FDIC Board Finalizes Changes to Recordkeeping Requirements for Deposit Insurance Determinations — 2019-07-16

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved amendments to two rules to simplify the process for making insurance determinations in the event a bank is placed into receivership. “Timely access to insured deposits is critical to maintaining public confidence in the banking system and the FDIC’s ability to resolve these institutions,” said FDIC Chairman Jelena McWilliams. “Under the final rule, the FDIC can provide depositors at large failed banks the same rapid access to their insured funds as it does in smaller resolutions.” Part 370 of the FDIC’s Rules and Regulations “Recordkeeping for Timely Deposit Insurance Determination” has been amended to address a number of issues. Most notably, it will now allow for an optional one-year extension of the rule’s original compliance deadline of April 1, 2020.