FDIC Requests Information on Improving Communication With Banks and Other Stakeholders
October 1, 2018
Julianne Fisher Breitbeil
The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking comment on how the agency can maximize efficiency and minimize burden when communicating information to insured depository institutions, consumers, and others about laws, rules, and related matters. The request is part of Chairman Jelena McWilliams' initiative to enhance transparency and accountability at the agency by improving communication between the FDIC, the public, and the banking industry.
"Providing information to depositors, consumers, bankers, and other stakeholders is vital for them to better understand the agency's policies, procedures, and regulations. At times, the amount of information disseminated can create burdensome challenges for insured depository institutions, especially community banks. To that end, we are seeking input on how the FDIC can improve the way it communicates," said Chairman McWilliams.
The Request for Information includes, for example, a request for ways to improve the FDIC's process for disseminating information through Financial Institution Letters (FILs), which are about new regulations, policies, publications, and other matters of interest to banks or savings associations. Other topics the FDIC is seeking comments on include:
- How effective are the FDIC's current forms of communication? Are there other methods of communication the FDIC should consider?
- Is FDIC information readily available and easy to find? If not, how can the FDIC make it easier to receive and find information?
- How can the FDIC improve the FDIC.gov website?
- Which types of communications are best suited for informing insured depository institutions about new policies, laws, regulations, as well as educational materials, news, and other updates?
Comments on the Request for Information will be accepted for 60 days after publication in the Federal Register.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,542 as of June 30, 2018. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-67-2018