The American Bankers Association and two banking associations today asked the FDIC to extend by one year the compliance deadline for its final rule on the use of the agency’s name and logo by financial institutions, saying there are multiple aspects of the rule that need to be clarified.
The FDIC last year adopted new requirements regarding the display of the official FDIC sign in banks and bank digital channels, setting a compliance deadline of Jan. 1, 2025. In their letter, the associations urged the agency to continue to work with banks and other stakeholders to develop clarifying guidance on implementing the rule, such as FAQs. They also urged the FDIC to push back the compliance date to Jan. 1, 2026, to provide institutions with sufficient time to implement the rule.
The final rule gave banks one year to implement the changes, less time than the associations had previously told the FDIC was necessary for institutions to come into compliance, they said. The groups added that there is significant ambiguity around multiple aspects of the rule, “which has meaningfully delayed implementation efforts.”
“We appreciate that FDIC staff has expressed a willingness to engage with the industry to answer questions and to provide additional guidance regarding the contours of the final rule,” the associations said. “However, until banks receive clear responses to numerous questions raised by the final rule, banks will not be able to proceed with implementation efforts in a meaningful way.”
