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Financial Institution Letters
FDICconnect Registration Process Overview and Registration Instructions For Designated Coordinators (DC) and Users
There are two different types of bank access:
a. Each financial institution must have at least one Coordinator.
a. Access is approved by the Coordinator.
The FDIC must approve all Coordinator requests, but the FDIC plays no role in user access approval. Keep in mind the following:
FDICconnect - DC Registration Process
The FDIC encourages all financial institutions that have not yet registered to use FDICconnect to do so by completing a Designated Coordinator (DC) Registration Form 1 and faxing the completed form to (703) 465-5313. (Please note that while an institution may have provided its Summary of Deposits or participated in a post-exam survey using FDICconnect, it may not yet have registered for continued access to the system.) This registration, by requiring the signature of an Executive Officer of the financial institution, assures that each institution's management is aware of the principal person on its staff who "speaks for the institution" when using FDICconnect. More details about the Coordinator's responsibility are provided below.
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 bv the bank and approved by the FDIC, FDICconnect staff will provide that individual with technical guidance for using FDICconnect.
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, a law firm, or individuals who need to submit a beneficial ownership filing.
When appropriate, such as in the case of data servicers, FDICconnect users may execute transactions on behalf of more than one institution. Coordinators and Users must register only once to be associated with one or more institutions. However, a separate DC form must be returned to the FDIC for each institution that the Coordinator wishes to access.
Registration Instructions For Designated Coordinators (DC)
The steps below summarize the Coordinator registration process:
Once a coordinator is approved, the coordinator may grant access to other bank users. The following steps outline this process:
1The form may be obtained by contacting the FDIC at FDICconnect@fdic.gov or by calling toll-free, 877-275-3342, and selecting FDICconnect, option 5, from the Bankers Menu.
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