FDIC proposes recordkeeping rule

The scope of recordkeeping requirements of qualified financial contracts (QFC) for large financial institutions would be expanded under a proposed rule issued by the FDIC, with comments due by Feb. 27. The proposed expansion of the recordkeeping requirement would affect insured depository institutions (IDIs) in a troubled condition that have $50 billion or more in total consolidated assets, or is a member of a corporate group where one or more affiliates is subject to the QFC recordkeeping requirements. For all other IDIs subject to the QFC recordkeeping requirements, the proposal would: add and delete a limited number of data requirements and make certain formatting changes with respect to the QFC recordkeeping requirements;  require “full scope” entities to keep QFC records of certain of their subsidiaries; and include other changes, including additional time for certain IDIs in a troubled condition to comply with the regulations. The proposal is scheduled to be issued with a 60-day comment period.