In April 2017, FDIC introduced the “Recordkeeping for Timely Deposit Insurance Determination” rule (Part 370) requiring insured institutions with more than two million deposit accounts to configure their systems to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity by April 2020.
For compliance with the Part 370 rule, including:
- An articulation of the Rules set and timeline
- A review of the data quality profiling and cleansing requirements necessary to perform data transformation and ingestion
- Deposit insurability determination and reporting required for compliance with the rule
- Part 370 readiness assessmentThree years will pass quickly as banking institutions craft plans, design and construct systems, manage data cleanliness, interpret results, and produce accurate reporting for FDIC auditors. Financial institutions need to assess their readiness now.
FixNix Regulatory Risk Data Lake comes handy for this purpose. More info here