FDIC Clarifies RPP Reporting Solutions to be Voluntary for Banks
FDIC published a letter for supervised financial institutions to provide information and clarification on the Rapid Phased Prototyping, or RPP, initiative of FDIC. The Rapid Phased Prototyping initiative is a competition designed to accelerate the adoption of modern technological solutions to help financial institutions, particularly community banks, provide more timely and granular data to FDIC in a more effective and efficient manner. The lessons learned from this competition, and future FDIC tech sprints, will promote the safe and sound adoption of technology. The FDIC letter clarifies that solutions or reporting systems produced by this initiative are voluntary and banks will not be required to adopt them.
In its letter, FDIC also highlights the following:
- Rapid Phased Prototyping competitors were selected through an FDIC-approved and -controlled competitive procurement process. The agreements are between the FDIC and the Rapid Phased Prototyping competitors and do not extend to any financial institution.
- Some FDIC-supervised financial institutions have inquired about the FDIC expectations for them to partner with Rapid Phased Prototyping contestants. Rapid Phased Prototyping competitors will independently determine whether they will seek to collaborate with FDIC-supervised financial institutions to receive feedback and input on proposed prototype designs. Financial institutions are not obligated to collaborate with any Rapid Phased Prototyping competitors.
- If financial institutions collaborate with any Rapid Phased Prototyping competitor, they will be responsible for complying with the appropriate consumer protection laws, privacy laws, and other legal requirements.
- Any information collected by competitors in connection with the current Rapid Phased Prototyping is not collected on behalf of, or for, the FDIC.
- During the course of any demonstrations or negotiations of prototype capabilities, FDIC will work with the Rapid Phased Prototyping competitors to ensure compliance with applicable consumer protection laws, privacy laws, and other legal requirements.
Related Links
Keywords: Americas, US, Banking, Regtech, Suptech, Rapid Phased Prototyping, RPP Initiative FDITech, Reporting, Community Banks, FDIC
Previous Article
FCA Publishes Response to Call for Input on Open FinanceRelated Articles
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
