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FIL-22-2018
April 24, 2018

Advisory: FDIC Conducting Testing of Standardized Export of Imaged Loan Documents

Printable Format:

FIL-22-2018 – PDF (PDF Help)

Summary:

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 FDIC will conduct a teleconference at 2 p.m. Eastern Time, on May 16, 2018, for FDIC-supervised institutions interested in learning more about the project.

Statement of Applicability to Institutions with Total Assets under $1 billion: This Financial Institution Letter provides information to all FDIC-supervised financial institutions.

Highlights:

• The FDIC is working to develop a standardized process for obtaining imaged loan files electronically.
• The standardized export will leverage the insured institutions’ preexisting indexing data for imaged loan documents.
• The FDIC intends to conduct testing of the standardized export on upcoming examinations to validate technical specifications and related business processes.
• FDIC-supervised institutions may be asked if they wish to participate in the testing process. Participation during testing and any broader implementation will remain voluntary.
• After a 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 this initiative.
• Data security continues to be of the utmost importance to the FDIC, and appropriate information security protocols will be employed throughout the testing phase and broader implementation.
• The FDIC has consulted with the Federal Financial Institutions Examination Council (FFIEC) members¹ in developing the standardized export file format specifications, and will keep them apprised of testing results.
• The FDIC will host a teleconference at 2 p.m. Eastern Time, May 16, 2018, for FDIC-supervised institutions who wish to learn more about the initiative, goals, testing phase, and potential benefits of the standardized export.