FDIC Board Approves Final Rule on Deposit Account Recordkeeping Requirements to Facilitate Timely Access to Deposits in Large Bank Failures — 2016-11-15

Applies to Institutions with More Than 2 Million Deposit Accounts The Federal Deposit Insurance Corporation (FDIC) today approved a final rule establishing recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts to facilitate rapid payment of insured deposits to customers if the institutions were to fail. The rule applies to insured depository institutions with more than 2 million deposit accounts, and generally requires these institutions to maintain complete and accurate data on each depositor. Further, the institutions are required to ensure that their information technology (IT) systems are capable of calculating the amount of insured money for most depositors within 24 hours of a failure. Currently there are 38 institutions with more than 2 million deposit accounts. The rule allows these institutions three years to develop the recordkeeping and IT systems required for compliance.