Banking and Finance Law Daily FDIC unveils standardized loan documentation export process to improve examination efficiencies
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Wednesday, April 25, 2018

FDIC unveils standardized loan documentation export process to improve examination efficiencies

By Charles A. Menke, J.D.

The Federal Deposit Insurance Corporation advised it is developing and testing a standardized export of imaged loan documents intended to improve efficiencies during onsite examination activities and provide additional opportunities for conducting examination activities offsite (FIL-22-2018). The FDIC plans to conduct a teleconference on May 16, 2018, at 2:00 p.m. Eastern Time for FDIC-supervised institutions interested in learning more about the project, including goals, testing and discovery, and potential benefits.

According to the FDIC’s advisory, the standardized export process will leverage the insured institutions’ preexisting indexing data for imaged loan documents. The agency intends to test the standardized export on upcoming examinations to validate technical specifications and related business processes. Although FDIC-supervised institutions may be asked if they wish to participate in the testing process, participation during testing and any broader implementation is voluntary. Following the testing and discovery period, the FDIC plans to conduct a virtual symposium to share lessons learned, discuss processes and technical specifications, and communicate plans for broader implementation of the initiative.

The FDIC emphasized that data security continues to be of the utmost importance. Therefore, the agency will employ appropriate information security protocols throughout the testing phase and implementation.

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