[Federal Register Volume 64, Number 110 (Wednesday, June 9, 1999)]
[Rules and Regulations]
[Pages 30869-30880]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-14641]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 331
RIN 3064-AC23
Asset and Liability Backup Program
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Interim final rule; request for comment.
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SUMMARY: The FDIC is adopting an interim final rule to require asset
and liability backup programs (ALBPs) for limited deposit account and
loan account information in a limited number of institutions to
facilitate timely and accurate restoration of key financial records in
the event that an FDIC-insured depository institution (insured
depository institution) experiences a Year 2000 (Y2K) computer problem
and is placed in receivership. Specifically, this rule requires those
insured depository institutions receiving Y2K ratings of less than
``Satisfactory'' on or after July 31, 1999 (affected institutions) to
follow specific programs to backup certain information concerning
deposit and loan accounts. This information will be retained by each
bank or savings and loan (thrift) to which the rule applies and used by
the FDIC only if such an institution must be closed. This regulation
will automatically sunset on June 30, 2000, and will no longer be
applicable after that date. An affected institution will be exempted
from the ALBP rule if its primary federal regulator provides a written
determination to the Executive Secretary, FDIC, that the ALBP is not
needed.
DATES: This interim final rule will be effective July 9, 1999. Comments
must be received by July 9, 1999.
ADDRESSES: Send written comments to Robert E. Feldman, Executive
Secretary, Attention: Comments/OES, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429. Comments may be
hand-delivered to the guard station located at the rear of the
[[Page 30870]]
17th Street building, on F Street, on business days between 7:00 a.m.
and 5:00 p.m. The FAX number is (202) 898-3838 and the Internet address
is comments@fdic.gov. Comments may be inspected and photocopied at the
FDIC Public Information Center, Room 100, 801 17th Street NW,
Washington, D.C., between 9:00 a.m. and 4:30 p.m. on business days.
FOR FURTHER INFORMATION CONTACT: Division of Resolutions and
Receiverships: James E. Crum, Manager, Information Systems Section
(202) 898-6698; Daniel L. Walker, Manager, Franchise Marketing, Dallas
Field Office Branch (972) 761-2215; Herbert J. Held, Assistant
Director, Institutional Sales (202) 898-7329. Legal Division: Nancy
Schucker Recchia, Counsel (202) 898-8885; David Fisher, Counsel (202)
898-3503, Federal Deposit Insurance Corporation, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Background
A. Introduction
Under the auspices of the Federal Financial Institutions
Examination Council (FFIEC), the FDIC, the Board of Governors of the
Federal Reserve System (Board), the Office of the Comptroller of the
Currency (OCC), and the Office of Thrift Supervision (OTS) have
provided extensive Y2K-readiness guidance to the banking industry. The
banking industry has invested substantial resources to ready itself for
the millennium date change. More than 98% of the nation's banks and
thrifts have achieved ``Satisfactory'' Y2K-readiness ratings from their
primary federal regulators. As time goes by, more institutions achieve
this milestone. As a result of these efforts, the FFIEC agencies expect
few, if any, insured depository institutions to close because of the
Y2K date change. Despite best efforts to prepare for Y2K, however,
there is always the possibility that some institutions may not be Y2K
ready and may have to be closed. The FDIC must plan for every
conceivable event. The FDIC is proposing this rule to ensure that, if
an affected institution experiences a Y2K problem and is closed, the
FDIC will be able to make federally insured deposits available to
depositors expeditiously. The rule also will facilitate the quick
acquisition or transfer of servicing of assets and help maintain public
confidence in, and minimize any related disruption to, the United
States of America's financial system.
The rule requires affected institutions to create standardized
backup programs for their deposit and loan accounts, in addition to
their own backup systems. In the unlikely event of an affected
institution's placement in receivership due to a Y2K-related problem,
these standardized backup programs will provide the FDIC access to
essential basic account information and eliminate the need to map and
convert information for theY2K closing of an affected institution
before account reconciliation and deposit insurance determination can
begin. The rule will enable depositors to access their accounts quickly
and accurately through a deposit transfer or pay-out. The rule will
expedite the transfer or sale of the institution's assets to a
purchaser, asset manager or service provider. A Y2K problem could make
an institution's systems unusable for potential purchasers, making an
alternative conversion process essential for an expeditious transfer of
assets and liabilities. The rule will reduce the time needed to convert
a closed affected institution's information. The rule is critical to
the FDIC's ability to determine quickly and accurately deposit and loan
account information to permit timely and accurate access of insured
depositors to their accounts and effective management of receivership
assets.
B. The Rule's Benefits
1. The Rule Will Maintain Confidence in the Industry
Congress created the FDIC in 1933 to restore public confidence in
the nation's banking system at a time of severe financial stress. For
over 65 years FDIC deposit insurance has helped ensure the stability of
the financial system by providing for the timely and accurate funding
of insured deposits and the consequent confidence in the U.S. banking
system in times of financial stress. The FDIC's ability to make insured
deposits available expeditiously, and resolve failed institutions
quickly, was critical during the bank and thrift crisis of the 1980s
and early 1990s. Despite the many bank and thrift closings during that
period, there were no serious runs on, or credit flow disruptions at,
FDIC-insured institutions. Most important, no depositors suffered any
loss of their insured deposits. The rule ensures that the FDIC will be
able to honor its deposit insurance commitments in a timely and
accurate manner if an affected insured depository institution should be
closed because of a Y2K problem.
One of the potential challenges the FDIC must prepare for is the
possible inability to access the business systems and supporting
information of an insured depository institution that must be closed
because of a Y2K problem. The ultimate safety net will be FDIC deposit
insurance and the FDIC's commitment to provide access to insured funds
expeditiously. FDIC deposit insurance is absolute--insured deposits are
safe. The number of days that it will take the FDIC to provide access
to deposits and transfer assets to private sector purchasers, asset
managers or service providers will depend upon its ability to transfer
basic account information from one institution to another. The FDIC can
assure the public that if an affected institution that maintains ALBPs
in compliance with the rule should close because of a Y2K problem,
depositors will have expeditious access to their insured deposits and
the institution will be resolved as quickly as possible.
2. The Rule Assures That Depositors Will have Expeditious Access to
Insured Deposits
As the federal insurer of deposits in more than 10,000 banks and
thrifts, the FDIC, through the deposit insurance funds it administers,
is statutorily required to pay insured deposits as quickly and
accurately as possible when an insured bank or thrift is closed.\1\ In
the event that an insured depository institution is closed, the FDIC
would be responsible for providing depositors access to their insured
deposits as quickly and accurately as possible. Public confidence in
the financial system will depend upon the FDIC's ability to effect such
funding as quickly and accurately as possible. Historically, the FDIC
has provided depositors with access to their insured deposits within
one to three days of an institution closing.
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\1\ 12 U.S.C. 1821(f)(1).
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The rule requires affected institutions to create daily extract
files of information, beginning on December 24, 1999, concerning
deposit accounts following a standard format specified by the rule. The
necessary information will be readily available to the FDIC only if an
institution's business systems are unable to accurately receive,
process and produce deposit balances and transactions because of a Y2K
problem. Because the FDIC will not have to convert the information to
fit its systems, potential delay in making insurance determinations and
returning insured deposits to depositors will be minimized. The FDIC
will rely upon the liability backup program to efficiently determine
insured account balances, and quickly and accurately transfer or
[[Page 30871]]
pay out such amounts for the benefit of depositors.
