FDIC Requests Input on Standard-Setting and Voluntary-Certification Models

The FDIC requested information on whether a public/private standard-setting partnership and voluntary-certification program would benefit FDIC-supervised financial institutions seeking to employ new technologies. Specifically, the FDIC is seeking input on whether such a standards and certification program could, among other things:

• reduce regulatory and operational uncertainty; and

• assist with the implementation of risk management models and the due diligence of third-party providers of technology and other services.

The FDIC also seeks comment on how the FDIC's supervisory and examination efforts would need to be modified to facilitate a financial institution’s use of a certified model.

Comments must be received within 60 days from the date of publication of the request for information in the Federal Register.