Author: Aaron Lindsey, alindsey@profitstars.com
With the introduction of the Dodd-Frank Wall Street Reform and the Consumer Protection Act in 2010, along with a congressional response to the financial crisis, there are a number of new changes transforming the financial services industry. In particular, the establishment of the Bureau of Consumer Financial Protection (BCFP) has brought stricter oversight for financial institutions.
What does this mean for thrifts’ regulatory filing? Institutions will be required to begin filing the FDIC-supervised Call Report instead of the Thrift Financial Report (TFR) for quarterly reports, beginning March 31, 2012.
Filing the Call Report is a task that requires numerous regulatory revisions that necessitate a high degree of accuracy. Limiting the impact of filing requirements on productivity requires breaking down processes to simplified tasks and streamlining them for effective execution. The FDIC only accepts the form electronically, so it is even more beneficial to implement a software solution specifically designed to automate and manage these tasks effectively, allowing your energy to be focused on day- to-day operations.
When choosing a software solution, the following features are essential:
• A Call Report filing program with strong customer support
• Native TFR line item mapping
• Comprehensive and automatic data- and edit-checking for regulatory compliance
• Ability to quickly map and link line items from your general ledger system
These features will save you a lot of time when you’re down to the wire, and it guarantees a successful, error-free Call Report submission.
Transitioning to Call Report filing for your thrift is a necessary requirement that can become an opportunity to streamline your filing processes, while leveraging additional resources to improve your productivity.
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