3. The ALBP Constitutes an Essential Component of Y2K Contingency
Planning
ALBPs are an essential part of Y2K contingency planning worldwide.
The Basle Committee on Banking Supervision, in its recent paper on Y2K
contingency planning, stated:
As with existing disaster recovery plans, data integrity
procedures are critical to ensuring that adequate and consistent
data are available in the event of a technological failure. The
procedures may address both mission-critical and other systems. They
should address the issue of recovery difficulties associated with
institutions of all types and should preserve sufficient historical
mission-critical data to enable records to be accurately
reconstructed after the century date change in the event that data
is corrupted.
While all banks will already have back-up procedures that they
consider adequate in normal circumstances, there are special
features of the Year 2000 challenge that merit extra attention.
Supervisors should issue a mandate that banks within their
jurisdiction maintain specified back-up records in electronically
retrievable media for certain periods or key dates. These records
may be a specification of the minimum data elements and format to
capture certain assets, liabilities, and income accounts. It is
essential that all processes for creating back-up data files are
completed before the millennium date change or other potentially
sensitive dates and be thoroughly tested. Whatever happens, it is
essential to have back-up which has the certainty to provide a clear
audit trail and enable the bank, an acquirer, or a receiver to
reconstruct corrupt records. Some supervisors may wish to assure
depositors and other bank customers that they will verify the safety
of banks' back-up arrangements.
Year 2000 The Supervisory Contingency Planning Process, January 1999,
at 4, 5. The ALBP rule is consistent with the Basle Committee's
recommendation.
4. The Rule Will Minimize Resolution Costs
The FDIC is statutorily required to resolve closed insured
depository institutions in the manner that is least costly to the
insurance funds.\2\ FDIC experience has shown generally that the more
quickly an institution can be resolved, the greater the franchise and
asset/liability value to be realized from the sale of that institution.
Maximization of the value of the closed institution and its assets and
liabilities and minimization of resolution costs result in a greater
return to the closed institution's creditors and the FDIC insurance
funds.\3\
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\2\ 12 U.S.C. 1823(c)(4).
\3\ The FDIC's responsibility as insurer is carried out by the
assessment and collection of premiums from insured depository
institutions, the administration of the deposit insurance fund
resulting from such assessments, and the timely and accurate funding
of claims for insured deposits in a closed institution. When the
FDIC funds insured deposits, it becomes subrogated to the claims of
the insured depositors. Proceeds from the sale of the institution
and its assets are returned to the FDIC as subrogee to the
depositors.
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By facilitating the timely resolution of an affected institution
and the prompt servicing of any assets not sold at resolution, the rule
will maximize the value of the institution and its assets. The value of
an institution will be enhanced by this rule because the information
will already be available to the FDIC or a purchaser in a pre-defined,
useable format. Fewer FDIC or acquiring institution personnel will be
needed to receive, interpret, map, and distribute information, thereby
further reducing costs of resolution.
5. The Rule Will Expedite the Return of Assets to the Marketplace and
Minimize Customer Disruptions
The FDIC is responsible for the sale or liquidation of all assets
of a bank or thrift for which it is appointed receiver. It is generally
preferable for bank customers and the financial system to keep bank and
thrift assets in the private sector where they can continue to perform
without disruption. For these reasons, the FDIC attempts to sell as
many assets of a closed institution as possible as part of a closed
bank or thrift resolution transaction.
The asset backup program will provide the FDIC with the loan
information necessary to expeditiously value and sell an institution
and its assets in the event that the institution's systems are unable
to receive, process and produce loan balances and transactions. This
information will enable purchasers to establish communication with
borrowers and maintain important account relationships. Without
accurate information related to loans, such as the rule requires,
purchasers are unlikely to risk acquiring a bank's assets.
Where there are no immediate purchasers for a closed institution's
assets, the FDIC acts as quickly as possible to transfer loans to an
asset manager or a service provider or to begin servicing the loans
itself. To minimize loss to the assets' value, it is critical that such
servicing occur with minimal disruption. Both FDIC and private sector
asset managers and servicers require loan information similar to that
of a purchaser.
Because the acquisition and servicing of assets requires more
information than deposit accounts, the rule requires additional
standardized fields of information for loans. The information required
by the rule is the minimum number of fields necessary for a purchaser
or the FDIC to make timely and accurate determinations of estimated
asset values, portfolio compositions and for planning conversions to
Y2K-ready purchasers, asset managers or service providers. Similarly,
before it is placed in receivership, the ALBP files may help an
affected institution transfer its loan accounts to a temporary servicer
while it repairs its systems.
6. The Rule Facilitates Addressing Y2K Technical Problems
The FDIC has developed, and is adopting, separate standardized
backup programs for deposits and loans. Use of these standardized
backup programs will make available a consistent set of information,
increasing the possibility that the FDIC or an acquiring institution
can readily process a closed institution's deposit or loan information.
When ownership of an insured depository institution changes hands,
whether in a commercial transaction or a FDIC-assisted transaction,
detailed account information is converted from the electronic data
processing (EDP) systems of the acquired institution to the EDP systems
of the purchaser. Conversion of information from one system to another
normally requires several months to accomplish as the process involves
extensive research into the manner that information is provided,
processed, reported and used. During this time, the two systems
continue to be operated side-by-side until such time as the steps are
in place for conversion of the information to a purchaser's systems;
detailed information as to the programming language and record layout
used by the originating EDP systems to store information is also
acquired; programs to translate the coded information readable by one
system into coded information recognized by another system are written;
and the information is transferred and tested before use in the new
electronic data processing systems.
Few depository institutions use the same format for their
information. The specific information fields, field lengths, and
software differ from institution to institution. The mapping process
requires time and information code definitions. As part of the
conversion process, the FDIC must map the failing institution's
information fields to the
[[Page 30872]]
correct information fields in its own systems. In addition, information
may be grouped in one field in one system and separated in multiple
fields in another system. The information fields must conform to the
new system. Use of the ALBPs will expedite this process as programs can
be written in advance to convert the ALBP record layouts into the
format needed for the various applications used by the FDIC in the
resolution process.
The standard layouts of the ALBP will allow purchasers of closed
affected institutions to pre-map the incoming file specifications to
their own record layouts, thus avoiding delays that would otherwise be
necessary if a purchaser had to input account information manually, or
map the closed institution's information to its own system and then
write a conversion program. In a non-Y2K closing, an acquiring
institution would be able to use the closed institution's systems, but
this may not be an option in a Y2K closing. Institutions and service
bureaus interested in providing short-term and long-term support to
institutions with Y2K-related problems can use the ALBP files to
facilitate the transfer of account data to their compliant systems.
This may provide extra protection for the continuation of financial
services before FDIC resolution action is required.
