The FDIC reminded supervised financial institutions of a recent FDIC proposed rulemaking – filed jointly with the Office of the Comptroller of the Currency – to shorten the standard settlement cycle from T+3 to T+2 (see previous coverage) for securities sold and purchased by banks. The changes were proposed in order to conform with the new shorter industry-wide standard settlement cycle (i.e., T+2).
Comments on the proposal must be received by October 11, 2017 (see Federal Register notice).
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