Regulatory Alerts2024-09-17 | FIL-64-2024Requirements for Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors
The Federal Deposit Insurance Corporation (FDIC) proposes a rule requiring FDIC-insured depository institutions to maintain accurate, standardized recordkeeping for custodial deposit accounts with transactional features. The mandate establishes daily balance reconciliations, annual third-party validations, and submission of compliance certifications to ensure beneficial owners' funds are properly tracked. These enhanced recordkeeping standards will enable the FDIC to promptly determine and pay deposit insurance claims upon an institution's failure while promoting timely consumer access to funds.
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