C. The Rule Places Minimal Burden on the Industry
The rule requires affected institutions to be able to provide
electronic files of limited fields of information already maintained by
those institutions in a standardized format, for a limited period of
time. To minimize burden and recognize the efforts of most financial
institutions, only those insured depository institutions that have a
higher degree of Y2K risk must comply with the rule. Information will
be reorganized, not created. There are no new reports required or
transmissions of useable information to the FDIC or any other
government agency. No confidential records will be released. The FDIC
will use ALBPs only if an affected institution is closed and
experiences a Y2K problem and to give depositors timely and accurate
access to their insured deposits, help maintain loan customer
relationships and facilitate the quick resolution of the institution.
Once an institution's computer systems are operating successfully in
the new millennium to the satisfaction of the institution's primary
federal regulator, the rule will no longer be applicable to that
institution. The rule will sunset on June 30, 2000.
There will be minimal costs for the programming and processing
associated with creating and maintaining the ALBPs. Production of the
information may require creating extract files of standard information
from multiple systems (e.g., demand deposit account systems and time
deposit account systems). Some institutions may have to adjust their
electronic data processing production schedules to accommodate these
additional tasks. Based upon the results of the FDIC's survey of the
industry discussed below, the FDIC believes that these minor costs
represent a prudent investment in Y2K contingency planning.
To minimize the burden of this rule, each affected institution is
permitted to extract and retain the required information in the manner
that is most cost effective for that institution. The institution may
choose to extract the requisite information as part of its normal
nightly processing production runs or from routine nightly backup
programs. In either case, the institution must demonstrate to the FDIC
that it has segregated and preserved the information so that it may be
obtained using hardware and software located separately from the
institution's primary system. If the institution chooses to extract the
information as part of its normal nightly processing production runs,
the institution must store the files each night beginning December 24,
1999 until the ``termination date.'' Alternatively, if the institution
chooses to extract the data from routine nightly backup programs, the
institution may choose to store the ALBPs each night as set forth above
or demonstrate to the FDIC the ability to produce on demand the files
for each night from December 24, 1999, through the termination date.
The FDIC has limited the duration of this rule to the shortest time
period possible. The termination date for the requirements of this
regulation for any affected institution is the earlier of (i) the date
on which the institution's primary federal regulator changes the
institution's Y2K readiness rating to Satisfactory; or (ii) the date on
which the institution establishes to the satisfaction of its primary
federal regulator that its deposit and loan systems are fully
functional and reliable after December 31, 1999; or (iii) June 30,
2000.
The FDIC estimates the average cost to produce the ALBPs to be
$17,500 for institutions under $1 billion in asset size and $190,000
for institutions greater than $1 billion in asset size when using in-
house programming and processing. Service providers do the programming
for most small institutions. For institutions using service providers
or licensed software where the vendor provides the programming service,
the FDIC estimates the cost of the ALBPs to be approximately $10,500
per service provider or software vendor customer. Overall, the total
cost burden to the 205 institutions rated as less than Satisfactory as
of May 21, 1999, is estimated to be $3,000,000. The FDIC assumed that
on average each service provider or software vendor offered at least
two product lines and serviced five customers affected by this
regulation per product line, thus allocating their costs across each
affected institution. The FDIC believes that the burden of these costs
is far outweighed by the benefits to be obtained.
The FDIC surveyed thirteen financial institutions and five major
service providers of software and/or processing support to insured
depository institutions (Office of Management and Budget Paperwork
control number 3064-0130). The survey addressed: (1) current business
practices, including number and types of clients, software development
practices and backup procedures; (2) programming costs, including
estimates of the hours and labor costs to program their EDP systems to
produce the ALBP files; and (3) production costs, including estimates
of the additional Central Processing Unit time to run the file extract
routines, storage media and impacts on overall production schedules.
The FDIC also discussed its proposed rule with representatives of two
financial industry trade associations, national clearinghouse
authorities, a major financial information publisher and
representatives of other federal financial institution regulatory
agencies.
The FDIC believes that it is appropriate for affected institutions
to pay for their own programming costs because the burden of the rule
applies only to those demonstrating the highest risk of not being Y2K
ready and therefore present a greater risk to the deposit insurance
funds. The rule also provides additional incentives for such
institutions to improve their preparedness and soundness to avoid
requirements imposed by the ALBPs.
It is necessary that the standardized backup programs be in place
pre-millennium in order to ensure that the ALBP data will be available
as of January 1, 2000. The rule requires affected institutions to
complete programming of the ALBP file formats by September 30, 1999.
Programming of the ALBP files must begin by early August 1999, to allow
establishment of
[[Page 30873]]
the system requirements, analysis and design, and internal testing of
the file production programs. No later than October 31, 1999, each
affected institution will submit to the FDIC a sample of the deposit
and loan files created using the backup programs and containing test
data meeting the ALBP specifications. This will allow the FDIC
sufficient time to test the accuracy of the file formats and coordinate
any required modifications to bring the formats into compliance with
the rule. A key benefit of the ALBPs is to allow the FDIC to quickly
and accurately make insured deposit determinations, estimate asset
valuations and facilitate the transfer of information to the electronic
data processing systems of the FDIC or a purchaser of a closed
institution. Therefore, it is essential that the file formats be
certified as compliant with the rule before January 1, 2000.
II. Discussion
A. Affected Institutions
Section 331.1 of the rule sets forth those insured depository
institutions to which the rule applies (affected institutions). The
rule applies to all insured depository institutions as that term is
defined at section 3(c) of the Federal Deposit Insurance Act (12 U.S.C.
1813(c)) that have received a rating of less than Satisfactory in Y2K
readiness by their primary federal regulator as of July 31, 1999. The
rule also applies prospectively to any insured depository institution
that had received a Satisfactory rating as of July 31, 1999, and
subsequently receives a rating of less than Satisfactory. The rule
continues to apply to both categories of institutions until the
termination date specified in Sec. 331.3(d). Prior to January 1, 2000,
if an affected institution's primary federal regulator changes the
institution's Y2K readiness rating to Satisfactory, it will not be
required to comply with the rule as of the date of the change. This
permits institutions that demonstrate improvement in Y2K readiness
after July 31, 1999, to avoid the requirements of the rule. After
January 1, 2000, an affected institution will not be required to comply
with the rule as of the earlier of the date on which the institution's
primary federal regulator verifies that the institution's systems are
Y2K ready or June 30, 2000.
B. Exemption
Section 331.2 of the rule provides that an affected institution
will, without application, be exempted by the FDIC from the rule upon a
written determination by its primary federal regulator that the ALBP is
not needed for that institution. For example, the primary federal
regulator may find that an institution has ensured its systems'
readiness during the testing phase and developed adequate business
resumption contingency plans, but for less critical reasons was
assessed a less than Satisfactory rating. A primary federal regulator's
written determination would be submitted to the Executive Secretary of
the FDIC. In the case of an FDIC-regulated institution, the
determination would be made by the FDIC's Director of the Division of
Supervision, or designee, and submitted to the Executive Secretary of
the FDIC.
