Regulatory Alerts2024-10-02 | 2024-22565Added · Updated
Recordkeeping for Custodial Accounts
The Federal Deposit Insurance Corporation proposes new recordkeeping mandates for insured depository institutions holding custodial deposit accounts with transactional features. The rule requires these institutions to maintain accurate, continuously accessible records identifying beneficial owners and their balances, either directly or through compliant third-party vendors. By standardizing record formats and enforcing annual compliance certifications, the proposal guarantees prompt deposit insurance determinations and uninterrupted consumer access to funds following institutional failures.
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