Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

FDIC Mulls New Recordkeeping Requirements for Big Banks

Joe Mont | April 21, 2015

The Federal Deposit Insurance Corporation is considering additional recordkeeping requirements for the nation’s largest banks in an effort to streamline the process for reimbursing insured depositors if one of those institutions fails.

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. For a bank with a large number of deposit accounts, however, payments might be delayed if the bank's records on which deposits are, or are not, insured are unclear or incomplete. A failed bank with multiple deposit systems could further complicate this work, especially if a bank with a large number of deposit accounts were to fail with little prior warning.

An advanced notice of proposed...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.