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Financial Institution Letter

FDIC connect

May 21, 2004
Notes
 
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: FDIC Encourages Institutions to Register for FDIC connect
Summary: FDIC-insured institutions are encouraged to register for FDIC connect beginning immediately. FDIC connect is a secure Web site developed to facilitate electronic communication with FDIC-insured depository institutions, and offers a variety of electronic business transactions for institutions that will significantly improve operating efficiencies.

The Federal Deposit Insurance Corporation (FDIC) is encouraging FDIC-insured institutions that have not yet registered for FDIC connect to register as soon as possible. Once registered, institutions can take advantage of the many benefits FDIC connect has to offer. FDIC connect is a secure Web site developed exclusively for insured institutions to enable them to transact business with the FDIC more efficiently. With FDIC connect , your institution can go online to:

  • file applications and reports, including Electronic Branch Applications, beneficial ownership reports, and Acquiring Failed Financial Institution Surveys;
  • download current and recent assessment invoices or certified statements for your institution and request duplicate invoices and statements for the past five years;
  • register and update your Automated Clearing House (ACH) information for assessment payments;
  • change or correct information about your institution, and notify us about branch closings;
  • send secure e-mail to the FDIC (the FDIC will ensure it is directed to the right recipient);
  • order or download products from the FDIC, including electronic logos, posters, decals, brochures and artwork;
  • receive Financial Institution Letters and Special Alerts electronically; and
  • send questions, comments or complaints to the FDIC Ombudsman.

The FDIC plans to add more transactions and services to FDIC connect in the near future.

Registration for FDIC connect is quick and easy. All you have to do is select the appropriate employee to act as the FDIC connect Designated Coordinator for your institution, complete and sign the enclosed registration form, and fax or mail it back using the instructions on page 2 of the form. The FDIC will validate the registration form and notify the Designated Coordinator as soon as it is approved. The FDIC will also provide your Designated Coordinator with any technical guidance needed to start using FDIC connect .

After completing the registration process, the Designated 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.

While institutions’ use of FDIC connect is still voluntary, the FDIC encourages all financial institutions that have not yet registered to do so. Please note that while an institution may have provided its Summary of Deposits data or participated in a post-exam survey using FDIC connect , it may not yet have registered for continued access to the system.

For more information, please call the FDIC connect team toll-free at 1-877-275-3342 (Option 5 on the Bankers’ Menu), or click on the FDIC connect link at www.fdic.gov on the Quick Links for Bankers page.

For your reference, FDIC Financial Institution Letters may be accessed on the FDIC's Web site at http://www.fdic.gov/news/financial-institution-letters/2004/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

# # #

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).

Additional Related Topics:

  • (Available from the FDIC only in hard copy. The form has been mailed to all insured institutions.)
FIL-53-2004

Last Updated: May 21, 2004