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Big banks could face new recordkeeping requirements

Joe Mont | February 18, 2016

The Federal Deposit Insurance Corporation has proposed new recordkeeping requirements for federally-insured institutions with a large number of deposit accounts. The move is intended to facilitate rapid payment of deposits to customers if the institutions were to fail.

The rule would apply to insured depository institutions with more than 2 million deposit accounts. Under the proposal, these institutions would generally be required to maintain complete and accurate data on each depositor. The institutions would also be required to ensure that their information technology systems are capable of calculating the amount of insured money for each depositor within 24 hours of a failure.

The FDIC is required to provide depositors with access to their insured accounts as soon as possible after an institution fails. Typically, this money is available by the next business day. However, for a bank...

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