Alert! FDIC Amends Deposit Insurance Coverage Recordkeeping
During this webinar we will review coverages of accounts and how the FDIC categories of insurance covers our customers.
Also, we will cover the FDIC changes which were released on July 30, 2019. These go into effect on April 1, 2020. These record keeping changes will enable to FDIC to promptly pay when an insured institution fails. Part 370 requires each IDI with two million or more deposit accounts to:
- Configure its information technology system (IT system) to be capable of calculating the insured and uninsured amount in each deposit account by right and capacity, for use by the FDIC in making deposit insurance determinations in the event of the covered institution's failure, and
- Maintain complete and accurate information needed by the FDIC to determine deposit insurance coverage with respect to each deposit account, except as otherwise provided. Institutions who are smaller may also want to comply with this requirement.
- FDIC Insurance coverages and their requirements
- Who is insured and who is not?
- Standard coverages
- New rules on recordkeeping
- Covered institutions—Insured Depository Institution (IDI)
- Record keeping for timely deposit insurance determination
- New IT capabilities in the IT systems
- New level of regularity in their recordkeeping
- New information to be collected from depositors
- Annual certification of compliance
Who Should Attend?
Branch Administration, Branch Compliance, Deposit Compliance, Training, Compliance Officer, Deposit Operations.
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