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  • 1.  Just out: FDIC Conducting Business with Banks: A Guide for Third Parties

    Posted 02-25-2020 10:56 AM

    Hi All,

    I wanted to ensure to bring to your attention that yesterday, the FDIC released a guide to help fintech companies understand the environment in which banks operate and to help navigate the regulatory requirements that are unique to banking. It covers a lot on third-party risk management processes and expectations. You can download it by visiting https://www.fdic.gov/fditech/guide.pdf or read the FDIC press release for further information here https://www.fdic.gov/news/news/press/2020/pr20017.html


    It covers:

    • A list of items that bank management may request from a third party
    • How banks decide which third parties to use
    • What to do if you want to provide a service to, or partner with, a bank

     

    "Conducting Business with Banks: A Guide for Third Parties is designed to help third parties understand the environment in which banks operate and navigate the requirements unique to banking. The Guide is an initial effort to address concerns that Chairman McWilliams has heard from banks and technology companies across the country related to challenges associated with on-boarding at institutions. FDiTech is working to develop additional tools and resources to increase opportunities for partnerships and eliminate unnecessary burdens and costs associated with third party risk management. In the meantime, Conducting Business with Banks should serve as a helpful guide to both banks and third parties."

     

    Would love to hear your thoughts on this new release.

    --

    Brittany Padgett 
    Community Manager 



  • 2.  RE: Just out: FDIC Conducting Business with Banks: A Guide for Third Parties

    Posted 02-25-2020 11:52 AM
    Thank you Brittany!


  • 3.  RE: Just out: FDIC Conducting Business with Banks: A Guide for Third Parties

    Posted 02-25-2020 12:45 PM
    This is great.  Thanks for sharing!


  • 4.  RE: Just out: FDIC Conducting Business with Banks: A Guide for Third Parties

    Posted 02-25-2020 03:06 PM

    Thx Brittany

     

    Paul Vaillant

    Chief Informatics Officer

     






  • 5.  RE: Just out: FDIC Conducting Business with Banks: A Guide for Third Parties

    Posted 01-11-2021 10:35 AM
    Brittany,
    Hi and thank you for posting this. 

    I saw there was a January 2021 update on the FDiTech site this January 2021 -- one recommendation was using Agile and a "rapid phased prototyping" competition.  More information and links is below.

    Larry

    JAN 2021: RPP Update
    Rapid Phased Prototyping (RPP)
    As an important part of FDiTech, the Rapid Phased Prototyping Competition is designed to accelerate the adoption of modern technological tools to help financial institutions, particularly community banks, provide more timely and granular data to the FDIC in a more effective and efficient manner. In addition, these new tools will help the FDIC gain greater insight into the financial health of these institutions and allow for more efficient supervision. The FDIC intends to rely upon a 'Rapid Phased Prototyping' approach in this and future competitions.
    Status as of January 2021: 11 companies were selected to participate in Phase III in December 2020. A brief overview of each company's solution can be found below. Companies will deliver final prototypes in March 2021.

    What is Rapid Phased Prototyping?

    Rapid phased prototyping "allows developers and government R&D organizations to quickly demonstrate potential solutions that meet urgent requirements, bring technologies to maturity and integrate them into the solution space, and highlight advantages over alternative options."1The FDIC is excited to launch the Rapid Phased Prototyping Program as an opportunity to engage private sector technology companies in an intentional, innovative, and insightful way. This innovative model allows the FDIC and awardees to rapidly and collaboratively co-create solutions, moving from initial concept paper to final prototype in less than five months.This rapid phased approach seeks to invite cutting-edge technology companies into the design phase early into the process to iteratively prototype, test, analyze, and refine solutions that foster innovation in the financial services sector and make supervision more efficient. While the adoption of these technologies among community banks will be voluntary, the intention is to create solutions that will prove to be mutually beneficial for both regulators and banks alike.Each round of Rapid Phased Prototyping will focus on a different set of challenges that relate to FDIC's mission to "maintain stability and public confidence in the nation's financial system."
    1https://aida.mitre.org/agile/agile-competitive-prototyping/

    RE:                    ABOVE LINK HAD PROBLEM:   TRY:  https://www.fdic.gov/fditech/#rpp