ABA Recommends Improvements for FDIC Communications

In a comment letter today, ABA urged the FDIC to make its communications more effective, streamlined and clear by distinguishing critical information and eliminating duplication. ABA also recommended that the FDIC update its communications platforms and data reporting — and limit the use of Financial Institution Letters to communicate only important supervisory and regulatory information. These comments were submitted in response to the FDIC’s request for information seeking feedback in support of its efforts to increase efficiency and transparency.

“ABA fully supports Chairman McWilliams’s ‘Trust through Transparency’ initiative — the commitment to build public trust and confidence by fostering a deeper culture of openness and accountability, the publication of performance metrics, and by providing increased access to data,” ABA said.