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.
REG REP USFED 809
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.
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