CompleteBankData Launches New Service to Speed Regulation F Compliance
Under current FDIC rules, banks must report quarterly to their boards on all banks with which they have interbank liabilities. These reports typically include dozens of pieces of information from government databases, and creating them is a time-consuming task for most banks that have multiple correspondent institutions.
Reg F Complete automates this process by compiling the required data from Fed and FDIC filings and automatically generating the compliance reports. After joining the service, users select their bank’s correspondent institutions to begin receiving the reports quarterly in PDF and hard copy format, along with a cover letter for submission to their boards.
“All the data needed for Reg F reporting is online and machine-readable, so it doesn’t make sense for banks to dedicate hours of analyst time to researching and compiling these reports,” said Nate Tobik, founder of Complete Bank Data. “This as an especially powerful tool for smaller and medium-sized banks without dedicated compliance departments.”
Reg F Complete builds on Complete Bank Data’s online database of current financials for over 10,000 U.S. banks and 4,700 holding companies, sourced directly from FDIC and Fed filings. Through a graphical interface, the platform allows users to compare banks to regional or national peers, screen institutions by over 1400 metrics, and create custom reports and comparison views.