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Home Compliance and Risk

FDIC extends comment period on proposed bank-fintech recordkeeping requirements

November 18, 2024
Reading Time: 1 min read
Poll: Community bank customers pay attention to digital services

The FDIC has extended by 45 days the comment period for a proposed rule to establish new recordkeeping requirements for banks that enter into arrangements with third-party fintech firms to provide deposit products and services. As a result, comments on the proposal must be received by Jan. 16, 2025.

The proposed rule would require FDIC-insured banks holding certain custodial accounts to maintain accurate account records so that the individual owner of the funds can be identified, including a requirement to reconcile the account for each individual owner on a daily basis. The proposal seeks to address risks related to certain third-party arrangements, protect depositors and promote public confidence in insured deposits, according to the agency.

The original deadline for comment was Dec. 2.

Tags: DepositsFDICRisk managementThird-party risk
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