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ARTICLE · 23 SEPTEMBER 2024

FDIC Proposes New Recordkeeping Requirements For Custodial Accounts

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On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed extensive new recordkeeping requirements and other compliance obligations...

United StatesFinance and Banking
David Beam
David Beam
Matthew Bisanz
Matthew Bisanz
Joseph A. Castelluccio
Joseph A. Castelluccio
Jeffrey P. Taft
Jeffrey P. Taft
Kelly F. Truesdale
Kelly F. Truesdale
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On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed extensive new recordkeeping requirements and other compliance obligations (the "Proposal" ) for certain types of deposit accounts frequently used by banking-as-a-service (BaaS) platforms and other bank-fintech partnerships. The Proposal focuses on "pass-through" deposit insurance, where the end customer of a fintech (or other custodial party, such as a broker-dealer) is fully insured (up to the $250,000 maximum) as if the end customer were a depositor of the bank, notwithstanding the funds being held in a pooled account established by or for the fintech. The Proposal would have significant effects on banks and—indirectly, through application of the new rules—fintechs, program managers, and other participants in the BaaS and banking ecosystems.

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