More time needed to collect comments on modernizing rules for signs, advertising

Obtaining comments about modernizing sign and advertising rules for federally insured banks will take some more time, the insurer of the banks indicated Wednesday when it extended the comment period on the issue by 30 days.

The Federal Deposit Insurance Corp. (FDIC) said it was extending to April 20 the comment period on its request for information (RFI) on ways to update its sign and advertising rules. The comment deadline had been March 19. The rules were last updated in 2006, the agency added.

“An extension of the comment period will allow interested parties additional time to analyze the issues and to prepare comments to address the questions posed by the FDIC,” the agency said.

Late last month, the FDIC opened the comment period on the RFI to collect views on potential changes that the agency said would reflect the ongoing evolution in deposit-taking via physical branch, digital, and mobile banking channels. The agency was also looking for views on how to address potential misrepresentations by nonbanks about deposit insurance.

“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,” the agency stated in issuing the RFI last month.

The RFI also asked 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

FDIC Extends Comment Period on Modernizing Agency’s Signage & Advertising Requirements

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