Change to Part 330 of FDIC regs affecting joint accounts recordkeeping
The FDIC also amended Part 330 of its Rules and Regulations, "Deposit Insurance Coverage," to expand the types of evidence it would consider when determining whether joint accounts qualify for increased deposit insurance coverage. This change affects all insured depository institutions regardless of size. The FDIC will continue to look to signature cards when determining deposit insurance coverage on joint accounts but may now also rely on other information contained in a bank's deposit account records that establishes co-ownership of a joint account, such as evidence that the institution has issued a mechanism for accessing the account to each co-owner or evidence of usage of the account by each co-owner.. This change does not expand or contract deposit insurance coverage for joint accounts and does not place any increased burden on depositors or FDIC-insured institutions. The amendment to § 330.9 of Part 330, which has been posted to BankersOnline's Regulations pages, will be effective 30 days after publication in the Federal Register.
UPDATE: The amendments to Part 330 were published at 84 FR 35022 on 7/22/2019, and they will be effective 8/21/2019.