The Board of Governors of the Federal Reserve System discontinued the Annual Report of Trust Assets (FFIEC 001; OMB No. 7100-0031), effective with the December 31, 2001, report. The Federal Reserve had collected the FFIEC 001 report from all state member banks that had been granted trust powers and from trust company subsidiaries of bank holding companies not otherwise supervised by a federal banking agency. The purpose of the report was to provide information on the volume and character of discretionary fiduciary activities exercised by such institutions.
As of December 31, 2001, almost all FFIEC 001 respondents report substantially similar information on Schedule RC-T, "Fiduciary and Related Services," on the quarterly bank Consolidated Reports of Condition and Income (Call Report) (FFIEC 031 and 041, OMB No. 7100-0036). The Federal Reserve has determined that the trust activities information of supervisory interest conducted by the remaining trust companies, FFIEC 001 respondents, can be monitored by other means. Therefore, the FFIEC 001 report is no longer required.