C. Asset and Liability Backup Program Requirements
Sections 331.3(b) and (c) of the rule require all affected
institutions to prepare and retain daily extract files of information
concerning deposit accounts and loan accounts. The specifications for
the deposit ALBPs are contained in appendix A; the specifications for
the loan ALBPs are contained in appendix B. The rule requires the
institution to segregate and preserve all daily extract files created
in compliance with the rule so that they can be obtained using hardware
and software located separately from the institution's primary
electronic data processing system. This will ensure that the ALBP data
will be accessible if the affected institution experiences a Y2K
problem. Affected institutions may choose whether to prepare the daily
extract file as part of the institution's normal nightly processing
production runs or from routine nightly backup programs. If the
institution prepares its daily extract files as part of its normal
nightly processing production runs, it must store the files each night
beginning December 24, 1999, through the termination date. If the
institution chooses to prepare its daily extract files from routine
nightly backup programs it must either store the files each night as
set out above, or it may demonstrate to the FDIC that it is able to
produce to the FDIC, upon demand, the daily extract files for each
night from December 24, 1999, through the termination date.
Section 331.3(d) of the rule specifies a ``termination date,''
after which the requirements of the rule do not apply to an affected
institution. The termination date is (1) the date on which the
institution's primary federal regulator changes the institution's Y2K
rating to Satisfactory; (2) the date on which the institution
establishes to the satisfaction of its primary federal regulator that
its deposit and loan systems are fully functional and reliable after
December 31, 1999; or (3) June 30, 2000. The first termination date
recognizes that an institution that is rated less than satisfactory on
July 31, 1999, or thereafter, may improve its readiness so that it is
rated Satisfactory. Such an institution would be required to comply
with the regulation as long as it was rated less than Satisfactory;
however, once the primary federal regulator changed its rating to
Satisfactory, the institution would have no further obligations under
the rule. For those institutions that enter the millennium with a less
than Satisfactory rating, the second termination date requires them to
comply with the rule until they establish that their deposit and loan
systems are fully functional and reliable in Y2K. The rule will sunset
on June 30, 2000, and its requirements will no longer apply to any
affected institution.
These ALBP requirements will ensure that information is available
if an affected institution's business systems are unable to receive,
process, and produce deposit and loan balances and transactions in a
timely and accurate manner due to a Y2K problem. The ALBPs include the
minimum number of fields necessary for (1) the FDIC to make timely and
accurate determinations of estimated insured deposits, asset values and
portfolio compositions, and (2) potential purchasers, asset managers
and service providers to move quickly to transfer and set up loan and
deposit accounts from the closed institution, convert the closed
institution's systems to their own, and implement a timely relationship
with the new customers.
D. Programming and Testing
Section 331.4 of the rule requires each affected institution to
program and test its ALBPs. In order to provide sufficient time to make
necessary corrections to the ALBP, the rule requires each institution
to complete its programming and testing by September 30, 1999, and to
provide a sample output file composed of at least ten test records
containing test data meeting the ALBP criteria to be delivered to the
FDIC no later than October 31, 1999. The FDIC will use these test files
only to verify that the ALBP complies with this rule. If an institution
that had been rated Satisfactory in Y2K readiness as of July 31, 1999,
receives a less than Satisfactory rating subsequent to that date, the
FDIC will determine the timetable by which the institution must
complete the programming, testing and correction of the ALBP.
E. Supporting Documentation
Section 331.5 of the rule requires institutions providing ALBPs to
the FDIC to also provide narratives
[[Page 30874]]
describing the process by which the ALBPs were produced and a trial
balance or other hard copy report summarizing the contents of the
electronic files. These documents will allow the FDIC to ensure that it
is properly interpreting the information provided in the ALBPs.
F. Sunset Date
Section 331.6 of the rule specifies its sunset date as June 30,
2000. The FDIC believes that any Y2K problem posing significant risk
will have been manifested and resolved by that time.
III. Authority for the Regulation
This regulation is authorized by the FDIC's general rulemaking
authority and pursuant to its fundamental responsibilities to ensure
the safety and soundness of insured depository institutions and act as
receiver or conservator of those institutions as required by law.
Specifically, 12 U.S.C. 1819(a) Tenth provides the FDIC with
general authority to issue such rules and regulations as it deems
necessary to carry out the statutory mandates of the Federal Deposit
Insurance Act (FDI Act) and other laws that the FDIC is charged with
administering or enforcing. 12 U.S.C. 1819(a) Seventh permits the FDIC
to exercise incidental powers related to those granted in the FDI Act.
One of the FDIC's fundamental powers is to ensure the safety and
soundness of insured depository institutions pursuant to 12 U.S.C.
1818(a) and (b). The FDI Act also empowers the FDIC to act as receiver
or conservator for insured depository institutions in the event of
insolvency and permits the FDIC to promulgate rules related to the
conduct of conservatorships or receiverships and implement certain
other requirements set forth in section 11 of the FDI Act. (12 U.S.C.
1821).
IV. The Administrative Procedure Act
The FDIC is adopting this regulation as an interim final rule
effective thirty days after publication in the Federal Register without
the usual notice and comment period as provided in the Administrative
Procedure Act (APA), 5 U.S.C. 551, et seq., or the delayed effective
date as provided in section 302 of the Riegle Community Development and
Regulatory Improvement Act of 1994 (CDRI), 12 U.S.C. 4802(b). The APA
provides that the requirement for such notice and comment periods does
not apply ``when the agency for good cause finds * * * that notice and
public procedure thereon are impracticable, unnecessary, or contrary to
the public interest.'' 5 U.S.C. 553(b)(3)(B). Section 302 of CDRI
provides that certain new regulations should ``take effect on the first
day of a calendar quarter which begins on or after the date on which
the regulations are published in final form, unless--(A) the agency
determines, for good cause published with the regulation, that the
regulation should become effective before such time.'' 12 U.S.C.
4802(b)(1)(A).
The FDIC has found that promulgation of this regulation on an
expedited basis is required. This rule is necessary to protect the
public's interest in the continued stability of the financial system
and to ensure timely and accurate access to deposits in insured
depository institutions in the event that such institutions
experiencing a Y2K problem are closed. All efforts to create ALBPs must
be completed and operational by December 24, 1999, to ensure that
public confidence in the financial system continues. The changes
required by this rule would be impracticable to implement in less than
six months. These backup programs must be in place pre-millennium to
ensure that all systems will function as of January 1, 2000.
Programming of the backup program files must begin by early August
1999, to allow establishment of the system requirements, analysis and
design, and internal testing of the file production programs.
Subsequently, the FDIC must have sufficient time to test the sample
formats for compliance with the rule and to work with the institutions
to correct any deficiencies. Delay in the effective date of this rule
would be detrimental to the efforts of the regulatory agencies and the
banking industry to prepare for potential problems caused by the Y2K
date change.
V. Regulatory Flexibility Analysis
The Regulatory Flexibility Act, 5 U.S.C. 601-612, requires an
agency to publish an initial regulatory flexibility analysis, except to
the extent provided in 5 U.S.C. 605(b), whenever the agency is required
to publish a general notice of proposed rulemaking for a proposed rule.
For good cause discussed above, the FDIC is publishing this rule as an
interim final rule, for which publication of a general notice of
proposed rulemaking is not necessary. No initial regulatory flexibility
analysis is required.
