The FDIC adopted two rule amendments designed to streamline the process for making insurance determinations when a bank is placed into receivership.
The FDIC adopted revisions to Part 370 ("Recordkeeping for Timely Deposit Insurance Determination") intended to (i) clarify the rule's mandates, (ii) reduce regulatory burdens and (ii) make technical corrections.
In addition, the FDIC adopted amendments to Part 330 ("Deposit Insurance Coverage"), which requires an account to be "separately insured as a joint account." The FDIC final rule will supply an alternative method for meeting the "signature card" requirement by permitting information contained in the deposit account records of the insured depository institution establishing co-ownership of the deposit account. The FDIC clarified that the final rule will not impact the general provisions in the FDIC's deposit insurance rules with respect to the recognition of deposit ownership.
Amendments to Part 370 will become effective on October 1, 2019. Amendments to Part 330 will become effective 30 days following their publication in the Federal Register.
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