The FDIC StoryGerald Trites, FCA

FDICFederal Deposit Insurance CorporationA federal government agency established in

1933 to maintain stability and public confidence in the US financial systemInsures $3.1 trillion in depositsSupervises 5,600+ banksCustodian for the financial reporting of 8,000+

banksManages receiverships for any failed US bank

The Data – Call ReportsQuarterly Consolidated Report of Condition

and Income (Call Reports)Originally obtained by telephone (“Call”

reports), then submitted by banks through a system of intermediaries and mechanismsForm-based, extensive instructions22 schedules, 2,000 plus data elementsUsed by banking agencies, industry & public

Motivation for ProjectProcesses 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 standardizationData collection, validation and

distribution processes no longer meeting their needs.

Project ObjectivesImprove accuracy of data, at the time it is

submittedDecease cycle time from submission to

public publishingIncrease flexibility for changes in

requirements and applicationsIncrease efficiency of the Call Report

process

The ProjectImplemented 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.

ResultsUnder CDR Process Under 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 60- 70 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