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The FDIC Story

The FDIC Story. Gerald Trites, FCA. FDIC. Federal Deposit Insurance Corporation A federal government agency established in 1933 to maintain stability and public confidence in the US financial system Insures $3.1 trillion in deposits Supervises 5,600+ banks

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The FDIC Story

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  1. The FDIC Story Gerald Trites, FCA

  2. FDIC • Federal Deposit Insurance Corporation • A federal government agency established in 1933 to maintain stability and public confidence in the US financial system • Insures $3.1 trillion in deposits • Supervises 5,600+ banks • Custodian for the financial reporting of 8,000+ banks • Manages receiverships for any failed US bank

  3. The Data – Call Reports • Quarterly Consolidated Report of Condition and Income (Call Reports) • Originally obtained by telephone (“Call” reports), thensubmitted by banks through a system of intermediaries and mechanisms • Form-based, extensive instructions • 22 schedules, 2,000 plus data elements • Used by banking agencies, industry & public

  4. Motivation for Project • Processes prevented public release of data until - approximately 60-75 days after the quarter end • Increasing demand for “real time data”, • by regulators, economists, bankers, etc. • Were moving to greater standardization • Data collection, validation and distribution processes no longer meeting their needs.

  5. Project Objectives • Improve accuracy of data, at the time it is submitted • Decease cycle time from submission to public publishing • Increase flexibility for changes in requirements and applications • Increase efficiency of the Call Report process

  6. The Project • Implemented a new system, known as the Central Data Repository (CDR) • The first in the U.S. to employ XBRL on a large scale. • The CDR uses XBRL to improve the transparency and accuracy of the financial reporting process by adding descriptive “tags” to each data element. • The overall result has been that high-quality data collected from the approximately 8,200 U.S. banks required to file Call Reports is available faster, and the collection and validation process is more efficient.

  7. Results

  8. Now banks can submit information once which can then be shared with the Federal Reserve System (FRS), and Office of the Comptroller of the Currency (OCC). • With adding the credit unions and other financial institutions, the number of institutions filing XBRL under this program has been growing towards the 65,000 range. • Anticipating savings of $26 million over the first ten years.

  9. THANK YOU

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