What are the regulatory reports for banks in the US?
The bank must report its financial condition, the results of its operations, and risk exposure. 2 The most common regulatory reports are the Consolidated Reports of Condition and Income (call reports) and other Federal Financial Institutions Examination Council (FFIEC) financial reports.
Regulatory reporting is the process of documenting information about a company's activities and operations. It includes everything from internal audits to external reports.
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
Specifically, the regulations implementing the BSA require financial institutions to, among other things, keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax ...
Data collected from regulatory reports facilitate early identification of problems that can threaten the safety and soundness of reporting institutions; ensure timely implementation of the prompt corrective action provisions required by law; and serve other legitimate supervisory purposes.
The Federal Reserve conducts the annual Comprehensive Capital and Analysis Review (CCAR) exercise to assess capital positions and planning practices of large firms consistent with Regulation YY (12 CFR part 252) and the capital plan rule (12 CFR 225.8).
Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, fraud, or terrorism.
The FDIC promotes compliance with federal consumer protection laws, fair lending statutes and regulations, and the Community Reinvestment Act through supervisory and outreach programs. The elements of an effective CMS include Board of Directors and management oversight and a consumer compliance program.
In addition to the FDIC, there are a number of federal and state government agencies that work to regulate banks and other companies and oversee financial markets. There are also a number of organizations that are dedicated to supporting consumer financial needs.
Financial reporting forms the basis for regulatory reporting. The main difference between financial reporting and regulatory reporting is the audience: whereas financial reporting is mainly targeted towards investors and creditors, the main addressees of regulatory reporting are banking supervisors.
What is the bank common reporting standard?
The Common Reporting Standard (CRS) is a global standard for the automatic exchange of Financial Account information between governments. CRS helps fight against tax evasion around the world and protects the integrity of systems by improving transparency.
The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.
Regulatory Agencies: Federal, State and City.
The Federal Reserve System.
The Federal Reserve directly supervises state-chartered banks that choose to become members as well as foreign banking offices and Edge Act corporations. The Federal Reserve is also the primary supervisor and regulator of bank holding companies and financial holding companies.
The FDIC is the primary federal regulator for state-chartered banks that are not members of the Federal Reserve System. The Office of the Comptroller of the Currency (OCC) is the primary federal regulator for all national banks.
These reports often include details about a company's financial performance, risk management practices, and compliance with laws and regulations. Government agencies pay close attention to make sure that these companies are following the rules and if they don't, they can face fines or other penalties.
Regulatory Information means the following information (or the equivalent in any relevant non-United States jurisdiction): IND Safety Reports & Follow-ups (21 CFR §312.32(c)&(d)), Post-marketing 15-day Alert Reports & Follow-ups (21 CFR §314.80(c)1), Periodic Adverse Drug Experience Reports (21 CFR §314.80(c)2), Field ...
A compliance report is documented evidence that serves as proof of your organization complying with the specific requirements and standards put in place by the government and other regulatory agencies.
In CCAR, banks are required to use the data available as of the end of December for the stress-testing process that is done bi-annually over a period of 3 months. Whereas CCEL is more accounting oriented and is done over a set period of time for the loan that is under analysis.
CCAR and DFAST are derivatives of the Dodd-Frank Act, which became a federal law in response to the financial crisis.
What is CCAR and Dfast?
The Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Tests (DFAST) are regulatory frameworks introduced to enhance the resilience of banks and financial institutions to economic shocks.
The Office of the Comptroller of the Currency (OCC) is the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.) and federal savings associations chartered under the Home Owners Loan Act of 1933 (12 USC 1461 et seq.).
National banks and federal savings associations are among the most highly regulated institutions in the country, with many laws and regulations that govern their activities.
There are two broad classes of regulation that affect banks: safety and soundness regulation and consumer protection regulation. Broadly, regulation consists of the laws, agency regulations, policy guidelines and supervisory interpretations that have been established by lawmakers and policymakers.
These statutes limit the dollar amount of loans banks may extend to insiders, prohibit banks from making insider loans on preferential terms or conditions, and establish recordkeeping requirements. Sections 23A and 23B of the Federal Reserve Act govern transactions between member banks and their affiliates.
