Recordkeeping for Custodial Accounts
12 CFR Part 375 RIN 3064–AG07
Notice of proposed rulemaking
Summary: The Federal Deposit Insurance Corporation (FDIC) is proposing requirements that would strengthen FDIC-insured depository institutions’ (IDI) recordkeeping for custodial deposit accounts with transactional features and preserve beneficial owners’ and depositors’ entitlement to the protections afforded by Federal deposit insurance. The proposal is intended to promote the FDIC’s ability to promptly make deposit insurance determinations and, if necessary, pay deposit insurance claims ‘‘as soon as possible’’ in the event of the failure of an IDI holding custodial accounts with transactional features. The proposed requirements also are expected to result in depositor and consumer protection benefits, such as promoting timely access by consumers to their funds, even in the absence of the failure of an IDI. The requirements described in this document would only apply to IDIs offering custodial accounts with transactional features and that are not specifically exempted as provided in this document.
89 FR 80135
Comment Period End: December 2, 2024
Extended Comment Period End: January 16, 2025
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| Submitted By |
|---|
| 01. Daniel P. B. Smith |
| 02. Northwestern Law, James Crowe |
| 03. Bank Policy Institute and 7 other organizations |