.
The Office of the Comptroller of the Currency, Federal Reserve System and Federal Deposit Insurance Corp.'agencies that oversee banks'will conduct three progressively more comprehensive tests this year, the last to be completed in August.
All financial institutions that file Call Reports must enroll in the system in September, Treasury said in a notice published Wednesday in the Federal Register. Banks file Call Report data quarterly on their condition, performance and risk profile.
Unisys Corp. will build a central repository to collect, validate and distribute Call Report information that banks submit. The repository is expected to be ready for the reports for the quarter ending Sept. 30.
Institutions will file their Call Reports via the Internet using updated software that can validate the data.
A functional pilot with 15 banks in April will use test data from the past five quarters. Thirty banks will participate in more comprehensive testing in May and will use both test data and a sample of the banks' actual data with the new software. The banks will also test help desks involved in the system.
A final test in August will incorporate 100 banks using their most recent quarterly data. The banks will submit Call Report data twice, once via the legacy EDS Corp. process and once through the new system. Side-by-side testing will help the agencies determine whether they receive identical and accurate results.
Mary Mosquera is a reporter for Federal Computer Week.