FDIC looks to modernize official sign, advertising rules related to deposit insurance

The federal bank deposit insurer is seeking information on potentially the first significant update to its official sign and advertising rules since 2006 in an effort to keep pace with changes in how banks take deposits and how consumers connect with banks, both in person and online.

In a Financial Institution Letter (FIL) issued Thursday, the Federal Deposit Insurance Corp. (FDIC) said it is issuing a request for information (RFI), with comments due March 19, on potential changes that would reflect the ongoing evolution in deposit-taking via physical branch, digital, and mobile banking channels.

“As banks adjust their business models to innovate and remain competitive, the FDIC is considering how to revise and clarify these rules to support the industry’s efforts to understand, apply, and comply with requirements related to the official sign, advertising, and misrepresentation of FDIC deposit insurance,” it stated.

The RFI asks how new technology or other solutions could be used to help consumers better distinguish FDIC-insured banks and savings associations from non-FDIC insured institutions (nonbanks) across web and digital channels.

The RFI is expected to be published soon in the Federal Register.

FIL-12-2020

Notice and request for comment (Federal Register notice)

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