VI. Paperwork Reduction Act
The collection of information contained in this interim final rule
has been submitted to the Office of Management and Budget (OMB) for
review and approval in accordance with the requirements of the
Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501, et seq. OMB is
required to make a decision concerning the collection of information
contained in the interim final regulation between 30 and 60 days after
the publication of this document in the Federal Register. Therefore, a
comment to OMB is best assured of having its full effect if OMB
receives it within 30 days of this publication. This does not affect
the deadline for the public to comment to the FDIC on the interim final
regulation.
Comments are invited on (a) whether the collection of the required
information is necessary for the proper performance of the FDIC's
functions, including whether the information has practical utility; (b)
the accuracy of the estimates of the burden of the information
collection; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; and (d) ways to minimize the burden of
the information collection, including through the use of automated
collection techniques or other forms of information technology.
Comments should be addressed to the Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention: Desk
Officer Alexander Hunt, New Executive Office Building, Room 3208,
Washington, DC 20503, with copies of such comments to Steven F. Hanft,
Assistant Executive Secretary (Regulatory Analysis), FDIC, Room F-4062,
550 17th Street, N.W., Washington, DC 20429.
Title of the collection: All comments should refer to ``Asset and
Liability Backup Program.''
Summary of the collection: This new requirement calls for affected
FDIC-insured depository institutions to develop and retain extracts of
deposit and loan account information maintained by such institutions,
stored in electronic form, beginning December 24, 1999, and continuing
until the earlier of approval by the institution's primary federal
regulator or June 30, 2000 (12 CFR 331.3); to program and test the
required ALBP extract files by September 30, 1999, and to submit a test
file of sample information for each ALBP format to the FDIC for
validation purposes (12 CFR 331.4); and to submit supporting
documentation to the FDIC (12 CFR 331.5).
Need and use of the information: The FDIC needs the information to
facilitate timely and accurate restoration of key financial records.
The FDIC will use the information only in the event of the closure of
an affected institution experiencing a Y2K problem.
[[Page 30875]]
Respondents: This rule applies those FDIC-insured depository
institutions receiving Y2K ratings from their primary federal
regulators of less than ``Satisfactory'' on or after July 31, 1999.
Estimated annual burden resulting from this proposed rulemaking:
Frequency of response: Daily, beginning December 24, 1999 and
continuing until released from the rule's requirements or June 30,
2000, whichever occurs first.
Number of respondents: 205.
Average number of hours per respondent: 131.4.
Total annual burden hours: 26,945.
It is noted that the total annual burden includes service bureau
and other contractor time, and that the actual burden experienced by
individual institutions may range from 70 hours per institution to
2,500 per institution.
VII. Small Business Regulatory Enforcement Fairness Act
The Office of Management and Budget has determined that this
interim final rule is not a ``major rule'' within the meaning of the
relevant sections of the Small Business Regulatory Enforcement Fairness
Act of 1996 (SBREFA), 5 U.S.C. 801, et seq. As required by SBREFA, the
FDIC will file the appropriate reports with Congress and the General
Accounting Office so that the interim final rule can be reviewed.
VIII. Assessment of Impact of Federal Regulation on Families
The FDIC has determined that this regulation will not affect family
well-being within the meaning of section 654 of the Treasury Department
Appropriations Act, 1999, enacted as part of the Omnibus Consolidated
and Emergency Supplemental Appropriations Act, 1999 (Pub. L.105-277,
112 Stat. 2681).
By order of the Board of Directors.
Dated at Washington D.C., this 3rd day of June, 1999.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
List of Subjects in 12 CFR Part 331
Bank deposit insurance, Banks, banking, Reporting and recordkeeping
requirements, Savings associations.
For the reasons stated in the preamble, a new part 331 is added to
chapter III of title 12 of the Code of Federal Regulations to read as
follows:
PART 331--ASSET AND LIABILITY BACKUP PROGRAM
Sec.
331.1 Affected institutions.
331.2 Exemption.
331.3 ALBP requirements.
331.4 Programming and testing required.
331.5 Supporting documentation required.
331.6 Sunset of program.
Appendix A to Part 331--Asset and Liability Backup Program Technical
Instructions and Deposit Extract File Format
Appendix B to Part 331--Asset and Liability Backup Program Technical
Instructions and Loan Extract File Format
Authority: 12 U.S.C. 1818(a) and (b), 1819(a) (Seventh and
Tenth), 1821.
Sec. 331.1 Affected institutions.
The provisions of this part 331 apply to all insured depository
institutions, as defined in 12 U.S.C. 1813(c)(2), that are rated as
less than Satisfactory in Y2K readiness by their primary federal
regulator on or after July 31, 1999 (affected institutions), until the
termination date specified in Sec. 331.3(d).
Sec. 331.2 Exemption.
An affected institution will, without application, be exempted by
the FDIC from the requirements of this part 331 upon a written
determination made by, and in the sole discretion of, its primary
federal regulator that the asset and liability backup program (ALBP) is
not needed for that institution. Such written determination shall be
submitted to the Executive Secretary, FDIC. In the case of an FDIC-
regulated affected institution, the Director of the Division of
Supervision, or designee, shall have the authority to waive the
requirements of this part 331 upon a written determination submitted to
the Executive Secretary, FDIC, that the ALBP procedures are not needed
for that institution.
Sec. 331.3 ALBP requirements.
(a) ALBPs required. (1) All affected institutions shall prepare and
retain daily extract files of information concerning:
(i) Deposit accounts following the ALBP format specified in
appendix A to this part 331; and
(ii) Loan accounts following the ALBP format specified in appendix
B to this part 331.
(2) All daily extract files shall be segregated and preserved so
that they can be obtained using hardware and software located
separately from the institution's primary information processing
system.
(b) Preparation of the daily extract files. Each affected
institution shall prepare its daily extract files either--
(1) As part of the institution's normal nightly processing
production runs; or
(2) From routine nightly backup programs.
(c) Retention of daily extract files. Each daily extract file shall
be retained in one of three media meeting the specifications contained
in appendices A and B to this part 331, until the termination date.
(1) If the institution prepares its daily extract files as part of
its normal nightly processing production runs under Sec. 331.3(b)(1),
the institution must store the files each night beginning December 24,
1999, through the termination date specified in Sec. 331.3(d).
(2) If the institution prepares its daily extract files from
routine nightly backup programs under Sec. 331.3(b)(2), the institution
shall either retain the daily extract files each night as set forth in
Sec. 331.3(c)(1), or demonstrate to the FDIC its ability to produce to
the FDIC, upon demand, the daily extract files for each night from
December 24, 1999, through the termination date specified in
Sec. 331.3(d).
(d) Termination date. (1) The termination date of the ALBP
requirement for any affected institution is the earlier of:
(i) The date on which the institution's primary federal regulator
changes the institution's Y2K rating to Satisfactory;
(ii) The date on which the institution establishes to the
satisfaction of its primary federal regulator that its deposit and loan
systems are fully functional and reliable after December 31, 1999; or
(iii) June 30, 2000.
(2) An affected institution that wishes to receive verification
under paragraph (d)(1)(ii) of this section shall make its request to
the primary federal regulator in writing.
Sec. 331.4 Programming and testing required.
