Financial Services

FDIC Part 370 Report Design

Part 370 requires two annual reports to be generated by covered institutions, and while the general requirements for each are laid out in the rule, there is little specificity about how the reports must be structured or formatted. We have experience designing reports to accommodate banking regulators and is positioned to help a company design both their annual certification and their deposit insurance coverage report, as well as the process around their generation, including:

  • Requirement interpretation: Working with company stakeholders to interpret the general report requirements laid out in the rule and translate those into specific report design, drawing on prior experience with regulatory reporting
  • Technology implementation: Helping design or modify an in-house reporting solution or evaluate third-party options for generating these two reports
  • Process design and documentation: Creating and documenting the report-generation and signoff process to ensure verifiable compliance with FDIC requirements

The two annual reports are the company’s way to demonstrate initial and ongoing compliance with Part 370. Additionally, the company must have a plan in place to produce these reports on an ad-hoc basis in the case of material changes to their deposit-taking operations. A thoughtful design that anticipates the FDIC’s specific requirements will save a company time and money and allow for a smooth interface with FDIC regulators.

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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.

About the Author

Matt Schmitzer joined Perficient in 2013 via the acquisition of ForwardThink Group. His areas of focus include strategy definition, business process redesign, and program management for large financial services organizations. He has over 15 years of experience spanning banking, wealth and asset management, and capital markets. Matt has successfully delivered projects at a range of clients, including Citibank, Morgan Stanley, State Street, and RBC.

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