Banking Agencies propose creation of one credit database to improve efficiency

By Sara Rosenberg

New York, Dec. 20 - The Federal Banking Agencies are proposing to standardize and expand the data collected under the Shared National Credit Program with the creation of a single, shared database that would improve the efficiency and accuracy of data submission, according the a report published Monday entitled Shared National Credit Program: Proposed Data Collection Modernization.

The Agencies, which include the Office of the Comptroller of the Currency (OCC), Federal Reserve Board, Federal Deposit Insurance Corp. and the Office of Thrift Supervision, will accept comment on the proposal until Feb. 15.

Currently, the Federal Reserve and the OCC maintain separate databases with slightly different data collection processes. But with the creation of one large database, advanced credit risk analytics can be used and that would be beneficial to the reporting banks and the agencies, the proposal said.

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