FDIC Signage Change

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Question:

With the increase in deposit insurance for certain retirement accounts, has the FDIC made changes to the official sign? If so, when do we need to have the new signage?

Answer:

There are changes to the official sign, with a mandatory compliance date of November 13, 2007. The new sign will be required for all FDIC-insured financial institutions, including savings associations. All insured institutions will need to update their official FDIC signage. Savings associations will also have to start including the "official advertising statement" in ads.

You will be able to obtain official signs free of charge from the FDIC, by following instructions on their website. It may take a couple of months for your order to be delivered, so you'll want to order early to avoid the rush.

The new regulation is not yet posted on the FDIC's website. To read their Federal Register notice, click here.

First published on BankersOnline.com 1/15/07