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Inactive Financial Institution Letters

BANK REPORTS

FIL-5-2001
January 17, 2001

TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Revisions to the Reports of Condition and Income (Call Report) for 2001

As you were previously advised, the Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the reporting requirements for the Reports of Condition and Income (Call Report) for 2001 (see FIL-74-2000 dated November 8, 2000). While most of these changes will take effect on the March 31, 2001, report date, the FFIEC has deferred the implementation dates for the collection of new data on securitizations until June 30, 2001, and for the new trust activities schedule until December 31, 2001. In addition, the proposed reporting of subprime lending data remains under study and the collection of these data has been delayed until further notice.

To assist your bank in its preparation for these reporting changes, the attached document provides a detailed discussion of the Call Report revisions currently scheduled to become effective in 2001. In addition, a sample of the March 31, 2001, report form applicable to your bank - the FFIEC 041 for banks with domestic offices only, which replaces the current FFIEC 032, 033, and 034 report forms, and the FFIEC 031 for banks with foreign offices - is attached. These sample report forms also contain the new schedules on securitizations and trust activities. Copies of the FFIEC 031 and 041 report forms are available on the FFIEC's Web site (www.ffiec.gov) and as an attachment to the electronic version of this Financial Institution Letter on the Federal Deposit Insurance Corporation's (FDIC) Web site (www.fdic.gov/news/news/financial/2001/index.html).

Banks with fiduciary powers are reminded that the existing Annual Report of Trust Assets (FFIEC 001) and, if applicable, the Annual Report of International Fiduciary Activities (FFIEC 006), which the new Call Report trust activities schedule will replace, must be completed as of December 31, 2000.

The Call Report revisions include the adoption of uniform loan categories and definitions based on the standard loan categories found in the loan schedule (Schedule RC-C). These standard loan categories will now be used by all banks for reporting loan income, loan averages, past due and nonaccrual loans, and loan charge-offs and recoveries. This means that banks that currently file the FFIEC 033 and 034 report forms, generally those with less than $300 million in total assets, will no longer be permitted to use self-defined general loan categories for reporting loan information outside of Schedule RC-C. To ease their transition to the standard loan category definitions on the FFIEC 041 report form, these banks may use their best efforts through year-end 2001 to report loan information by loan category in Schedules RC-K, RC-N, RI, and RI-B, part I.

In addition, please note that, for the March 31, 2001, report date only, banks may provide reasonable estimates for any other new or revised item for which the requested information is not readily available. This same policy on the use of reasonable estimates will apply to the reporting of new or revised items in Schedules RC-S - Securitization and Asset Sale Activities - and RC-T - Fiduciary and Related Services - in the quarter when they are implemented later in 2001.

Please forward this letter to the person responsible for preparing Call Reports at your bank. For further information or assistance, state member banks should contact their Federal Reserve District Bank. National and FDIC-supervised banks should telephone the FDIC's Reports Analysis and Quality Control Section in Washington, D.C., toll free at (800) 688-FDIC (3342) or at (202) 898-6607, Monday through Friday between 8:00 a.m. and 5:00 p.m., Eastern Time.

Keith J. Todd
Executive Secretary

Attachments:
Revisions to the Reports of Condition and Income

Schedule RC-S - Bank Securitization And Asset Sale Activities
PDF (29 KB File - PDF Help or Hard Copy)

Schedule RC-T - Fiduciary And Related Services
PDF (36 KB File - PDF Help or Hard Copy)

FFIEC 031 report form
PDF (204 KB File - PDF Help or Hard Copy)

FFIEC 041 report form
PDF (194 KB File - PDF Help or Hard Copy)

Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 01/19/2001 communications@fdic.gov