Comment Period Extended for Proposed Recordkeeping Requirements

The FDIC last week announced that it will extend the comment period for proposed recordkeeping requirements for large FDIC-insured institutions. Comments will now be due by June 25.

The proposed requirements — which apply to large banks with at least two million deposit accounts — are designed to facilitate rapid payment of insured deposits to customers in the event of a large bank failure. To assist commenters in assessing the potential implications of the rule, the FDIC recently published a report prepared for the agency on the estimated cost of compliance.