In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to manage and maintain customer and deposit data. Once a bank has identified existing customer and deposit data and laid out a plan for remediating deficiencies, it must define a […]
Matthew Schmitzer
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.
Blogs from this Author
FDIC Part 370: Identify Data Sources And Remediate Data
In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to identify data sources and remediate data. For the largest and most complex depository institutions, account and customer data can be spread across dozens or even hundreds of backend systems. […]
What FDIC Part 370 Means For Large Banks
Currently, the FDIC estimates that the 38 largest banks will fall under the rule’s provisions. Those banks have until April 1, 2020 to either be in compliance or have secured any relevant exceptions or exemptions. In order to be in compliance, covered institutions will have to implement a change program that encompasses the people, processes, […]
The 10 Parts Of FDIC Part 370
Part 370 is broken into 10 parts, as follows. 370.1 Purpose and scope The purpose of Part 370 is to improve the FDIC’s ability to fulfill its two mandates related to paying deposit insurance: Pay deposit insurance as soon as possible after the failure of a covered bank; and Resolve a covered institution with the […]
FDIC Part 370: The Background
The financial crisis of 2008 brought several institutional collapses that were unanticipated in both scale and speed. While existing processes were deemed suitable to handle smaller or slower bank failures, the FDIC realized that it might struggle to pay depositors if a complicated bank failed rapidly. The FDIC is required by law to pay depositors […]
[Guide] A Comprehensive Guide To FDIC Part 370
The Recordkeeping for Timely Deposit Insurance Determination rule, more commonly referred to as 12 CFR Part 370, or simply Part 370, became effective April 1, 2017. The rule details new recordkeeping and reporting requirements for the largest depository institutions that help ensure prompt payments to consumers in the event of institutional failures. Part 370 generally […]