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Update to FFIEC IT Examination Handbook Series

Mobile Financial Services

Update to FFIEC IT Examination Handbook Series

April 29, 2016

Summary:

The Federal Financial Institutions Examination Council (FFIEC) has issued a new appendix, Mobile Financial Services , to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook . The appendix provides guidance to assist examiners in evaluating the risks associated with mobile financial services.

Statement of Applicability to Institutions with Total Assets under $1 billion: This Financial Institution Letter applies to all FDIC-supervised institutions.

Highlights:

  • The appendix emphasizes an enterprise-wide risk management approach for effectively managing and mitigating the risks associated with mobile financial services.
  • The appendix discusses the technologies used in the mobile delivery channel, elevated risks that may result, and appropriate controls implemented by institutions or third-party providers.
  • The appendix contains a work program to assist examiners in determining the risks posed by an institution's mobile financial services and assessing the controls that have been implemented to mitigate those risks.
  • An electronic version of the appendix, as well as an FFIEC press release, is available at http://www.ffiec.gov/press.htm .

Suggested Distribution:

  • FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:

  • Chief Executive Officer
  • Chief Information Officer
  • Chief Information Security Officer

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Attachment(s)
FFIEC IT Examination Handbook

Last Updated: April 29, 2016