The FDIC requires a set of four files to be available within 24 hours of a bank’s failure, and responding companies must design how these files will be generated, stored, and transmitted. Having the data available to respond is a critical first step, but thought must put into how the company will actually take that data and organize it to respond to FDIC inquiries. These details will be required as part of the company’s annual certification to the FDIC.
We can help with all aspects of designing file-generation processes, including:
- File layout
- Job design and scheduling
- Secure transmission and monitoring
- Procedural design and documentation
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
We have also helped many companies design files that are required for regulatory responses, whether internal to the company or intended for consumption by a regulator. The requirements for these types of files can be more stringent than other data files a company deals with, especially with relation to traceability and provability of data lineage. A company’s careful attention to this part of their Part 370 response will help ensure a smooth interaction with the FDIC.
If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.