US Federal Deposit Insurance Corporation Extends Comment Period on Deposit Account Recordkeeping Proposal

The FDIC extended the comment period for proposed recordkeeping requirements for FDIC-insured institutions with at least 2 million deposit accounts. The purpose of the proposed recordkeeping requirements is to facilitate rapid payment of insured deposits to customers if large institutions were to fail. The proposed requirements would not apply to smaller institutions, including community banks.

The proposal was published in the Federal Register on February 26, 2016, with a 90-day comment period. All comments must now be received on or before June 25, 2016. This 30-day extension will allow interested parties additional time to consider the proposal and the issues and questions posed for comment, particularly those related to the estimated cost of compliance. The FDIC has published a report prepared for the agency on the estimated cost of compliance to assist commenters. 

View the FDIC’s extension notice.