FDIC Conducting Testing of Standardized Export of Imaged Loan Documents

Industry Updates  ยป  FDIC Conducting Testing of Standardized Export of Imaged Loan Documents

The Federal Deposit Insurance Corporation (FDIC) is developing and testing a standardized export of imaged loan documents in an effort to streamline examination processes. This initiative is anticipated to improve efficiencies during onsite examination activities and provide additional opportunities for conducting examination activities offsite.

The standardized export will leverage financial institutions’ preexisting loan indexing data in a specified format, which allows examination staff to access and review imaged loan documents within FDIC systems. The goal is to leverage technology to improve examination efficiency, both onsite and offsite. Possible benefits include lessening financial institution burden when supporting onsite examination teams and potentially, reducing the amount of onsite examiner activity.

The FDIC will conduct testing over the next several months to validate technical specifications and related business processes for the standardized export. As such, some FDIC-supervised institutions may be asked if they wish to participate in testing on upcoming examinations on a voluntary basis. Information security continues to be a primary focus, and appropriate protocols will be employed throughout all phases of this initiative to protect sensitive data.

After the testing and discovery period, the FDIC plans to conduct a virtual symposium to share lessons learned, discuss processes and technical specifications, and communicate plans for broader implementation of the initiative. If the initiative moves from a testing phase into production, adoption by financial institutions will remain voluntary. If it’s decided to proceed to a broader implementation, technical and process information will be made available to insured institutions and their service providers/software vendors.

Below is the proposed timeline:

Timeline:

  • Testing and Discovery Through December 2018
  • Information Sharing Teleconference: May 16, 2018, 2 p.m. Eastern Time
  • Information Sharing Virtual Symposium: December 2018
  • Potential Production Implementation: First Quarter 2019

The FDIC will host a teleconference for FDIC-supervised institutions who wish to learn more about the initiative, goals, testing and discovery phase, and potential benefits of the standardized export of imaged loan documents. This event will be recorded and include computer based information sharing via WebEx. 

Date:
Wednesday, May 16, 2018

Time:
2-3 p.m. Eastern Time

Conference Call:
Toll: 1-203-827-7026, Toll Free: 888-323-9701 Participant Code: 9157610

Presentation Materials – WebEx Link:
https://www.mymeetings.com/nc/join.php?i=PWXW7322104&p=9157610&t=c

(Overflow Link)
https://www.mymeetings.com/nc/join.php?i=PWXW7322210&p=9886296&t=c


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