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Regulatory Track FFIEC Central Data Repository: Adding Value to the Data Supply Chain

19 th XBRL International Conference “Reducing regulatory burden with XBRL: a catalyst for better reporting” June 22-25, 2009 Paris, France. Regulatory Track FFIEC Central Data Repository: Adding Value to the Data Supply Chain Alan Deaton, Federal Deposit Insurance Corporation June 25, 2009.

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Regulatory Track FFIEC Central Data Repository: Adding Value to the Data Supply Chain

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  1. 19th XBRL International Conference“Reducing regulatory burden with XBRL: a catalyst for better reporting”June 22-25, 2009Paris, France Regulatory Track FFIEC Central Data Repository: Adding Value to the Data Supply Chain Alan Deaton, Federal Deposit Insurance Corporation June 25, 2009

  2. Agenda • Overview of the Call Report • Overview of the Central Data Repository (CDR) • Value-added functionality • Public Data Distribution • Uniform Bank Performance Report • XBRL for Bank Examinations • FDIC’s GENESYS application (Proof of Concept) for bank supervision • Other FDIC applications

  3. Overview of the Call Report • All U.S. Banks and Thrifts are required by the Federal Financial Institutions Examination Council (FFIEC) to file quarterly reports with their regulator as of the close of business on the last day of each calendar quarter • Federally Insured Banks file consolidated Reports of Condition and Income (Call Reports) • Federally Insured Savings Institutions file Thrift Financial Reports (TFRs) • Banks have 30 days to submit data unless they have multiple foreign offices, then 35 days

  4. Overview of the Call Report • Approximately 7,500 filing entities as of March 31, 2009 • Approximately 1,200 financial concepts reported by an entity • Approximately 2,000 validation criteria used to check quality • Over 429 pages of instructions • Call Report data available electronically from as early as 1959 • Since 1998, all banks have been required to file Call Report data electronically

  5. Overview of the CDR Before the CDR and XBRL: • Validation routines and formulas stored in and processed by two systems (FRB, FDIC) • Banks submit data after some minimal checks in their software - inconsistencies between preparation software packages • Software vendors receive Call Report metadata from Excel, PDF, and Word documents – cut and paste into their software • Agency analysts would check data quality once files had been submitted and contact bankers with any questions – often 1-3 weeks after initial submission

  6. Overview of the CDR • Three banking agencies developed the Central Data Repository (CDR) • Used XBRL to define and transport data • Data receipt • Data validation • Storage • Distribution • CDR launched on October 1, 2005 • Key policy change ~ pre-validation using XBRL • Very Successful implementation

  7. Overview of the CDR After the CDR and XBRL: • FFIEC developed the XBRL-based CDR with Unisys Corporation as systems integrator • Metadata stored in XBRL taxonomy files now available to anyone • The same taxonomy files that contain validation criteria the agencies use in the CDR are used in Call Report software vendor packages • Banks are required to check the quality of their data before submitting • Agencies do not accept data with quality problems • Quality assurance work is done by reporters up front, when it is more efficient

  8. Overview of the CDR • Validity – equations that must hold true or the data is inaccurate • Quality – data relationships that help identify anomalies • Reportability – identify what financial concepts an entity should submit based on their structural or financial characteristics

  9. Value-added Functionality • Value Added Business & Performance Metrics - Uniform Bank Performance Report (UBPR) • Capital Adequacy • Asset Quality • Earnings • Liquidity • Growth Rates • Industry Standards • Regulatory • International ~ Basel II

  10. Value-added Functionality • UBPR • Modify data by (+, -, /, *) • Apply functions (annualize, %change) • Consistently applied across • Data • Industry • Comparability

  11. Value-added Functionality • UBPR: in CDR as early as December 2009

  12. Value-added Functionality • Public Data Distribution: Leveraging XBRL https://cdr.ffiec.gov/public/

  13. Value-added Functionality • Public Data Distribution: Bulk Data

  14. Value-added Functionality • Public Data Distribution: Public Web Service • Retrieve Panel of Reporters • Institution identifiers, simple structure data, and indicator whether data is available • Retrieve filers since a given date • List of institutions • Retrieve facsimile • PDF • SDF • XBRL

  15. XBRL for Bank Examinations • GENESYS Proof of Concept (POC) • General Examination System (GENESYS) – FDIC’s system for creating the Report of Examination • Current system relies on outdated technology • Current system must be manually updated each quarter • Cannot look back to prior quarters • Delivery of system is not timely

  16. XBRL for Bank Examinations • GENESYS Proof of Concept: Goals • Enable web services • Retrieve taxonomy and bank data from CDR • Leverage taxonomy information internally • Formulas • Presentation • Real-time data retrieval, manipulation and analysis • POC could provide the basis for future internal systems development: • GENESYS Modernization Project in 2010 • Other internal FDIC systems

  17. La Fin

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