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Informational Memorandum
Subject:Advance Notice of Revisions to the Call Report
Date of Memorandum:12/06/1996
Expiration Date:
Signed By:Smith, Roland
FCA Contact Person:Holland, Tom
Contact Phone:703-883-4484
List of Attachments:Revisions

December 6, 1996

To: The Chief Executive Officer
All Farm Credit System Institutions

From: Roland E. Smith, Director /s/
Office of Examination

Subject: Memorandum of Advance Notice of Revisions to the Farm Credit Administration
Call Report for the Quarter Ending March 31, 1997

The Farm Credit Administration (FCA or Agency) is providing this memorandum to all System institutions as an advance notice of revisions to the Call Report for the quarter ending March 31, 1997. The advance notice is being issued to assist your institution in preparing for the first quarter 1997 Call Report submission.

For the past several years, one of the major strategic goals of the Agency has been to reduce the regulatory burden on System institutions. To support accomplishment of this goal, an internal Agency task force was assigned the responsibility to review, analyze, and make recommendations regarding revisions to the Call Report. As part of the task force's efforts, a line-by-line review was conducted of each item required to be submitted in the Call Report. Throughout the review process, the task force coordinated its efforts with the System's Accounting Standards Work Group (Work Group). Representatives of the task force attended several Work Group meetings to discuss the scope of the review and to solicit the System's input. Before issuing this advance notice, a draft of the Call Report revisions was shared with the Work Group representatives for comment.

The approved revisions will reduce the number of individual data items in the current Call Report by nearly 35 percent, eliminating the need for six existing schedules. The revisions will dispose of data that is currently available to the Agency through other media or used infrequently. Significant emphasis was placed on ensuring that information being collected in the Call Report is needed to evaluate the safety and soundness of System institutions.

An attachment to this memorandum provides both a brief summary of the revisions and a detailed listing of the revisions by Call Schedule. Also attached is a copy of the proposed FCA Uniform Call Report Instructions (which incorporates all of the revisions) that will be issued for the March 31, 1997 Call submission.

Any questions regarding this memorandum or the Call Report revisions should be directed to Nan Mitchem, Accounting and Examination Policy Division, Office of Examination, at (703) 883-4080.