US Deposit Insurer Proposes Major Shift in Large-Bank Recordkeeping Rules

October 31, 2026 | By Semahegn Nigatu

The US Federal Deposit Insurance Corporation (FDIC) has proposed revising the requirements governing how large banks maintain records for deposit insurance calculations, seeking to reduce the compliance obligations imposed on institutions with millions of deposit accounts.

The proposal, approved by the FDIC's board of directors, would rescind the agency's Recordkeeping for Timely Deposit Insurance Determination rule, known as Part 370, which requires certain large banks to build and maintain information technology systems capable of calculating deposit insurance coverage.

Under the proposed changes, banks with two million or more deposit accounts would no longer be required to maintain these specialised systems, as the FDIC says advances in its own technological capabilities and systems have reduced the need for the requirement.

The agency also plans to revise its Large-Bank Deposit Insurance Determination Modernization rule, codified under Section 360.9 of its regulations, by updating certain definitions and introducing additional requirements for larger covered institutions.

The revised framework would apply to insured depository institutions with at least two million deposit accounts. It would also cover institutions with at least two billion US dollars in deposits that meet either of two additional thresholds: at least 250,000 deposit accounts or at least 20 billion US dollars in total assets, regardless of their account numbers.

The FDIC said the proposed revisions would not impose new requirements or additional compliance burdens on institutions already covered by Section 360.9.

The proposed changes form part of the agency's effort to adapt its regulatory framework to developments in its deposit insurance determination capabilities, while maintaining requirements for large institutions under the revised rules.

The proposal has been issued as a notice of proposed rulemaking, opening the process for public comment. It has not yet taken effect.

Source: FSX Business News