Programming and testing of the required ALBP extract files shall be
completed by each affected institution by September 30, 1999. A sample
output file with at least ten (10) records containing test information
meeting the ALBP criteria shall be delivered to the FDIC no later than
October 31, 1999, in accordance with the instructions contained in
appendices A and B to this part 331. The FDIC will test the sample
output file against the specifications contained in appendices A and B
of this part 331. Corrections of any identified errors must be made,
and a new sample output file provided to the FDIC, within fifteen (15)
days of receipt of notice of such errors from the FDIC. For any
institution that receives a less than Satisfactory rating after July
31, 1999,
[[Page 30876]]
the FDIC will determine the completion and delivery dates under this
section.
Sec. 331.5 Supporting documentation required.
In addition to the files submitted to the FDIC under Sec. 331.4,
the institution shall submit the following supporting documentation:
(a) A narrative describing the process by which the daily extract
files were produced; and
(b) A trial balance or other hard copy summary of the contents of
the electronic files to permit the FDIC to verify the accurate receipt
and interpretation of the information transmitted to the FDIC.
Sec. 331.6 Sunset of program.
The ALBP procedures contained in this part 331 shall not be
required after June 30, 2000.
Appendix A to Part 331--Asset and Liability Backup Program
Technical Instructions and Deposit Extract File Format
TECHNICAL INSTRUCTIONS
FDIC Standard Deposit Extract File Format
THE FDIC STANDARD DEPOSIT EXTRACT FILE FORMAT
The attached ``Deposit Extract File Format'' is a list of fields
developed as a tool for requesting information from an institution for
the purposes of insurance estimation and other related functions.
Please match your institution's deposit information field names to
those on the ``Deposit Extract File Format.'' For your convenience,
descriptions of each field are provided.
STANDARD DEPOSIT EXTRACT FILE PREFERENCES:
1. Information must be provided in an ASCII-flat, tab delimited
file.
(a) The preferred media is diskette, CD, ZIP Disk or fixed length
9-track tape.
(b) All deposit records should be included in one file. Separate
files are acceptable in those cases where the information will not fit
on the selected media type.
(c) Diskette and CD files zipped with PKZIP or WINZIP are also
acceptable.
If information cannot be provided on preferred media, or you cannot
provide the information in ASCII format, please contact Mr. James
Murphy, at the FDIC's Dallas Field Operations Branch, Telephone No.
(972) 761-2226, for possible alternatives.
2. Please provide ALL requested information where possible.
3. Provide a record layout in a printout accompanying the file. The
field order and field names are indicated. The field names are under
the column heading 'FDIC NAME.' Your record layout must include field
order, field name, type (e.g., Character, Numeric), field length and
decimal places (precision).
4. Do not duplicate records within the download.
5. Decimal points should be included in the information provided,
not implied (i.e., $10,300.75 should be provided as 10300.75, interest
rate of 8.45% should be provided as .0845). Please do NOT include
packed or zoned decimals.
6. Date formats should be MM/DD/YYYY (e.g., March 14, 2001 should
be provided as 03/14/2001).
Deposit Extract File Format
----------------------------------------------------------------------------------------------------------------
Info
Information Field Definition FDIC Name Info Type Length Dec
----------------------------------------------------------------------------------------------------------------
1........... Account Status..... Code defining account STATUS............. C........... 4
status (Open, Closed,
Dormant, etc)..
2........... Branch Number...... Branch Number........... BRANCH............. C........... 4
3........... Account Number..... Unique account number. ACCTNO............. C........... 16
Include all fields
required to avoid
duplicate account
numbers..
4........... Tax ID Number...... Taxpayer identification TAXID.............. C........... 11
number of the primary
account holder (ex: 428-
78-1992 or 58-2345679
Include Hyphens)..
5........... Customer Short Name Alpha sort key used to SHORTNAME.......... C........... 20
create an alpha list of
accounts..
6........... Customer Name...... Full name line 1 as it NAME1.............. C........... 40
appears on deposit
account..
7........... Joint Customer Name Full name line 2 as it NAME2.............. C........... 40
appears on deposit
account..
8........... Customer Street The street address as it ADDR1.............. C........... 40
Address. appears on the
statement. May also be
provided in multiple
fields (provide as
ADDR1, ADDR2, ADDR3,
etc).
9........... Customer City...... Address city as it CITY............... C........... 25
appears on statement..
10.......... Customer State..... State postal STATE.............. C........... 2
abbreviation as it
appears on statement..
11.......... Customer Zip....... Address zip code as it ZIP................ N........... 9
appears on statement--
no hyphens..
12.......... Financial The Financial FITYPE............. C........... 4
Institution's Institution's account
Account Type. types. Use any
pertinent codes
relevant to identifying
the type of account..
13.......... Account Type Description of the FIDESC............. C........... 20
Description. Financial Institution's
account types. May also
be used to describe
class codes..
14.......... FDIC Account Type.. FDIC Claim Types (e.g., FDICTYPE........... C........... 4
DDA, SAV, CD, NOW, MMA,
IRA, KEO (KEOGH), TRU
(TRUST))..
15.......... GL Code............ Financial Institution's GLCODE............. C........... 6
GL code that the
account is aggregated
to for GL accounting..
16.......... GL Code Description Description of Financial GLDESC............. C........... 20
Institution's GL code
that the account is
aggregated to for GL
accounting..
17.......... Class Code......... All codes identifying CLASS.............. C........... 4
deposit account
products on bank's
system (may be the same
as FITYPE)..
[[Page 30877]]
18.......... Municipality....... Indicates account of MUNICIPAL.......... C........... 4
state, county or
municipal entity..
19.......... Current Account Current principal CURRBAL............ N........... 15 2
Balance. account balance..
20.......... Accrued Interest... Accrued interest earned ACCRINT............ N........... 15 2
but not paid on the
account. Enter zero if
not interest bearing..
21.......... Per Diem........... Daily accrual amount or PERDIEM............ N........... 9 5
per diem. Enter zero if
blank or null..
22.......... Interest Paid Year- Interest paid year-to- INTPYTD............ N........... 15 2
to-Date. date. Enter zero if not
interest bearing..
23.......... Interest Rate...... Current interest rate RATE............... N........... 8 5
applicable to account
on cutoff date. Rate is
based on the current
balance, not base rate.
If minimum balance
requirements are not
met, rate is zero..
24.......... Original Date...... Date account opened..... ORIGDATE........... D........... 8
25.......... Maturity Date...... Maturity date for all MATDATE............ D........... 8
CDs and IRA accounts..
26.......... Interest Paid Date interest is paid PDTHRUDT........... D........... 8
Through Date. through..
27.......... Collateral Account Loan account number for LOANACCT........... C........... 16
Number. which this deposit
account is serving as
collateral..
28.......... Overdraft Account Overdraft Protection OPDACCT............ C........... 16
Number. account number this
account is tied to..
29.......... Available Overdraft Current available AVAILOD............ N........... 15
Protection Amount. Overdraft Protection
Balance.
30.......... Average Daily Average daily balance, DAILYBAL........... N........... 15
Balance. maintained for the
current statement
period (monthly,
quarterly)..
31.......... Available Balance.. Current available AVAILBAL........... N........... 15
balance.
