The FDIC approved a final rule amendment to simplify the
procedure for making insurance determinations for banks placed into
receivership.
As previously covered, the revisions to Part 370 (Recordkeeping for Timely Deposit
Insurance Determination, and referred to as the "Rule")
will (i) clarify the Rule's mandates, (ii) reduce regulatory
burdens and (iii) make technical corrections.
The FDIC stated that, under the final amendment, the Rule
will:
- include the option for a one-year
extension of compliance if advance notification is provided to the
FDIC;
- clarify the certification of
compliance requirement;
- allow certain time periods to comply
with the Rule following merger activity or changes in the law;
