Federal Deposit Insurance Corporation (FDIC) Part 370

Provides FIs with an integrated view of all deposits across account types and systems and satisfies FDIC requirements and response time


Overview


Integrated Views

On 24 hours’ notice, deliver an integrated view of the entire deposit base, including depositors, beneficiaries and trustees across all account types, deposit systems, and customer identifiers in four tables:

Account Participant

Information on customers associated with an account, excluding account ownership, e.g., trust beneficiaries

Account

Information for deposit accounts held directly or via a third party

Pending

Accounts missing critical elements required for insurance calculations

Customer

One entry for each customer across its entire deposit base

Questions to Consider

  • Are we able to correctly classify the entire deposit base per ORC categories?
  • Can we verify that our deposit accounts include all required information?
  • Are we prepared to attest to our readiness to respond?

  • 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?

Solution

Ecosystem

AxiomSL’s FDIC Part 370 solution running on the ControllerView platform empowers covered institutions (CIs) to satisfy the final rule requirements in time for the 2020 initial reporting deadlines.

Capabilities

  • On a T+1 stance, the solution ensures CIs can respond on 24 hours’ notice delivering the four FDIC-required output files: Customer, Account, Account Participant, Pending. It produces the required control, summary and reconciliation reports, and enables the CI to monitor the pending file closely.
  • The insurance calculation algorithm determines coverage at the ORC level.
  • Reports and dashboards enable the CI to easily manage the attestation process.

  • AxiomSL’s CustomerView data dictionary enables the CI’s original deposits, customers, and accounts data to conform to service level expectations (SLEs) for the FDIC Part 370 dataset and to be classified correctly into the 16 Ownership Rights and Capacity (ORC) types.
  • Informative analytics and reports provide insight into the CI’s entire deposit base.
  • The solution facilitates reconciliation to related regulatory reports.

AxiomSL’s FDIC Part 370 Solution


AxiomSL’s FDIC Part 370 Solution

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Implemented by more than
one-third of covered institutions


  • Required control, summary, reconciliation reports
  • Standardized data attributes
  • On premises or in the cloud
  • Four FDIC output files
  • IT control framework

FDIC Part 370: Deposit Systems, Research Management & Regulatory Reporting

Benefits

Drives the pre-processing and development of the FDIC 370 required outputs

Drives reporting through in-built dashboards within the AxiomSL platform

Enables institutions to successfully satisfy all FDIC 370 requirements

Provides the ability to ingest depository information from a variety of source systems into a standardized data model

Delivers out-of-the-box deposit classification rules and insurance calculation algorithm


Provides deep insight to the enterprise book


AxiomSL’s Enterprise Book

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FDIC Part 370: The Deposits-Customers-Accounts Trifecta

Deep Dive

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


AxiomSL's FDIC part 370 - Data Dictionary

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Insurance calculation algorithm 
determines insurance coverage at the ORC level


AxiomSL's FDIC Part 370 - Calculation Algorithm

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Pending Table requirements stipulate one or more records per account;
edit checks include pending reason, ORC and product category


AxiomSL's FDIC Part 370 - Pending Tables

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Summary reports deliver enterprise view of account types, deposits and insurance coverage


AxiomSL's FDIC Part 370 - Reports

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Detailed analytics deliver business intelligence


AxiomSL's FDIC Part 370 - Analytics

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