Branch offices ‘summary of deposits’ due July 31 using central data repository

Responses to the annual “summary of deposits” (SOD) for branch offices are due July 31, which must be collected using the “central data repository” (CDR) from an individual holding an account with the data-collecting center, the Federal Deposit Insurance Corp. (FDIC) said Tuesday.

In a Financial Institution Letter (FIL-27-2018) the FDIC stated that the survey’s collection by the Federal Financial Institutions Examination Council’s (FFIEC) CDR requires that although the individual responsible for submitting an institution’s SOD Survey must have an account with the CDR, a separate CDR account is not necessary if the SOD submitter and Call Report submitter are the same individual.

The agency’s SOD collects information on branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt, FDIC said in the letter.

Institutions must either complete the survey directly in the CDR or use vendor software to prepare and submit their survey responses to the CDR, FDIC noted. The FIL lists the software vendors available to assist with the SOD filing (under “Electronic Filing Options”) on page 3.

The FIL also advises institutions that, prior to completing the survey, they should review their current branch office information on the FDIC’s “BankFind” website and submit necessary corrections to the FDIC’s Data Collection and Analysis Section (at sod@fdic.gov) by June 15. FDIC said correspondence should include: bank name, FDIC Certificate Number, and branch UNINUM.

If not submitted by that date, branch office information corrections should be included with the SOD Survey, FDIC said.

FDIC FIL-27-2018: Summary of Deposits Survey

BankFind website (for review of current branch office information)

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