Amendments to Part 370 of FDIC Regs
Part 370 of the FDIC's Rules and Regulations, "Recordkeeping for Timely Deposit Insurance Determination," has been amended to address a number of issues. Most notably, it will now allow for an optional one-year extension of the rule's original compliance deadline of April 1, 2020. Other changes are more technical and are intended to address issues that became apparent as the FDIC staff worked with institutions to comply with Part 370 since it was first adopted in November 2016. The rule is currently applicable to the 32 FDIC-insured institutions that have more than two million deposit accounts and establishes recordkeeping requirements to facilitate rapid payment of insured deposits to customers if one of those institutions were to fail. The amendments to Part 370 will be effective October 1, 2019.
UPDATE: The amendments to Part 370 were published at 84 FR 37020 on 7/30/2019. As noted above, they will be effective 10/1/2019.