The Federal Financial Institutions Examination Council ("FFIEC") issued a statement of principles on examination information requests.
In the statement, member agencies committed to the joint principles and to a "common authentication mechanism for external access to the FFIEC members' respective supervision systems." The highlighted best practices follow from feedback on FFIEC's Examination Modernization Project, an initiative that "considered practices for safety and soundness examinations for community financial institutions, as well as for consumer compliance examinations for all supervised financial institutions." The best practices for requesting examination information from financial institutions include:
- risk-focused information requests that are relevant to the examination;
- providing sufficient time to supervised institutions to produce new or additional requested information;
- coordinating information requests between examiners and the examination team to avoid duplicative and/or redundant requests;
- making information requests through the supervised institution's designated regulatory examination point of contact (if applicable) to avoid placing a burden on other institutional staff; and
- clearly articulating information requests in writing.
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