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  • 1.  FDIC Reporting for Select Vendors

    This message was posted by a user wishing to remain anonymous
    Posted 13 days ago
    This message was posted by a user wishing to remain anonymous

    I was recently informed by Our Risk Management Officer that the FDIC requires financial institutions to report certain 3rd party vendors to the FDIC. Does anyone have an FIL from the FDIC or any other information about what is required to report? So far all I could find is FDIC FIL-19-2019 pertaining to technology service providers. It reads as follows:

    Section 7 of the Bank Service Company Act (Act) (12 U.S.C. 1867) requires depository institutions to notify, in writing, their respective federal banking agency of contracts or relationships with technology service providers that provide certain services. Services covered by Section 3 of the Act include check and deposit sorting and posting, computation and posting of interest, preparation and mailing of checks or statements, and other clerical, bookkeeping, accounting, statistical, or similar functions such as data processing, Internet banking, or mobile banking services.

    Is there more information I'm missing? Has anyone heard of FDIC reporting for 3rd party vendors? Thanks in advance. 


  • 2.  RE: FDIC Reporting for Select Vendors

    Posted 13 days ago

    This is a true statement.  Notification in writing monthly to FDIC with new 3rd party contracts or relationships with technology service providers that provide certain services.

     

    Thank You and Have a Great Day.

    Kathy

     

    Katherine J. Coffield (Kathy)

    Vice President, Third Party Risk Officer

    Truist | Third Party Risk Management | BIR

    ASQ ~ Certified Quality Improvement Associate, Process Master

     

     

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  • 3.  RE: FDIC Reporting for Select Vendors

    This message was posted by a user wishing to remain anonymous
    Posted 13 days ago
    This message was posted by a user wishing to remain anonymous

    For additional information refer to FIL-49-99 of June 3, 1999 stating the following: "Section 7(c)(2) of the Bank Service Company Act states that any FDIC-supervised institution that has services performed by a third party "shall notify such agency of the existence of the service relationship within 30 days after the making of such service contract or the performance of the service, whichever occurs first."  The information needs to be reported of  the form FDIC6120/06 (3-97).  We reported our core processor since it provide us with all the mentioned services.


  • 4.  RE: FDIC Reporting for Select Vendors

    Posted 12 days ago
      |   view attached

    The process we use to inform the FDIC for select vendors is completing and submitting the attached Notification of Bank Services form found on their website.

     

    Cecilia Bastady, CRVPM II

    Vice President

    Vendor Risk Officer

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