FDIC headquarters in Washington, D.C., May 3, 2025 (archive). Photo: G. Edward Johnson / Wikimedia Commons. Resized under CC BY 4.0.
The Federal Deposit Insurance Corporation on Friday proposed replacing a recordkeeping rule for banks with at least two million deposit accounts, saying the change would reduce banks’ compliance work without materially hindering its ability to determine deposit insurance after a bank fails.
The FDIC’s board approved a notice of proposed rulemaking that would rescind its part 370 rule. It would instead amend a separate large-bank deposit insurance determination rule, section 360.9, to generally cover institutions now subject to part 370.
The rules address the records and systems the FDIC uses to determine deposit insurance when a bank with a large number of accounts fails. The proposed change concerns how that work is supported, rather than an announcement of a bank failure.
Under the proposal, banks covered by part 370 would no longer have to build and maintain their own deposit insurance calculation systems. The FDIC said the changes would better align those institutions’ recordkeeping and reporting requirements with the benefits of the rules.
The agency said the proposal would not impose new requirements or additional burdens on banks already covered by section 360.9.
The measure is a proposal, not a final rule. The public will have 60 days after its publication in the Federal Register to submit comments.
JBizNews Desk | Washington
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