A new Enterprise File Exchange (EFX) module that allows federally insured banks to exchange examination-related documentation with the Federal Deposit Insurance Corp. (FDIC) and state banking authorities was announced Monday by the FDIC in a Financial Institution Letter (FIL).
The module, which works through FDICconnect, is a secure application launched Sept. 30. This module replaced FDICconnect-Examination File Exchange (EFE) as the primary tool for exchanging examination-related documentation, the agency said.
“EFX will be used for all examination planning activities that commence on or after September 30, 2019,” the agency said in its letter. Meanwhile the EFE will remain available for ongoing examinations until approximately April 1, 2020, it said.
The agency said features of FDICconnect-EFX features include:
- Expanded file transfer capabilities, including the ability to upload multiple files and folders simultaneously
- Modernized drag and drop feature for file/folder uploads
- Updated file management functionality, including the ability to resume a failed/interrupted file transfer
- Enhanced permission and audit capabilities
- Improved file transfer performance and speed
- Expanded ability to accept larger files (up to 50 GB)
- Modernized user interface