C-Band Clearinghouse Team Nomination Gets Opposition

the clearinghouse team suggested by the search team (see 2008030049) also hasn't shown how it will carry out "the robust duties ... vital to protecting the public interest" in processing and administering the estimated $13 billion in transition costs and accelerated clearing incentive payments, and lacks a financial institution that's party to the clearinghouse agreement, as required. The team proposal doesn't show any methodology to collect and distribute relocation payments, or that it has an existing methodology that it used successfully in the past, Vertix said. Nor does it show accounting methodology, similar risk management experience or demonstrated approach to prevent waste, fraud and abuse, it said. Truist Financial is mentioned as a partner to the team, but Truist hasn't agreed to the FCC C-band order terms and conditions, it said. The FCC and CohnReznick didn't comment. Vertix said it was representing a team including Deloitte, Bank of New York Mellon, Lerman Senter and Venable. Boeing didn't object to the team but said the FCC should direct it to act to prevent conflicts of interest involving clearinghouse work and participants in the C-band clearing. It suggested the 800 MHz transition administrator's independent management plan as a guide.