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Treatment Of "Individuals" On 6a,6b And 7.a.(1), 7.b,(1) (RC-E, RC-C- FFIEC031/041) (Doc ID 2699290.1)

Last updated on AUGUST 13, 2020

Applies to:

Oracle Financial Services - Regulatory Reporting for US Federal Reserve - Lombard Risk Integration Pack - Version 8.0.8 and later
Information in this document applies to any platform.

Symptoms

REG REP USFED 809

Issue 1:

 Treatment of party type PROP (Proprietership) is same as INDI (Individuals) and REVT (Revocable Trust) hence below line items should include 'PROP along with INDI and REVT
RC-C Line 6 - should include INDI, REVT, PROP
RC-E memo - should include INDI, REVT,PROP

Also, RLUS_FRAS_REG_PROD_CLASS_23 Rule should also use the same set of party types INDI,REVT,PROP

 

Issue 2: For RC-E Memo Lines 6 and 7, where the reporting requirement is based on INTENT of account, the parameter should be set by ACCOUNT PURPOSE = HFP and not strictly set by Counter party type.

Current configuration mandates counter party information.

Changes

 NA

Cause

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In this Document
Symptoms
Changes
Cause
Solution
References


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