On February 17, 2016, the FDIC Board approved a proposal for recordkeeping requirements for FDIC-insured institutions with more than two million deposit accounts to enable rapid payment of insured deposits to customers if the institutions were to fail. The proposal would require these institutions to maintain complete and accurate data on each depositor and to ensure that their information technology systems are capable of calculating the amount of insured money for each depositor within 24 hours of a failure. The requirements would not apply to smaller institutions, including community banks.

The FDIC is required to provide customers with access to their insured accounts as soon as possible after an institution fails. While deposits are typically available by the next business day, payments from banks with a large number of deposit accounts might be delayed if the bank’s records are unclear or incomplete. The FDIC will accept comments on the proposal for 90 days after it is published in the Federal Register.

The FDIC press release is available at: https://www.fdic.gov/news/news/press/2016/pr16010.html.

The notice of proposed rulemaking is available at: https://www.fdic.gov/news/board/2016/2016-02-17_notice_dis_b_fr.pdf.

A statement by FDIC Chairman Martin J. Gruenberg is available at: https://www.fdic.gov/news/news/speeches/spfeb1716.html