FDIC 370 Deposit Insurance Recordkeeping Solution
More than 400 banks have failed since 2009. Currently, when a bank fails, the FDIC determines how to calculate the value of FDIC insured deposits. However, the new FDIC 370 rule, which goes into effect April 2020, shifts responsibility for calculating the value of FDIC insured deposits onto the banks themselves. Covered banks will now have to assess their deposit accounts, allocate beneficial ownership, and calculate insurance coverage.
This is where Capco comes in. We have deep experience working with clients to define and implement practical and sustainable compliance. Our FDIC 370 Deposits Recordkeeping Solution offers an end-to-end approach covering strategy, governance, process definition, requirement development, and implementation.
DEADLINE: Covered financial institutions with at least 2 million deposit accounts need to ensure compliance by April 2020
FDIC IMPACT: The FDIC estimates a 3-year implementation schedule, and an average cost of $12.6 million per covered institution.
CAPCO TIMELINE: Our solution outlines a 2-year timeline for banks, including a detailed review, strategic development, detailed design, build, testing, and launch.
Why Work with Capco?
Capco can help your bank become compliant, on time and in a cost-efficient manner. We offer four distinct advantages:
1. Demonstrated FDIC 370 Track Record – Our clients are on target to reach compliance before April 2020. Our proof of solution is demonstrated in our end-state vision, gap analysis and roadmap to fulfill the three main requirements as outlined by the FDIC.
2. Unique FDIC Relationship - Our Center of Regulatory Intelligence™ provides the latest intelligence and thought leadership on risk and compliance issues so that our clients can proactively manage risk. With almost a dozen former FDIC Examiners in our team, we have decades of combined experience on compliance execution and success.
3. Deep expertise with core banking systems and data strategies - Our ongoing regulatory compliance work gives us a thorough understanding of how banks can align compliance, technology and data strategies. This unparalleled knowledge of core banking platforms allows us to continually monitor compliance requirements and work with clients to revise systems appropriately.
4. Strong transformation & implementation capabilities - We focus solely on delivering change within financial services, so our consultants have deep domain expertise. Capco prides itself on its entrepreneurial and innovative culture, which fosters unique thinking and the ability to move projects forward.
Get access to our FDIC 370 White Paper titled, “Taking Ownership of FDIC 370—A Fundamental Shift of Responsibility to Banks”
Contact our FDIC 370 Team to learn how we can help your bank achieve deposit insurance recordkeeping compliance before April 2020.