Summary:
The Federal Deposit Insurance Corporation (FDIC) is seeking information and comments, from financial institutions for which the FDIC is the primary Federal regulator, regarding the FDIC’s supervisory approach to examinations during the pandemic. On March 13, 2020, by Proclamation 9994, the President of the United States declared a National Emergency concerning the Coronavirus Disease 2019 (COVID-19) pandemic. The next day, the FDIC Chairman issued a mandatory telework order for all employees, consistent with the FDIC’s Continuity of Operations Plan and its continued balancing of risks and mitigations under the FDIC Pandemic Influenza Plan. This telework order provided, among other things, that unless otherwise directed, all examination activity of FDIC-supervised institutions to be conducted off-site.
Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.
Highlights:
- The FDIC is issuing a Request for Information (RFI) seeking feedback and comments from FDIC-supervised financial institutions regarding the FDIC’s supervisory approach to examinations during the pandemic, including the impact of off-site activities on institution operations, the effectiveness of technology used to carry out off-site activities, and the effectiveness of communication methods used to support off-site activities.
- For a number of years prior to the pandemic, the FDIC had been leveraging technology advances to allow examiners to conduct off-site certain examination functions that were previously performed on-site. Throughout the COVID-19 pandemic, examiners have continued the FDIC examination program despite pandemic conditions, in part by leveraging prior efforts and existing technology systems.
- The FDIC requests comment on the processes and technologies leveraged in conducting off-site examinations. Specifically, the FDIC is seeking comment on what worked well in the off-site examination context to inform plans for future examinations, consistent with applicable law and the purpose of examinations.
- Comments are must be received by October 12, 2021.
Distribution:
FDIC-Supervised Institutions
Suggested Routing:
Board of Directors
Chief Executive Officer
Chief Lending Officer
Chief Financial Officer
Compliance Officer
Additional Related Topics:
- Risk Management Manual of Examination Policies:
- Consumer Compliance Examination Manual: