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XBRL at FDIC

Learn how the FFIEC Call Agencies are utilizing XBRL technology to enhance the collection, validation, and distribution of financial institution data, leading to increased efficiency and data transparency.

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XBRL at FDIC

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  1. Jon Wisnieski Senior Information Systems Specialist XBRL at FDIC

  2. CDR Statement of Work “The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve Board (FRB), hereinafter the ‘FFIEC Call Agencies,’ want to improve the collection and management of financial institution data…” - Hawke, Powell, Bies

  3. Who, What, When, Where, Why? • FFIEC—Call Report Agencies • FDIC, FRB, OCC • Call Report • Balance Sheet, Income Statement & Regulatory Information • 8,100 Financial Institutions • 1,300 financial concepts reported • 2,000 validation criteria used to check quality • CDR launched October 1, 2005 • Internet system hosted by Unisys • Obtain new business value through new technology & standards

  4. ProjectGoals • Increase efficiency—data collection & publication • Gain industry-wide efficiencies in the exchange of financial data by using the Internet and XML-based standards • Increase agency agility • Create an extensible platform for current and future reporting needs • Enhance data integrity, accuracy, and consistency • Adopt collaborative, interagency approach to data collection, validation, processing and distribution • Improve data transparency by following standards

  5. Issues • Post validation • Non-cohesive metadata distribution • Difficult to synchronize metadata • Metadata changes required weeks • 70% of data met edit requirements • 34% of reports required call backs • Data published 8 weeks after quarter end • No FFIEC official system of record

  6. Solution • Pre-validation of data required • Responsibility of data ownership • Provide minimum data requirements • XBRL used to synchronize data • Financial • Metadata • Internet based • On-line data correction • Centralized data repository

  7. What is a taxonomy? • Definitions ~ Schema • Table name • Column name • Data type • Comment • Attribute name • Description • Relationships • Hierarchies • Groups • Other resources

  8. Schema Data Series Concepts Definition Captions Instructions Presentation Calculations Reference Edits ~ Formulas Formula Grammar Operators Date functions Math functions String functions Business Rules Instance Document Specifications Naming conventions What is a XBRL Taxonomy?

  9. XBRL Taxonomy Differences • Represents business attributes • Credit / Debit • Stock / Flow • Monetary • Ratio • Specification is written for financial reporting • Provides an extensible model to define your own business rules

  10. Project Results • Receive data sooner • Legacy: 1st submission weeks after quarter-end • CDR: 1st submission within 16 hours of quarter-end • Publish data sooner • Legacy: Multiple days after receipt • CDR: One day after receipt • Improved data quality • Legacy: 66% of submitted reports are clean • CDR: 95% of submitted reports are clean • Call Analysts more productive • Legacy: 450 to 500 banks per analyst • CDR: 550 to 600 banks per analyst • Financial Analysts finish assignments faster • Legacy: 48 days after report date • CDR: 41 days after report date

  11. Everyone is Reading the Same Data! • Taxonomy = authoritative source, used by all • Rules for what data to report • Relationships between data • Presentation • Report Instructions • Data quality standards • Communication between all parties improved • Banking agencies • Call Report Software Vendors • Financial institutions • Increased Data Transparency Back to Contents

  12. Additional Information Additional information is available at: www.FFIEC.gov/FIND Back to Contents

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