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Financial Institution Letter
FDIC CONNECT


TO: CHIEF EXECUTIVE OFFICER
SUBJECT: The FDIC Announces the Availability of FDIC connect
Summary: The FDIC is announcing the nationwide availability of FDIC connect , a secure Web site developed to facilitate electronic communication with FDIC-insured depository institutions. FDIC connect offers a variety of electronic business transactions for institutions that will significantly improve operating efficiencies. FDIC-insured institutions are encouraged to register for FDIC connect beginning immediately.

The Federal Deposit Insurance Corporation (FDIC) is pleased to introduce its secure Web site, FDIC connect , which facilitates electronic communication (e-business/e-government) with FDIC-insured depository institutions in support of the Government Paperwork Elimination Act of 1998 (GPEA) and the President’s Management Agenda (Agenda). Together, GPEA and the Agenda encourage federal agencies to make services available online for customers. In response, agencies are reforming and streamlining business processes by providing customers options to conduct business electronically. FDIC connect can be accessed from the FDIC’s Web site, www.fdic.gov , under the “Quick Links for Bankers” page.

With FDIC connect , the FDIC expects to improve operating efficiencies. After completing a successful pilot program, the FDIC implemented a number of FDIC connect transactions, including the post-exam survey, the summary of deposits collection and, most recently, the interagency system for the collection and publication of beneficial ownership reports. Now, the FDIC is offering additional transactions through FDIC connect , such as filing electronic branch applications, online access to deposit insurance assessment invoices, and expressions of interest by bankers interested in acquiring a failed financial institution. Please see the attached document for a complete listing of transactions that can be conducted using FDIC connect . The FDIC is committed to deploying additional transactions using this platform in the future.

While institutions’ use of FDIC connect is still voluntary, the FDIC encourages all financial institutions that have not yet registered to use FDIC connect to do so by completing the attached Designated Coordinator (Coordinator) Registration Form. (Please note that while an institution may have provided its Summary of Deposits or participated in a post-exam survey using FDIC connect , it may not yet have registered for continued access to the system.) This registration, by requiring the signature of an appropriate approving officer of the institution, assures that each institution’s management is aware of the principal person on their staff who “speaks for the institution” using FDIC connect . More details about the Coordinator’s responsibility are provided below. Please complete this registration and return it to the FDIC by one of the following methods:

  • Fax the completed registration to (703) 465-4313, to the attention of FDIC connect , or
  • Mail the completed registration to:
    Federal Deposit Insurance Corporation
    ATTENTION: FDIC connect Project Team
    3501 North Fairfax Drive, Room VS-5240
    Arlington, VA 22226

Note that the Coordinator must be an institution employee. The Coordinator will be able to execute regulatory transactions and submit regulatory filings on behalf of the institution and its staff. The Coordinator will also be authorized to provide institution staff or other designated individuals access to transactions within FDIC connect . Since the FDIC will rely on the actions taken by the Coordinator and those users who are given access to various transactions by the Coordinator, it is important that the institution choose the Coordinator carefully and that controls be implemented to address operational risks inherent in online transactions. When a Coordinator is assigned, FDIC connect staff will provide that individual with technical guidance for using FDIC connect .

After completing the registration process, the Coordinator may grant other individuals access to execute transactions on behalf of the institution. These users can be employees of the institution, the holding company, an outside data servicer or a law firm, or individuals who need to submit a beneficial ownership filing. When appropriate, such as in the case of data servicers, authorized FDIC connect users may execute transactions on behalf of more than one institution.

To encourage all institutions to return a registration for their Coordinator as soon as possible, the FDIC connect help desk will begin validating these registrations immediately upon receipt, and will notify institutions of how to complete the registration process before the end of December. For further information, please contact the FDIC connect team toll-free at 1-877-275-3342, Option 5 on the Banker's Menu.

For your reference, FDIC Financial Institution Letters may be accessed on the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2003/index.html . To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit www.fdic.gov/news/news/announcements/index.html .

Michael J. Zamorski
Director, Division of Supervision and Consumer Protection
Fred S. Selby
Director, Division of Finance
Mitchell Glassman
Director, Division of Resolutions and Receiverships
Arthur J. Murton
Director, Division of Insurance and Research

Attachments:

  1. Business That Can Be Conducted Through FDIC connect

  2. Designated Coordinator Registration Form (Available from the FDIC only in hard copy. The form has been mailed to all insured institutions.)


Distribution: FDIC-Insured Institutions

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center , 801 17 th Street, NW , Room 100, Washington , DC 20434 (1-877-275-3342 or (703) 562-2200).


FIL-93-2003
Last Updated: December 8, 2003