DBO – Call Report – Third Quarter 2017 – Local Agency Security Letter

Local Agency Security Letter

Third Quarter 2017

Introduction

At the close of each quarter, the Department of Business Oversight, acting as the Administrator of Local Agency Security sends financial institutions a notice to file their Called Report of Local Agency Deposits and Securities by the due date. Starting with the First Quarter 2015, this communication is now the “Local Agency Security Letter,” a quarterly publication to inform depositories of developments in the Local Agency Security Program (LASP) in addition to being the quarterly call report notice. If you have any questions or comments, please contact LASP manager Patrick Carroll at patrick.carroll@dbo.ca.gov or or Lisa Huang at lisa.huang@dbo.ca.gov.

September 30, 2017 Quarterly Call Reports Due

Required information must be reported as of the close of business on March 31, 2017 and date stamped or postmarked no later than Tuesday October 31, 2017.

California Government Code, Section 53661 (e) requires depositories to file a Called Report of Local Agency Deposits and Securities with the Administrator. Called Reports are a quarterly requirement. The Local Agency Deposit Security Regulations, Subchapter 5, Article 4, provides information concerning report format, content, certification, and verification. For further information on reporting requirements go to: https://dfpi.ca.gov/Licensees/local_agency_security_program/requirements.asp.

Retirement of Karen Cunningham

Karen Cunningham has retired from state service. Please contact LASP manager Patrick Carroll at patrick.carroll@dbo.ca.gov; Tel: (415) 263-8559; or or Lisa Huang at lisa.huang@dbo.ca.gov. Tel: (415) 542-6256.

Local Agency Depositories Strongly Encouraged to File Reports Electronically

The forms should be sent as an email attachment to LASPcallreport@dbo.ca.gov. NOTE: Reporting institutions should download forms with a revision date of 03/15; DO NOT use forms with the 12/14 revision date. DO NOT scan the Excel spreadsheet and email a PDF.

Some banks and credit unions continue to report by fax or U.S. mail, or email PDFs of the hard copy reports or the spreadsheets instead of sending the Excel spreadsheets as attachments.. If your institution is not using the spreadsheet, download the form and instructions from the DBO’s website at: https://dfpi.ca.gov/Licensees/local_agency_security_program/requirements.asp, we welcome your feedback on the forms and submission process.

Please direct questions or comments to Lisa Huang at (415) 542-6256 or by email at lisa.huang@dbo.ca.gov.

Nil Report No Longer Required

Formerly, financial institutions that did not accept local agency deposits were required to submit a quarterly nil report to LASP. Starting with the second quarter 2015, this requirement has been eliminated.