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.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.