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#314196 - 02/09/05 03:14 PM FDIC Connect Mandatory?
OnTheEdge Offline
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This is ABA's website today. Is FDIC Connect mandatory?
FDIC Assessment Invoices Going Online
FDIC is reminding bankers that their assessment invoices will be issued exclusively through a secure online system via FDICcollect. Banks were to sign up by Jan. 31, but only about half have done so.
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General Discussion
#314197 - 02/09/05 03:32 PM Re: FDIC Connect Mandatory?
SMQ, CRCM Offline
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Should all banks sign up or only FDIC regulated banks?
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#314198 - 02/09/05 03:43 PM Re: FDIC Connect Mandatory?
Retired DQ Offline
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From a May 2004 FIL:

While institutions’ use of FDICconnect 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 FDICconnect, it may not yet have registered for continued access to the system.

For more information, please call the FDICconnect team toll-free at 1-877-275-3342 (Option 5 on the Bankers’ Menu), or click on the FDICconnect 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/news/financial/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.
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#314199 - 02/09/05 03:55 PM Re: FDIC Connect Mandatory?
OnTheEdge Offline
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Prior to posting I had already re-read that FIL I realize at that time (May 2004)it was clearly voluntary. Just wondering if there had been any change since then.....
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#314200 - 02/09/05 03:58 PM Re: FDIC Connect Mandatory?
Retired DQ Offline
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I didn't see anything more current than that...
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#314201 - 02/09/05 05:11 PM Re: FDIC Connect Mandatory?
SMQ, CRCM Offline
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Thanks for the link to the FIL. It appears that they want all FDIC insured institutions to sign up, but maybe not. I tried to sign up months ago, after 4 or 5 months I got an email that said my request was denied. Must be an exclusive club after all.
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#314202 - 02/09/05 07:01 PM Re: FDIC Connect Mandatory?
Princess Leia Offline
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#314203 - 02/09/05 07:25 PM Re: FDIC Connect Mandatory?
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Quote:

Didn't they tell you about the secret handshake?


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#314204 - 02/09/05 09:27 PM Re: FDIC Connect Mandatory?
califgirl Offline
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http://www.fdic.gov/news/news/financial/2004/fil12504.html

This refers to FIL 125-2005, November 24, 2004.
Summary: The FDIC Board of Directors has approved changes to the assessment certified statement rule (12 CFR § 327.2) that modernize and simplify the regulations. Under the amended rule, insured institutions are required to obtain assessment invoices online through FDICconnect. In addition, correct certified statements will not be signed and returned to the FDIC.

It's mandatory.
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