FDIC Announces Testing of Standardized Process for Loan File Review

The FDIC has alerted covered entities that it will be conducting testing of a standardized process for reviewing imaged loan files.  The testing and discovery phase will last through December 2018.

The goal of the new initiative is to leverage technology and improve examination efficiency.  The FDIC believes this initiative could provide multiple benefits including lessening the burden on financial institutions when supporting onsite examinations and—potentially—reducing the amount of onsite examiner activity.
The FDIC has planned an Information Sharing Teleconference for May 16, 2018, at 2 p.m. EST where covered financial institutions may call-in for information regarding the initiative. The FDIC also plans to have an Information Sharing Virtual Symposium to discuss the results of the testing and discovery phase sometime in December 2018.  If the initiative is ultimately implemented, adoption by financial institutions will be voluntary.