Request for Information on Standard Setting and Voluntary Certification for Models and Third-Party Providers of Technology and Other Services

Title:
Request for Information on Standard Setting and Voluntary Certification for Models and Third-Party Providers of Technology and Other Services
Subject: Technology
Agency: FDIC
Status: Request for information
Summary:

The FDIC is issuing this request for information (RFI) as part of its FDiTech initiative to promote the efficient and effective adoption of technology at FDIC-supervised banks and savings associations (financial institutions), particularly at community banks, and to facilitate the supervision of technology usage at these institutions without increasing costs or regulatory burden. The FDIC is committed to increasing transparency, improving supervisory and regulatory efficiency, supporting innovation in banking, and providing opportunities for public feedback. This RFI seeks input on whether a standard-setting and voluntary-certification program could be established to support financial institutions’ efforts to implement models and manage model risk by certifying or assessing certain aspects of the models themselves, and to conduct due diligence of third-party providers of technology and other services by certifying or assessing certain aspects of the third-party providers’ operations or condition. The FDIC is especially interested in information on models and technology services developed and provided by financial technology companies, sometimes referred to as “fintechs.”

FR Doc: 2020-16058
Date proposed: July 20, 2020
Comments due date:

Sept. 22, 2020

Final rule effective date:
Rule compliance date:
Agency release:

FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies

Related Reg Report item(s):

To promote new technologies, agency considers voluntary certification program for setting standards

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