UPDATED: Improving communications prompts comment call, following up on agency chairman’s initiative

How the federal insurer of bank deposits can improve communications to insured banks, consumers and others about rules and laws regarding deposit insurance is sought in a comment call included in a “request for information” issued by the agency Oct. 1.

The request, since published in the Federal Register with a public comment deadline of Dec. 4,  follows through on a initiative announced by the agency’s chairman at the beginning of her tenure earlier this year.

In a press release and the accompanying Financial Institution Letter (FIL-53-2018), the Federal Deposit Insurance Corp. (FDIC) said the comment call is part of Chairman Jelena McWilliams’ initiative to enhance transparency and accountability at the agency.

The agency said that, among other things, it is seeking ways to improve its processes for disseminating information through the FILs (which typically cover regulations, policy, guidance and other information from the agency).

Other areas the agency is seeking communications and transparency improvement, it said, include: effectiveness of current agency forms of communication; other methods to consider; accessibility of information; improvements to the agency’s website; and “best-suited” types of communication for informing insured depository institutions about new policies, laws, regulations as well as educational materials, news and other updates.

“At times the amount of information disseminated can create burdensome challenges for insured depository institutions, especially community banks,” said McWilliams. “To that end, we are seeking input on how the FDIC can improve the way it communicates.”

Notice and request for information (Federal Register notice)

FDIC Requests Information on Improving Communication with Banks and Other Stakeholders

FIL-53-2018 Request for Information on FDIC Communication and Transparency