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 Custodian for the financial reporting of 8,000+ banks Manages receiverships for any failed US bank

The Data – Call Reports Quarterly Consolidated Report of Condition and Income (Call Reports) Originally obtained by telephone (“Call” reports), then submitted 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

Motivation for Project Processes prevented public release of data until - approximately 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.

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

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.

Results Under CDR ProcessUnder Legacy Process 100% of data received met mathematical requirements – total accuracy and reliability 30% of banks original filings did not meet requirements – not fully accurate. CDR began receiving data at 4pm on October 1, 2005—less than one day after the calendar quarter end. Data received weeks after the calendar quarter 550 to 600 banks per analyst – an increase of 10-33%. 450 to 500 banks per analyst – less productive. Could publish data as fast as within one day after receipt. Published days after receipt. XBRL taxonomies provides the ability to make changes within minutes/hours, depending on number of changes. Data changes took days/weeks, depending on number of changes.

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.

THANK YOU