OTS Announces Reporting Change

This story appeared in Bank Digest.

In a letter to CEOs of its supervised institutions, the OTS has announced that the branch office survey will be discontinued effective June 30, 2011, pursuant to provisions of the Dodd-Frank Act. After the effective date, supervised institutions must report the annual collection of branch office data, including deposit data, through the Federal Deposit Insurance Corp. summary of deposits system. Benefits of this reporting change include a uniform reporting system and processes for branch office data among all FDIC-insured banks and savings institutions, the OTS said. The Dodd-Frank Act requires the transfer of OTS functions to the FDIC, the Office of the Comptroller of the Currency, the Federal Reserve Board and the Bureau of Consumer Financial Protection by July 21, 2011.