Statement of Jelena McWilliams, Chairman, Federal Deposit Insurance
Corporation: Issuance of a Notice of Proposed Rulemaking on Recordkeeping for
Timely Deposit Insurance Determination
March 29, 2019
On December 5, 2016, the FDIC published a final rule, “Recordkeeping for Timely Deposit
Insurance Determination” (Part 370 of the FDIC Rules and Regulations), to ensure that the FDIC
can quickly determine the amount of insured deposits if any bank covered by the rule should fail.
Thirty-six large insured depository institutions (IDIs) are subject to the rule and are required to
meet recordkeeping standards and systems capabilities described in it. In the nearly two years
since the rule was enacted, covered institutions have made substantial progress toward
compliance. During the course of this work, it has become clear that there are features of the
rule that could be improved. The amendments we propose today are intended to provide these
improvements and to better balance the benefits of the rules with the burdens, provide limited
relief where appropriate, and improve clarity, while still ensuring the FDIC will have access to
the information it needs. The proposed changes also include an optional one-year extension of
time for compliance with Part 370.
The proposed changes to Part 370 only impact IDIs with more than 2 million deposit accounts.
The second proposed amendment addresses the “signature card” requirement in Part 330 of the
FDIC Rules and Regulations, and emanates from challenges encountered by covered institutions
as they worked toward compliance with Part 370.
The proposed change to Part 330 would be applicable to all IDIs. Currently, in order for funds in
a joint account to be insured separately from accounts individually owned by the account’s co-
owners, each co-owner must sign a signature card. The FDIC does not specify that the signature
card be in any particular format, and has allowed IDIs to satisfy the requirement through various
forms of documentation. Under the proposal, an IDI would be able to satisfy the signature card
requirement through information contained in the deposit account records, such as evidence the
institution has issued a mechanism for accessing the account to each co-owner or evidence of
usage of the deposit account by each co-owner. To give an example, the requirement could be
satisfied by evidence that an IDI has issued a debit card to each co-owner of the account.
I support publication of these NPRs with a 30-day comment period. I would like to thank the
FDIC staff for their efforts, and urge covered institutions to provide us with feedback on these
proposals as they continue to work toward full compliance with Part 370.
Corporation: Issuance of a Notice of Proposed Rulemaking on Recordkeeping for
Timely Deposit Insurance Determination
March 29, 2019
On December 5, 2016, the FDIC published a final rule, “Recordkeeping for Timely Deposit
Insurance Determination” (Part 370 of the FDIC Rules and Regulations), to ensure that the FDIC
can quickly determine the amount of insured deposits if any bank covered by the rule should fail.
Thirty-six large insured depository institutions (IDIs) are subject to the rule and are required to
meet recordkeeping standards and systems capabilities described in it. In the nearly two years
since the rule was enacted, covered institutions have made substantial progress toward
compliance. During the course of this work, it has become clear that there are features of the
rule that could be improved. The amendments we propose today are intended to provide these
improvements and to better balance the benefits of the rules with the burdens, provide limited
relief where appropriate, and improve clarity, while still ensuring the FDIC will have access to
the information it needs. The proposed changes also include an optional one-year extension of
time for compliance with Part 370.
The proposed changes to Part 370 only impact IDIs with more than 2 million deposit accounts.
The second proposed amendment addresses the “signature card” requirement in Part 330 of the
FDIC Rules and Regulations, and emanates from challenges encountered by covered institutions
as they worked toward compliance with Part 370.
The proposed change to Part 330 would be applicable to all IDIs. Currently, in order for funds in
a joint account to be insured separately from accounts individually owned by the account’s co-
owners, each co-owner must sign a signature card. The FDIC does not specify that the signature
card be in any particular format, and has allowed IDIs to satisfy the requirement through various
forms of documentation. Under the proposal, an IDI would be able to satisfy the signature card
requirement through information contained in the deposit account records, such as evidence the
institution has issued a mechanism for accessing the account to each co-owner or evidence of
usage of the deposit account by each co-owner. To give an example, the requirement could be
satisfied by evidence that an IDI has issued a debit card to each co-owner of the account.
I support publication of these NPRs with a 30-day comment period. I would like to thank the
FDIC staff for their efforts, and urge covered institutions to provide us with feedback on these
proposals as they continue to work toward full compliance with Part 370.