Annual Report 2002 - ffiec

Association of State Credit Union
Supervisors, and the American
Council of State Savings
Supervisors.
March 25
Action. Authorized the Task Force
on Reports to develop a comprehensive
analysis of a proposed new
business model for Call Report
processing.
Explanation. The Task Force on
Reports presented the business
objectives for modernizing the business
model for collecting, validating,
storing, and distributing Call
Report information. The Council approved
the task force’s recommendation
that it develop a detailed
Statement of Work for this new
business model.
March 28
Action. Accepted the annual external
audit report.
Explanation. The Council is audited
by an outside accounting firm annually.
The audit report includes a
review of the Council’s financial
statements as well as a report on
internal controls and compliance
with government auditing
standards.
May 24
Action. Authorized the FDIC to
issue a Request for Proposal for a
4
Central Data Repository and related
functions.
Explanation. The Task Force on
Reports summarized the content of
the Statement of Work that had been
developed to define the range of services
needed to support a new Call
Report processing business model.
The Statement of Work forms the
basis around which a
Request for Proposal is prepared.
May 24
Action. Accepted the recommendation
of the Legal Advisory Group
(LAG) to begin a review of the regulations
of each Council agency to determine
their regulatory burden and
possible ways to reduce this burden.
Explanation. Section 2222 of the Economic
Growth and Regulatory
Paperwork Reduction Act of 1996
requires that the regulations of each
FFIEC member agency and the
Council be reviewed not less frequently
than every 10 years for
regulatory burden. The Council
decided to begin the review process
before the deadline of September 30,
2006.
August 7
Action. Unanimously decided to
extend the comment period another
45 days on the interagency guidance
on credit card lending account
management and loss allowance
guidance.
Explanation. To ensure that interested
parties had sufficient opportunity
to comment, the Council
extended the deadline for an initial
request for comments from financial
institutions on proposed interagency
guidelines on credit card
lending account management and
loss allowance guidance.
October 29
Action. Approved development
guidelines for the 2003 Council
budget.
Explanation. The Council adopted
the guidelines for preparing its
2003 budget as recommended by an
interagency review team. Those
guidelines include funding and
cost-saving measures.
December 9
Action. Unanimously approved the
recommendation of the Task Force
on Reports to withdraw the proposal
for collection of data on subprime
consumer lending programs.
Explanation. The Council approved
the recommendation made by the
Task Force on Supervision and the
Task Force on Reports not to collect
subprime consumer lending data
through the Call Report and Thrift
Financial Report as this information
could be ascertained through the
examination process.