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New FDIC recordkeeping rule focuses on big bank failures

Joe Mont | November 22, 2016

The Federal Deposit Insurance Corporation has approved a final rule establishing recordkeeping requirements for federally insured institutions with a large number of deposit accounts. It is intended to facilitate the rapid payment of insured deposits to customers if those institutions were to fail.

The rule applies to insured depository institutions with more than 2 million deposit accounts, and requires these institutions to maintain complete and accurate data on each depositor. Covered banks are also required to ensure that their information technology 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.

The FDIC received comments on the...

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