Large-Bank Deposit Insurance Determination Modernization FAQs
Designating Insured Depository Institution Points of Contact
The rule requires that a Covered Institution provide the FDIC with two points of contact for the individuals responsible for provisional holds and the standard data files. When should these points of contact be provided?
A Covered Institution must provide points of contact both when compliance with the requirements of 12 CFR 360.9 is being developed and on an ongoing basis. A Covered Institution is responsible for ensuring its contacts provided to the FDIC are updated. Current contacts are important to ensure effective communication between the FDIC and Covered Institutions. Point of contact information should be sent to email: DRRLargeBnkDepRule@FDIC.gov.
Should the points of contact be at the Covered Institution’s executive level?
A Covered Institution should determine who is best suited to be a point of contact. Points of contact will serve as a basis for communications between the Covered Institution and the FDIC on an ongoing basis. In the event the FDIC requests a set of standard data files from a Covered Institution or is actively preparing for the failure of a Covered Institution, the FDIC will likely establish a communications link at a level higher in the organization than the points of contact provided here.