Comment Deadline Extended On Deposit Insurance Recordkeeping Proposal

The FDIC extended the comment deadline on a proposed rule that would facilitate the "prompt payment of FDIC-insured deposits should a large insured depository institution fail."

Under the proposal, an insured depository institution with two million or more deposit accounts would be required to (i) maintain complete and accurate data on each depositor's ownership interest, by right and capacity, for each of the institution's deposit accounts, and (ii) develop the capability to calculate the insured and uninsured amounts for each deposit owner, by ownership and capacity, for each deposit account. This information would be used by the FDIC to make deposit insurance determinations in the event of the institution's failure.