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Inactive Financial Institution Letters
Changes In Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) Board of Directors has adopted interim final rules that implement provisions of the Federal Deposit Insurance Reform Act of 2005 pertaining to federal deposit insurance coverage. The new FDIC rules, which are effective April 1, 2006, provide for the following changes:
This is the first regulatory action that the FDIC Board of Directors has taken to implement the Reform Act. The FDIC expects to consider additional proposed rulemakings to implement other provisions of the Reform Act later this year. In this regard, insured institutions should note that the FDIC has not yet proposed any changes to its regulations pertaining to the use of official FDIC signs. The Reform Act requires the FDIC to amend its teller sign to include the phrase "Backed by the full faith and credit of the United States Government," and the FDIC Board is expected to consider a notice of proposed rulemaking regarding the new teller signage this year. However, until the FDIC completes the rulemaking process, the FDIC's existing rules regarding the official FDIC signs remain in effect for both banks and savings associations, and insured institutions should continue to use their existing signage.
Awareness Materials for Bank Customers
The FDIC has issued an FDIC Consumer News Special Bulletin and developed two statement stuffers to help insured institutions communicate the changes in deposit insurance coverage to their customers and employees:
The FDIC encourages all insured institutions to make copies of these materials available to their customers. Copies of the special bulletin and the statement stuffers may be reproduced in their entirety without advance permission from the FDIC. However, the FDIC requests that institutions not alter the materials except to add their name, logo and contact information. If the text of a document is altered in any other way, the FDIC logo may not be used and attribution to the FDIC is not permitted.
FDIC Resources for Consumers and Bankers
The FDIC is updating all of its deposit insurance resources for consumers and bankers to reflect the changes to deposit insurance coverage. On April 3, the FDIC expects to post on its Web site updated versions of the following publications and educational resources:
Downloadable PDF files of Your Insured Deposits and Insuring Your Deposits will be available on April 3, 2006, on the FDIC's Web site at http://www.fdic.gov/deposit/deposits/index.html. Soon thereafter, the FDIC will automatically send 500 copies of the new brochures to all insured institutions that placed bulk orders for one or both brochures during the past two years. The brochures will be sent to the most recent contact and address provided and will be mailed at no charge. Insured institutions will be able to place orders for additional free brochures in a few weeks, once a supply of brochures is available for distribution. When the new brochures are available, you will be able to order them online at https://catalog.fdic.gov/.
The FDIC will issue updated versions of its deposit insurance videos – the 27-minute video for consumers and the 90-minute seminar video for bankers – later this spring. The FDIC also will issue Spanish, Chinese and Korean versions of two consumer brochures – Your Insured Deposits and Insuring Your Deposits – later this year. Insured institutions will be notified by a Financial Institution Letter when these materials are available.
Questions may be directed to the FDIC Call Center at 1-877-275-3342 on Monday through Friday from 8:00 a.m. to 8:00 p.m.
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