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Extension of Comment Period for RFI on How to Modernize Signage and Advertising Requirements for Banks

Consumer Compliance/Protection
March 11, 2020

Summary:

The FDIC is extending to April 20, 2020, the public comment period for its Request for Information (RFI) on potentially modernizing FDIC sign and advertising requirements (12 C.F.R. Part 328) to reflect how banks take deposits through various evolving channels. The RFI was published in the Federal Register on February 26, 2020, with a comment period originally set to close on March 19, 2020.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights:

  • On February 26, 2020, the FDIC published in the Federal Register (85 FR 10997) an RFI seeking input regarding potential modernization of the agency's sign and advertising rules to reflect that deposit-taking via physical branch, digital, and mobile banking channels continues to evolve since the FDIC last significantly updated its rules in 2006. The RFI stated that the comment period would close on March 19, 2020.
  • Specifically, the FDIC issued this RFI to inform the agency's efforts to align its rules and keep pace with how today's banks offer deposit products and services and how consumers connect with banks, including through evolving channels. The FDIC also sought input on how to address potential misrepresentations by nonbanks about deposit insurance.
  • In addition, the FDIC requested information about how technological or other solutions could be leveraged to help consumers better distinguish FDIC-insured banks and savings associations from entities that are not insured by the FDIC (nonbanks), particularly across web and digital channels.
  • The FDIC has received requests to extend the comment period to allow interested parties additional time to analyze the issues and to prepare comments to address the questions posed by the FDIC.
  • The FDIC is extending the end of the comment period for the RFI to April 20, 2020.

Request for Information on FDIC Sign and Advertising Requirements and Potential Technological Solutions

Suggested Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Financial Officer
Chief Information Officer
Chief Information Security Officer

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Attachment(s)
Request for Information on FDIC Sign and Advertising Requirements and Potential Technological Solutions

Last Updated: March 11, 2020