Regulatory Alerts2024-11-18 | FIL-81-2024FDIC Extends Comment Period for Proposed Rule on Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors
The Federal Deposit Insurance Corporation extends the comment period for its proposed recordkeeping rule on custodial deposit accounts with transactional features until January 16, 2025. The proposal mandates insured depository institutions to maintain accurate, daily-reconciled records identifying beneficial owners, account balances, and ownership categories using a specified file format. These recordkeeping requirements, subject to specific exemptions and third-party arrangements, enable the FDIC to promptly determine eligibility and pay deposit insurance claims following an institution failure.
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