Featured Product

    FDIC Clarifies RPP Reporting Solutions to be Voluntary for Banks

    March 26, 2021

    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

    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6826