FDIC Proposes New Requirements For Custodial Accounts

FDIC Unveils Fintech Account Proposal to Stop Synapse Repeat (2)

The FDIC's rule seeks to address those issues by requiring daily reconciliation of the accounts either by the bank or a fintech. In cases where ...

FDIC Publishes Proposed Rule on Recordkeeping for Third-Party ...

Under the proposed rule, FDIC-insured banks holding such accounts would be required to take specific steps to ensure accurate account records ...

Rules and Regulations - OCC.gov

The agencies are adopting as final the proposed definition of fiduciary or custodial and safekeeping accounts. As noted in the proposal, the ...

FDIC | Financial Services Observer

Financial Services Observer · FDIC · FDIC Proposes New Requirements for Custodial Accounts · FDIC Issues Cease and Desist Letters to 5 Entities for Making False or ...

FDIC proposes recordkeeping requirements for custodial deposit ...

Scope of custodial accounts: The proposal would apply to insured depository institutions (IDIs) that hold “custodial deposit accounts with ...

A Mild Start to October - AAF - The American Action Forum

... proposed rule from FDIC regarding “Recordkeeping for Custodial Accounts. ... ” FDIC expects these new requirements to result in roughly ...

Synapse Failure Spurs FDIC To Specify Record Keeping for Bank ...

Many but not all prepaid card and other fintech products offer FDIC insurance at the subaccount level. This proposed rule would make such ...

Monthly Bank Regulatory Report (September 2024) - Gibson Dunn

The FDIC issued a proposal intended to enhance insured depository institutions' recordkeeping requirements for certain types of custodial ...

NCUA Simplification of Share Insurance Rules - Proposed Rule

applies only to revocable trust accounts, to establish a new “trust accounts” category that would include both revocable and irrevocable ...

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of ...

The proposed rule would require banks to maintain records identifying the ultimate end users, their balances, and other information for ...

OCC Approves Final Rule and Policy Statement on Bank Mergers

Under the proposed rule, FDIC-insured banks holding certain custodial accounts ... New Client Alert: FinCEN Adopts Final AML Program Rule ...

Burdensome Proposed FDIC FBO Account Rules Loom Large For ...

The Proposed Rule exempts 10 specific types of custodial deposit accounts that otherwise meet the definition above, which are custodial deposit ...

FDIC Proposal Would Make Brokered Deposit Regulations More ...

”16 As such, the Proposal adds a new Compensation Prong to the definition of ... The FDIC also proposes to codify the non-discretionary custodial ...

FDIC's 'Synapse Rule' and the BaaS impact: A banker's perspective

The reporting provisions require annual attestations and regulatory filings for all banks holding even one custodial account subject to the rule ...

FDIC's Proposed Pass-Through Insurance Rules: Impact on Bank ...

For further information about this topic, read our legal update: FDIC Proposes New Recordkeeping Requirements for Custodial Accounts.

Comments – RIN 3064-ZA42 Federal Deposit Insurance - CSBS

... proposed changes and costs associated with the FDIC's custodial account rulemaking. FDIC, NPR, Recordkeeping for Custodial Accounts, 89 Fed.

Requirements for Custodial Deposit Accounts with Transactional ...

The Federal Deposit Insurance Corporation (FDIC) issued for public comment a notice of proposed rulemaking (proposal) to strengthen ...

Federal Deposit Insurance Corporation's (FDIC) proposed rule to ...

The rule will require banks to ensure account records are maintained to determine the individual owner of funds and to perform reconciliation on ...

Acting Comptroller Issues Statements at FDIC Board ... - OCC.gov

... policy and a notice of proposed rulemaking on depository institutions' recordkeeping for custodial deposit accounts with transactional features.

The FDIC push that's driving banks to bring BaaS home - BAI

In a bid to restore trust and stability, the FDIC is proposing new rules ... accounting for deposits processed through fintech custodial accounts.