The FDIC requested information on whether a public/private standard-setting partnership and voluntary-certification program would benefit FDIC-supervised financial institutions seeking to employ new technologies. Specifically, the FDIC is seeking input on whether such a standards and certification program could, among other things:
- reduce regulatory and operational uncertainty; and
- assist with the implementation of risk management models and the due diligence of third-party providers of technology and other services.
The FDIC also seeks comment on how the FDIC's supervisory and examination efforts would need to be modified to facilitate a financial institution's use of a certified model.
Comments must be received within 60 days from the date of publication of the request for information in the Federal Register.
Primary Sources
- FIL-71-2020: FDIC Seeks Input on Potential Voluntary Certification Program to Promote New Technologies
- FDIC Notice: Request for Information on Standard Setting and Voluntary Certification for Models and Third-Party Providers of Technology and Other Services
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
