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Summary:

�౦��Ϸ���� (�౦��Ϸ����) has chosen four companies—Novantas, Inc., Palantir Technologies Inc., PeerIQ, and S&P Global Market Intelligence, LLC (RPP Vendors)—to propose a pilot consisting of testing new reporting and analytical tools with a small group of �౦��Ϸ����-supervised institutions on a voluntary basis. This is the next phase of an ongoing Rapid Phased Prototyping Competition (RPP).

The RPP is designed to accelerate the adoption of modern technological tools to help financial institutions draw inferences from their data, and to improve structure, portability, and processing of data that may support more efficient operations and reporting.

The RPP Vendors will propose a “proof of concept” for their technologies that will be assessed for compliance with all legal, supervisory, and regulatory requirements as well as for security, scalability, operability, and marketability. Participating institutions would be of different sizes and rely on technology to varying degrees to test the reporting technologies and determine the potential usefulness to regulators and banks alike. More information on the RPP can be found on the �౦��Ϸ����’s FDITECH website.

Statement of Applicability: This Financial Institution Letter applies to all �౦��Ϸ����-supervised institutions.

Highlights:

• The RPP Vendors were selected through a competitive procurement process approved and controlled by the �౦��Ϸ����. Any future agreements between the �౦��Ϸ���� and the RPP Vendors for products or services will not extend to any financial institution or impose obligations on financial institutions.
• During the RPP pilot program, some RPP Vendors may seek to collaborate with �౦��Ϸ����-supervised financial institutions to test or receive feedback and input on their proof-of-concept demonstrations. Financial institutions are not obligated to collaborate with any RPP Vendor and the �౦��Ϸ���� will not favor or disfavor any institution based on its decision to participate.
• If financial institutions voluntarily collaborate with any RPP Vendor, financial institutions and the RPP Vendor will be responsible for complying with all applicable consumer protection laws, privacy laws, and other legal requirements regarding the relationship and any information shared thereunder.
• The �౦��Ϸ���� is sponsoring the RPP pilot program. However, for the purposes of the pilot, any information shared with RPP Vendors in connection with the RPP pilot program is not collected at the request of, or on behalf of, the �౦��Ϸ����.
• With respect to reports or analyses developed and provided to the �౦��Ϸ���� in connection with the RPP pilot program, the �౦��Ϸ���� will protect the confidentiality of any information received relative to its sensitivity level.
• No personally identifiable information (PII) may be shared by RPP Vendors with the �౦��Ϸ���� during the RPP pilot program. For purposes of the RPP pilot program, the �౦��Ϸ���� defines PII as described in and includes the disclosure of any financial records or information which is identified with or identifiable as being derived from the financial records of a particular customer. Information, however, may contain loan level data or analysis for corporate entities.
• During the RPP pilot program, the �౦��Ϸ���� will not use any information or analyses regarding financial institutions for any purpose other than the assessment of the RPP pilot proofs of concept.
• During the course of any RPP pilot program demonstrations, the �౦��Ϸ���� will work with the RPP Vendors to ensure they understand compliance obligations with respect to applicable privacy laws and other legal requirements, including the Paperwork Reduction Act (PRA). The �౦��Ϸ���� will seek any PRA clearance, as needed.
• The use by financial institutions of the technology, solutions, reporting systems, or analyses produced by the RPP Vendors is voluntary and will not be mandated by the �౦��Ϸ����.

Suggested Distribution:

�౦��Ϸ����-Supervised Institutions

Suggested Routing:

Board of Directors 
Chief Executive Officer 
Chief Financial Officer 
Chief Risk Officer 
Chief Compliance Officer