FDIC Part 370 Overview
AxiomSL’s data-driven platform empowers Covered Institutions (CIs) to comply with the final rule requirements and timelines. The solution includes a complete data dictionary and standardized data model. The platform provides a robust data management architecture that directly maps to the source data. This enables CIs to streamline and optimize their operational processes. For instance, the platform can quickly and accurately calculate the deposit insurance for each account. It creates a record of the deposit insurance calculations showing how much of the deposit account is insured and uninsured as well as the ownership privileges. Further, it identifies the entire account and customer relationship and puts it into required FDIC regulatory outputs.
By loading all the information into AxiomSL’s platform, the FDIC Part 370 solution enables CIs to determine which required attributes of data are present and which are missing. They can identify, source and normalize key data elements that are required for the insurance calculation algorithm, output files and accompanying analytic reports. Account classifications and calculations are done at the deposit, account owner and account participant levels, depending on the ownership right and capacity type. The solution determines the uninsurable amounts by account owner and applies the amounts to account owners’ deposits.
The solution allows insured depository institutions to meet the requirements by providing an IT control framework, standardizing data attributes, generating the four FDIC output files and producing control, summary and reconciliation reports (e.g., to the Call Report). Visualization tools not only make the process completely transparent, but also make it easier to sign off and attest to the results. An added benefit is that the data can be re-used to produce other regulatory reports.
FDIC Part 370 Features
Lowers compliance costs by providing a one-stop solution with a complete view into your deposit systems and records
Provides an out-of-the-box solution with a defined data dictionary and model to satisfy all regulatory requirements
Comprises a strategic data-driven solution with complete transparency, drill down and clear audit trail
Empowers clients with a flexible, transparent, auditable and performance-driven product
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