Academic journal article Federal Reserve Bulletin

Implementation of Web-Based Central Data Repository

Academic journal article Federal Reserve Bulletin

Implementation of Web-Based Central Data Repository

Article excerpt

The federal banking agencies announced on January 28, 2005, a new implementation plan for the Central Data Repository (CDR)--an Internet-based system created to modernize and streamline the ways that agencies collect, validate, manage, and distribute financial data submitted by banks in quarterly "Call Reports." Although banks will not be required to submit Call Report data to the CDR until October 2005, the agencies plan to make the CDR available for testing by banks and software vendors beginning early summer 2005.

Originally scheduled for implementation in October 2004, rollout of the CDR was postponed to address industry feedback and allow more time for system testing and enrollment. The new implementation plan resulted from discussions with industry representatives, including software vendors, trade associations, and a number of banks from across the country that participate in the Financial Institutions Focus Group for the CDR project. The new plan provides additional time for each group to participate in testing to help ensure a smooth integration of the new technology into the Call Reporting process. …

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