On November 15, 2015, the Board of the FDIC approved a final rule establishing recordkeeping requirements for FDIC- insured institutions with more than two million deposit accounts. Such institutions are required to maintain complete and accurate data on each depositor and to implement information technology systems capable of calculating the amount of insured money for depositors within 24 hours of a failure. The final rule also established alternative requirements for certain deposit accounts with "pass through" deposit insurance coverage, including trust and brokered deposits, allowing for institutions to process these accounts during a longer time period after a failure. The rule will become effective on April 1, 2017.
The FDIC press release is available at: https://www.fdic.gov/news/news/press/2016/pr16101.html ; the final rule is
available at: https://www.fdic.gov/news/news/press/2016/pr16101a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.