FDIC 370 Reporting Solution

End-to-end automated software solution delivers an integrated view of the entire deposit base and satisfies FDIC 370 requirements and response times.

Regulatory Requirements

On 24 hours’ notice, deliver a detailed view of the deposit base, including depositors, customers, and beneficiaries across all deposit systems and third-party managed accounts in four mandated FDIC Part 370 tables:

icon AxiomSL Account
ACCOUNT

Information for deposit accounts held directly or via a third party

icon AxiomSL Customer
CUSTOMER

One entry for each customer across the deposit base

icon AxiomSL Account Participant
ACCOUNT PARTICIPANT

Information on all account beneficiaries, participants, official custodians, etc.

icon AxiomSL Pending
PENDING

Accounts missing critical elements required for insurance calculations

AxiomSL’s FDIC Part 370 Software Solution


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Provides financial institutions with an integrated view of all deposits across account types and systems satisfying FDIC 370


Implemented by more than
35% of covered institutions


  • Required control, summary, reconciliation reports
  • Standardized data attributes
  • Cloud or on-premises deployment
  • Four FDIC Part 370 output files
  • Running on the ControllerView® data integrity and control platform

Download the FDIC 370 Solution Brochure


Solution Functionalities

Robust Data Dictionary Architecture

The extensible CustomerView data dictionary identifies all relationships with respect to deposit insurance; provides early warning of missing data elements

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AxiomSL's FDIC part 370 - Data Dictionary

Precision Insurance Coverage Calculation

Algorithm calculates insured and uninsured amounts for each customer at the ownership rights and capacity (ORC) level

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AxiomSL's FDIC Part 370 - Calculation Algorithm

Continuous Improvement of Pending File

Pending table identifies accounts missing critical elements. Edit checks include pending reason, ORC, and product category

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AxiomSL's FDIC Part 370 - Pending Tables

Enterprise View Reports

Summary reports deliver insight into account types, deposits, and insurance coverage

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AxiomSL's FDIC Part 370 - Reports

Business Intelligence on the Deposit Base

Historical reports deliver insights that extend beyond FDIC Part 370 core requirements

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AxiomSL's FDIC Part 370 - Analytics

Solution Capabilities

Timeliness

On a T+1 stance, the solution ensures covered institutions can respond on 24 hours’ notice delivering the four FDIC-required output files: Customer, Account, Account Participant, Pending.

Analytics

Informative analytics and reports provide insight into the covered institution’s entire deposit base, producing the required control, summary and reconciliation reports, and enabling the firm to monitor the pending file

Reconciliation

The solution facilitates reconciliation to related regulatory reports.


Classification

The CustomerView extensible data dictionary architecture for Part 370 enables the institution’s deposits, customers, and accounts data to conform to FDIC expectations and be correctly classified into the 16 ownership, rights and capacity (ORC) types.

Coverage

The insurance calculation algorithm determines coverage at the ORC level.

Attestation

Reports and dashboards enable the covered institutions to easily manage the attestation process.



Key Benefits

Delivers an end-to-end, holistic, transparent solution providing a complete, auditable view of deposits and records

Automates the processing of all FDIC 370 required outputs with a T+1 delivery

Enables institutions to successfully satisfy all FDIC 370 requirements

Seamlessly ingests depository information from the covered institution’s source systems into a standardized data model

Incorporates classification rules and insurance coverage calculation algorithm out-of-the-box

Provides deep insight into the enterprise daily deposit book facilitating exposure risk management and informing strategic decision making


Related Insights

Important Considerations for FDIC Part 370

Are we able to correctly classify the entire deposit base per ORC categories?

Can we verify that our deposit accounts include all required information?

Can we properly handle iterative processing in a failure scenario to ensure insurance is accurately paid out over time?

Can we demonstrate that we are incrementally and continually whittling down non-compliant items in the pending file?

Have we determined the data we need to calculate insured and uninsured amounts?

Are we prepared to attest to our readiness to respond?


FDIC Part 370

Deposits-Customers-Accounts: An Integrated Solution For Regulatory Monitoring and Reporting

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