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.
