The Deposits-Customers-Accounts Trifecta – Winning the FDIC Part 370 Data Race

“The Deposits-Customers-Accounts Trifecta” arises from AxiomSL’s work with covered Insured Depository Institutions (CIs) as they race to meet The Federal Deposit Insurance Corporation’s Part 370 reporting kickoff in April 2020. CIs are realizing that preparation for the FDIC Part 370 is far more complicated that it may first have seemed, with one of the biggest initial challenges being not knowing what data is missing. CIs must determine what information is needed to calculate insured and uninsured amounts, verify that all deposit accounts include all required information and, and be ready to report to the FDIC on only 24 hours’ notice.