Final Rule to Amend 12 C.F.R. Part 370, “Recordkeeping for
Timely Deposit Insurance Determination”
Summary:
The FDIC Board has approved a final rule to amend 12 C.F.R. Part 370, "Recordkeeping for Timely Deposit Insurance Determination" (the "Rule"). The Rule would make certain substantive revisions to simplify the process for making insurance determinations in the event a bank is placed into receivership by better aligning the benefits and the burdens of the Rule, clarifying the Rule's requirements, and making technical corrections. The effective date will be October 1, 2019.
Statement of Applicability:
This Financial Institution Letter is applicable to FDIC-insured depository institutions with two million or more deposit accounts reported for two consecutive quarters in the Consolidated Reports of Condition and Income.
Distribution:
FDIC-insured depository institutions with two million or more deposit accounts reported for two consecutive quarters in the Consolidated Reports of Condition and Income.
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