Review of the FFIEC's Call Modernization Project

We initiated a review of FFIEC's Call Modernization Project at the request of Board senior management. Call Reports are the consolidated reports of financial condition and income filed quarterly by every national bank, state member bank, and insured state nonmember bank. The modernization effort involves designing a new system to improve the processes for collecting, validating, storing, and distributing Call Report information. While the FFIEC is overseeing the entire project, the Federal Deposit Insurance Corporation (FDIC) is responsible for project management, and is working closely with staff from the Federal Reserve System and the Office of the Comptroller of the Currency. The original system implementation date of October 2004 was not met, and is now set for October 2005. After evaluating the issues related to the project delays, we briefed senior Board management on our assessment of project management and technology risks that could affect success in achieving the revised milestone. We will continue monitoring the project's status.