Seven members of the House Financial Services Committee, led by Rep. Scott Fitzgerald (R-Wis.), yesterday urged the FDIC to push back the compliance date of its new signage rule by a year, saying the agency hasn’t given banks enough time to implement the necessary changes.
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. Earlier this year, the American Bankers Association and two banking associations urged the agency to continue to work with banks and other stakeholders to develop clarifying guidance on implementing the rule, such as FAQs, and to push back the compliance deadline to Jan. 1, 2026. In a joint letter, the lawmakers also requested that the agency move back the deadline by a year, noting that additional FDIC guidance was issued only four months before the compliance date.
“As a result of the rule, banks and service providers will need to update websites, mobile applications and ATM software,” the lawmakers said. “Given that the rule appears originally designed to provide one year for banks and service providers to implement the rule, the fact that the FDIC took almost half of that time to issue FAQs that have already been revised one, and the fact that the FDIC has yet to schedule the two promised additional webinars to provide industry with further guidance, we see a clear need to delay the compliance date until Jan. 1, 2026.”
