Effective date for FDIC large bank deposit recordkeeping rule
The 38 largest FDIC-insured financial institutions -- those with more than two million deposit accounts -- will have three years to develop the recordkeeping and information technology systems required for compliance with the FDIC's final rule establishing recordkeeping requirements for such institutions to facilitate rapid payment of insured deposits to customers if the institutions were to fail. The institutions are required to ensure that their IT systems are capable of calculating the amount of insured money for most depositors within 24 hours of a failure. The rule, which will add a new Part 370 in title 12 of the CFR, will become effective April 1, 2017, and covered institutions will have three years from the later of that date or the date on which an insured institution becomes covered by the rule, to comply.
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