32.......... Hold Code.......... Hold code(s)/flag(s) HOLDCODE........... C........... 4
indicating account
secures a loan(s)..
33.......... Hold Description... Description of hold HOLDDESC........... C........... 20
code(s)/flag(s)
indicating account
secures a loan(s) etc..
34.......... Hold Amount........ Amount of hold(s)....... HOLDAMT............ N........... 15 2
----------------------------------------------------------------------------------------------------------------
Appendix B to Part 331--Asset and Liability Backup Program
Technical Instructions and Loan Extract File Format
TECHNICAL INSTRUCTIONS
FDIC Standard Loan Extract File Format
THE FDIC STANDARD LOAN EXTRACT FILE FORMAT
The attached ``Loan Extract File Format'' is a list of fields
developed as a tool for requesting information from an institution for
the purposes of categorizing, analyzing and transmitting the loan
portfolio and other related functions. Please match your institution's
loan information field names to those on the ``Loan Extract File
Format.'' For your convenience, descriptions of each field are
provided.
STANDARD LOAN EXTRACT FILE PREFERENCES:
1. Information must be provided in an ASCII-flat, tab delimited
file.
(a) The preferred media is diskette, CD, ZIP Disk or fixed length
9-track tape.
(b) All loan records should be included in one file. Separate files
are acceptable in those cases where the information will not fit on the
selected media type.
(c) Diskette and CD files zipped with PKZIP or WINZIP are also
acceptable.
If information cannot be provided on preferred media, or you cannot
provide the information in ASCII format, please contact Mr. James
Murphy, at the FDIC's Dallas Field Operations Branch, Telephone No.
(972) 761-2226, for possible alternatives.
2. Please provide ALL requested information where possible.
3. Provide a record layout in a printout accompanying the file. The
field order and field names are indicated. The field names are under
the column heading `FDIC NAME'. Your record layout must include field
order, field name, type (e.g. Character, Numeric), field length and
decimal places (precision).
4. Do not duplicate records within the download.
5. Decimal points should be included in the information provided,
not implied (i.e., $10,300.75 should be provided as 10300.75, interest
rate of 8.45% should be provided as .0845). Please do NOT include
packed or zoned decimals.
6. Date formats should be MM/DD/YYYY (e.g., March 14, 2001 should
be provided as 03/14/2001).
7. All information for each loan must be contained within one
record.
a. Participation sold information should not be provided as a
separate record (provide as separate field).
b. Partial charge-off information should not be provided as a
separate record (provide as separate field).
c. Completely charged-off loans and paid-off loans should not be
included in the download.
d. Loans with partial charge-off should be provided with balances
net of partial charge-off.
[[Page 30878]]
Loan Extract File Format
----------------------------------------------------------------------------------------------------------------
Info
Information Field Definition FDIC Name Info Type Length Dec
----------------------------------------------------------------------------------------------------------------
1........... Borrower Name...... The full legal name NAME............... C........... 50
(Last Name, First Name,
MI) of the borrower
(preferred). The
information may also be
provided in multiple
fields (Last Name in
field called NAME1,
First Name in a field
called NAME2, MI in a
field called NAME3).
2........... Borrower Short Name Abbreviated name SHORTNAME.......... C........... 50
assigned to each
borrower.
3........... Borrower Street The street address where ADDR1.............. C........... 50
Address. the borrower's home or
head office is located.
May also be provided in
multiple fields
(provide as ADDR1,
ADDR2, ADDR3, etc).
4........... Borrower City...... The city where the CITY............... C........... 40
borrower's home or head
office is located.
5........... Borrower State..... The state where the STATE.............. C........... 2
borrower's home or head
office is located.
6........... Borrower Zip....... The zip code where the ZIP................ C........... 10
borrower's home or head
office is located.
7........... CIF Number......... Central Information File CIF................ C........... 15
identifier. The number
that links all loan,
deposit, and other
accounts to the
borrower. (This number
may be the same as the
Borrower ID Number.)
8........... Insider............ Indicates if the INSIDER............ C........... 1
borrower is either an Y/N.........
insider of the bank or
a related interest of
an insider of the bank.
If possible, indicate
the type of insider
(e.g., director,
executive officer,
principal shareholder,
non-executive officer,
or employee).
9........... Tax ID Number...... Taxpayer identification TAXID.............. C........... 11
number of the primary
account holder (e.g.,
428-78-1992 or 58-
2345679 Include
Hyphens).
10.......... Accrued Interest... Total amount of interest ACCRINT............ N........... 14 2
accrued and unpaid on a
note/credit facility.
11.......... Amortizing or Non Indicates if the note/ AMORTCD............ C........... 1
Amortizing Status. credit facility is Y/N.........
amortizing or non-
amortizing.
12.......... Branch ID.......... Identifies the branch BRANCH............. N........... 3
location where the note/
credit facility was
originated or is
managed. Please
indicate in your
supporting
documentation if this
identification number
is part of the note/
credit facility number.
13.......... Charged-Off Amount. The amount associated CHGOFFAMT.......... N........... 14 2
with the note/credit
facility that has been
charged off. If the
note/credit facility
balances reported
elsewhere are not net
of charged-off amounts,
please indicate this in
your supporting
documentation.
14.......... Co-Maker or Joint The name of the co- COMAKER............ C........... 50
Maker. maker(s) or joint
maker(s) whose
signature(s) appears on
the promissory note or
loan agreement.
15.......... Current Balance.... The portion of the note/ CURRBAL............ N........... 14 2
credit facility that
appears as an asset on
the bank's General
Ledger. This balance is
net of all
participations sold,
charge-off, and
specific reserves.
16.......... Number of Days Past If interest or principal DAYSLATE........... N........... 4
Due. is delinquent, indicate
the number of days
delinquent. If both are
delinquent, indicate
the larger of the two
numbers.
17.......... Dealer Code........ The code identifying DEALERCD........... C........... 5
loans accepted from
auto, mobile home, or
other sales agents.
18.......... Dealer Name........ Dealer name............. DEALNAME........... C........... 50
19.......... Dealer Reserve The amount of the dealer DEALERRES.......... N........... 14 2
Balance. reserve held in
conjunction with the
applicable account.
20.......... Escrow Balance..... The amount currently ESCRBAL............ N........... 14 2
held in escrow for
payment to third
parties, such as
insurance and real
estate taxes.
21.......... Guarantor or Name of the individual GTYNAME............ C........... 50
Endorser Name. or entity that
guarantees, in part or
in full, the borrower's
note.
22.......... Index.............. The specific underlying INDEX.............. C........... 10
market index used to
calculate the interest
rate of an adjustable
rate note/credit
facility (i.e. LIBOR,
Wall Street Prime, Cost
of Funds Index, One-
Year Treasury Bill).
23.......... Interest Rate...... The interest rate RATE............... N........... 8 3
currently applicable to
the note/credit
facility. If the
interest rate is
variable, indicate the
current rate (e.g.,
7.25%, not Prime + 1).
[[Page 30879]]
24.......... Interest Paid to Amount of interest INTPAID............ N........... 14 2
Date. collected since
origination or other
institution-defined
time period.
