United States:
US Federal Deposit Insurance Corporation Board Approves Final Rule Establishing Recordkeeping Requirements For Deposit Accounts By Large Insured Institutions
03 January 2017
Shearman & Sterling LLP
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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.
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