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Posts Tagged ‘Regulatory Reporting in Financial Services’

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FDIC’s New Banker Engagement Site (BES): Improving CRA & Compliance Exam Communication

This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDICconnect. Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. Specifically, BES provides a financial institution’s authorized users the ability to communicate […]

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U.S. Regulators to Bank Boards: “Debt is Good”

Just before Labor Day, the federal banking regulators – The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) – labored to issue a proposed rule for comment that would require require certain financial institutions to issue and maintain […]

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Lessons Learned From the Fourth United States Bank Failure of 2023

Background On Friday, July 28, Heartland Tri-State Bank of Elkhart became the fourth U.S. bank to fail this year. A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Heartland Tri-State began operations in […]

7 Possible Causes of SVB Failure and Predicting the Impact on Regulatory Reporting

Recent headlines have highlighted the failure of SVB Financial Group, the parent company of Silicon Valley Bank (“SVB”). To help both current and future clients, using publicly available financial records of SVB, including the last two annual reports and every 10-Ks and 10-Q filed this decade, a team of Perficient team members from around the […]

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Moving to One Minute TRACE Reporting: A Review of FINRA Proposed Changes to Rule 6730

Background FINRA has been collecting and disseminating fixed income transaction information through TRACE since 2002. Fixed income markets have continued to change dramatically since 2002, becoming more global while an increasing percentage of trades are made on or by electronic trading platforms. With the move to electronic trading and increased trade volume, FINRA has been […]

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What Is Not Considered a TRACE-Eligible Security and What Should Not Be Reported

A TRACE-eligible security does not include a debt security that is issued by a foreign, sovereign government or a money market instrument. A money market instrument is, other than a U.S. Treasury Security, a debt security that at issuance has a maturity of one calendar year or less, or if an agency or government-sponsored enterprise […]

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What Information Must Be Included in a TRACE Trade Report? (Part 5 of 6)

Because the purpose of TRACE is to help facilitate transparency in the U.S debt market, each TRACE trade report is required to contain the following information:  Committee on Uniform Securities Identification Procedures (CUSIP) number, or if a CUSIP number is unavailable at the time of execution, a similar numeric identifier. Examples include a mortgage pool […]

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When and by Whom Should TRACE Transactions Be Reported? (Part 4 of 6)

So far in our 6-part blog series explaining the intricacies of TRACE, we have defined TRACE reporting, detailed the prep work to be done in order to effectively report TRACE transactions, and reviewed considerations for alternative trading systems. Now, for part 4 of the series, we will delve into the details of when and by […]

Preparing to Report TRACE Transactions (Part 2 of 6)

FINRA member participation in TRACE is mandatory and obligates members to submit transaction reports in TRACE-eligible securities to conform with the Rule 6700 Series. Getting started requires a member to complete a FINRA Transparency Services Participation Agreement (FPA) version 1.4, found on the FINRA website, and then submit the signed form via the FINRA Firm […]

What is TRACE Reporting? (Part 1 of 6)

In my over thirty years of experience in the financial services industry, I have learned a thing or two about completing, reviewing, and filing various types of reports — some of which have extremely tight restrictions and constraints to which the reporter must abide. This blog marks the first of a six-part series that will […]

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OCC Releases Latest CRA Evaluations for March 2022

The Office of the Comptroller of the Currency (OCC) has released 11 Community Reinvestment Act (CRA) performance evaluations.  These evaluations are based upon on-site examinations performed by OCC-trained staff that are conducted every other year, and they assess an institution’s performance in helping to meet the specific credit needs of the communities they serve. This […]

OCC Sets 2022 Assessment Schedule

So, you’re the CEO of a national banking corporation or a national savings bank. Therefore, your primary federal bank regulator is the Office of the Controller of the Currency (OCC). The OCC conducts frequent on-site examinations as they investigate, prepare, and then issue its reports of examination. Not only do you and your staff get […]

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