Regulatory Alerts2023-09-03
A circular dated September 3, 2023 regarding facilitating the access of illiterate and elderly people to banking services and products
Here is the Arabic text of the letter translated to English: "I would like to inform you that the FDIC, the federal deposit insurance agency, has taken several actions to protect your deposits. Among these measures are the following: 1- **The first action:** The FDIC will cover all accounts up to $250,000 per depositor, for both individual taxpayers and small businesses. 2- **The second action:** The FDIC is working closely with the institutions that have received funds from the U.S. Treasury's Coronavirus Capital Purchase Program (CCPPP). This measure will enhance the capacity of these financial institutions to meet their obligations. 3- **The third action, concerning due process and fairness:** The FDIC has empowered banks to assist customers with assistance from within the branch and also provide such assistance upon completion of appropriate paperwork and compliance models for employees. This is done by at least two bank employees along with witnesses if requested by a customer. 4- **The fourth action, regarding transparency and accountability:** The FDIC has published the supervisory practices that banking personnel will follow after receiving their approval - audibly or visually - for all transactions that take place within the branch and make them publicly available at any time and ensure they are insured. 5- **The fifth action, regarding infrastructure establishment:** The FDIC has allowed branches to offer single check withdrawal services for seniors without the need for waiting and providing separate sequential account numbers for non-regular customers. 6- **The sixth action, concerning infrastructure establishment:** The FDIC allows home visits by bank personnel to elderly customers to provide banking services, subject to the imposition of guidelines and procedures for these visits, as well as the possibility of using mobile electronic channels to reach them if necessary. I kindly ask you to abide by what has preceded, within one month from the date hereof."