A standardized export of imaged loan documents from supervised financial institutions that is intended to streamline examination processes is the topic of a May 16 teleconference sponsored by the Federal Deposit Insurance Corp. (FDIC).
According to the agency, in a Financial Institution Letter (FIL-22-2018) published Tuesday, the document export initiative is designed to improve efficiencies during onsite examination activities and provide more opportunities for conducting exam activities offsite.
The May 16 teleconference (starting at 2 p.m. ET) is designed for institutions to learn more about the initiative — including goals, testing phase, and potential benefits of the standardized export — and (perhaps) agree to testing of the system.
According to the agency, the standardized export will use the insured institutions’ preexisting indexing data for imaged loan documents.
The agency said it intends to conduct testing of the standardized export on upcoming examinations to validate technical specifications and related business processes. The agency said financial institutions it supervises may be asked to voluntarily participate in the testing process.
Following the testing and discovery period, the agency said, it 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 agency said in a release. “The FDIC has consulted with the Federal Financial Institutions Examination Council (FFIEC) members in developing the standardized export file format specifications, and will keep them apprised of testing results.”