25.......... Interest Rate Reset The time between RTCHGFRQ........... N........... 3
Interval. periodic reset dates
for variable or
adjustable rate loans.
26.......... Interest Rate Reset The next periodic reset RESETDTE........... D...........
Date. date for variable or
adjustable rate loans.
27.......... Last Payment Date.. Date Date the last LASTPMT............ D...........
payment was made.
28.......... Last Renewal Date.. Date on which the LASTRENEW.......... D...........
legally binding note/
credit facility was
extended or renewed,
even if principal
reductions have been
made.
29.......... Late Charges....... Late charges that are LTCHGBAL........... N........... 14 2
currently due.
30.......... Lifetime Interest The upper limit on the RTCEIL............. N........... 8 3
Rate Cap. interest rate that can
be charged over the
life of the loan.
31.......... Lifetime Interest The lower limit on the RATEFL............. N........... 8 3
Rate Floor. interest rate that can
be charged over the
life of the loan.
32.......... Maturity Date...... The date on which the MATDATE............ D...........
legally binding note/
credit facility matures.
33.......... Mortgage Loan Type. For real estate loans, MTGTYPE............ C........... 15
indicates if the note/
credit facility is
secured by a first lien
on single-family
residential real estate.
34.......... Next Payment Date.. Date the next scheduled NXTDUEDT........... D...........
payment is due.
35.......... Non-accrual........ Idicates if the note/ NONACCRCD.......... C........... 1
credit facility is on Y/N.........
non-accrual status.
36.......... Note Number or The number used by the ACCTNO............. C........... 15
Credit Facility bank to uniquely
Number. identify a note/credit
facility.
37.......... Note Type or Credit A code representing the LOANTYPE........... C........... 5
Facility Type. type of loan May
correspond to the FFIEC
Report of Condition.
38.......... Note Type or Credit A description of the TYPEDESC........... C........... 15
Facility Type code representing the
Description. type of loan.
39.......... Number of Payments. The number of payments PAYNUM............. N........... 3
specified in the loan
agreement or note.
40.......... Number of The number of times the EXTENDS............ N........... 2
Extensions. loan has been extended
beyond original
maturity date.
41.......... Original Balance... The amount of the note ORIGAMT............ N........... 14 2
or credit facility that
has been executed. If a
note/credit facility
has been renewed one or
more times and the
original amount is not
available, provide the
amount most recently
executed.
42.......... Original Date...... The date your ORIGDATE........... D...........
institution extended
credit to the borrower.
Date should be
consistent with the
information provided
for original balance.
43.......... Payment Amount..... Amount of regularly PAYAMT............. N........... 14 2
scheduled payments.
44.......... P&I Payment........ Amount of regularly PIAMT.............. N........... 14 2
scheduled P&I payments.
45.......... Payment Frequency.. The frequency payments PAYFREQ............ C........... 15
are due to the bank
(i.e. monthly,
quarterly, annually).
46.......... Periodic Interest For variable or PRTCAP............. N........... 8 3
Rate Cap. adjustable rate loans,
the maximum percentage
points that the rate
may change each reset
interval.
47.......... Basis Code......... Day basis on which BASIS.............. C........... 12
interest calculations
are made (e.g., 3/360,
Actual/360, etc.).
48.......... Revolving Line of Indicates if the loan is REVCODE............ C........... 5
Credit. a revolving line of
credit.
49.......... Security Perfection The date that the last PERFDATE........... D...........
Date. security interest,
lien, or UCC-1 was
perfected.
50.......... Times Past Due 30- Number of times the note/ LATE30............. N........... 4
59 Days. credit facility has
been past due 30-59
days during the last 12
months of the loan.
51.......... Times Past Due 60- Number of times the note/ LATE60............. N........... 4
89 Days. credit facility has
been past due 60-89
days during the last 12
months of the loan.
52.......... Times Past Due 90+ Number of times the note/ LATE90............. N........... 4
Days. credit facility has
been past due 90 or
more days during the
last 12 months of the
loan.
53.......... Total Commitment... The sum of the CREDLMT............ N........... 14 2
outstanding balance and
the undisbursed amount
legally available to be
drawn upon.
54.......... Troubled Debt Code indicating if the RTDCODE............ C........... 1
Restructured Code. note/credit facility is Y/N.........
considered to be a
troubled debt
restructure.
55.......... Unfunded or The amount legally UNFUNDED........... N........... 14 2
Undisbursed available under a note/
Balance. credit facility that
has not been disbursed.
56.......... Variable Rate Code. Code indicating RATECODE........... C........... 5
adjustable, floating,
or variable interest
rate.
[[Page 30880]]
57.......... Variable Rate Description of code RATEDESC........... C........... 15
Description. indicating adjustable,
floating or variable
interest rate.
58.......... Collateral Code.... The code associated with COLLCODE........... C........... 5
a unique collateral
type (i.e. commercial
real estate, 1-4 family
real estate, UCC
filings, marketable
securities).
59.......... Collateral The narrative COLLDESC........... C........... 50
Description. description of
collateral or a
description Referencing
a collateral code. The
collateral code for
each description must
be included in a
separate table.
60.......... Collateral State... State in which the COLSTATE........... C........... 2
collateral is located.
61.......... Collateral Value... The total value assigned APPRLAMT........... N........... 14 2
to the collateral. If
the bank has adjusted
this value, please
indicate this in your
supporting
documentation.
62.......... Collateral Date collateral was last APPRDATE........... D...........
Valuation or appraised or valued.
Appraisal Date.
63.......... Insurance Code/Flag Code indicating the INSCODE............ C........... 5
status of insurance
covering collateral for
a note/credit facility.
64.......... Insurance The date that the INSEXP............. D...........
Expiration Date. related insurance
policy covering bank
collateral expires.
65.......... Lien Status........ The priority lien held LIENCODE........... C........... 10
by this bank (i.e. 1st
lien, 2nd lien).
66.......... Participating Code indicating the INVESTOR........... C........... 5
Institution Code. institution
participating in the
credit. If the credit
is sold to multiple
institutions, please
indicate this in your
supporting
documentation.
67.......... Participating Description of the code INVDESC............ C........... 50
Institution indicating the
Description. institution
participating in the
credit. If the credit
is sold to multiple
institutions, please
indicate this in your
supporting
documentation.
68.......... Participation The current outstanding PARTSOLD........... N........... 14 2
Amount. dollar amount of the
loan sold to or
purchased from another
institution.
69.......... Participation Code. A code indicating that PARTTYPE........... C........... 5
the loan/credit
facility involves a
participation purchased
or sold. Please
identify the purchased
and sold codes.
70.......... Participation Code Description of the code PARTDESC........... C........... 15
Description. indicating that the
loan/credit facility
involves a
participation purchased
or sold.
71.......... Participation Sold The original amount of PARTORG............ N........... 14 2
Original Amount. the loan participation
sold or purchased.
72.......... Rebate Flag........ Flag indicating there is REBATE............. C........... 1
any kind of rebate Y/N.........
associated with the
account. (i.e.
insurance, interest
etc.).
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[FR Doc. 99-14641 Filed 6-9-99; 8:45 am]
BILLING CODE 6714-01-P
