On Nov. 18, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a 45-day extension to the public comment period for its proposed rule making (Proposed Rule) that would establish new recordkeeping requirements and related compliance obligations for insured depository institutions that offer certain “custodial deposit accounts with transactional features.”
As we detailed in a prior
On Jan. 19, 2024, the Federal Deposit Insurance Corporation (FDIC) issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. According to the FDIC, the companies made false representations, including stating or suggesting they are FDIC-insured or that the FDIC insures certain uninsured
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On July 27, 2023, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency notice of proposed rulemaking to implement aspects of the final components of the Basel III agreement, also known as the Basel III end game.