Legitimate Differences

The following documents describe "legitimate differences" between The Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900) and the financial statements that each depository institution submits to its regulator at the end of each quarter (Statement of Financial Condition (NCUA 5300); Consolidated Reports of Condition and Income (FFIEC 031 and 041); Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002); Consolidated Report of Condition and Income for Edge and Agreement Corporations (FR 2886b)

The legitimate difference documents are designed to assist depository institutions when completing their FR 2900 report by comparing certain FR 2900 items with similarly-defined items on the quarterly financial statements. In addition, the legitimate difference documents will help depository institutions better understand questions that may be asked by Federal Reserve System analysts when comparing data from the two reports, a process known as "interseries editing." Interseries editing enhances data quality by reconciling reporting discrepancies. Such discrepancies may be the result of a reporting error, or may instead reflect legitimate differences between the items being compared.

Commercial Banks and Savings and Loans
March 2017 (154 KB PDF)
Credit Unions
July 2014 (162 KB PDF)
Edge and Agreement Corporations
June 2012 (49 KB PDF)
U.S. Branches and Agencies of Foreign Banks
June 2012 (54 KB PDF)

Last Update: March 20, 2017