In April 2017, FDIC introduced the “Recordkeeping for Timely Deposit Insurance Determination” rule (Part 370) requiring insured institutions with more than two million deposit accounts to configure their systems to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity by April 2020.
Macro Solutions manages FDIC’s internal insurance determination systems that enables the FDIC to accurately and efficiently calculate the depositor accounts that are insured when a bank closes, the basis of the Part 370 rule. With insights from the technical team who developed and maintain the insurance determination application on behalf of the FDIC, Macro Solutions will provide helpful insights in support of banking institutions in their quest for compliance with the Part 370 rule, including:
- An articulation of the Rules set and timeline
- A review of the data quality profiling and cleansing requirements necessary to perform data transformation and ingestion
- A demonstration of deposit insurability determination and reporting required for compliance with the rule
- A walk through of our Part 370 readiness assessment
Three years will pass quickly as banking institutions craft plans, design and construct systems, manage data cleanliness, interpret results, and produce accurate reporting for FDIC auditors. Financial institutions need to assess their readiness now. Join us on March 15th to learn more.