The coronavirus crisis Thursday claimed yet another victim: the effort by the federal insurer of bank deposits to modify its signage and advertising requirements.
In a release, the Federal Deposit Insurance Corp. (FDIC) said it would temporarily postpone its plan to update and modify its sign and advertising rules. Comments were due Monday (April 20) on a “request for information” (RFI) on the effort, which was launched in late February.
“The agency remains committed to modernizing these rules at a future date to better reflect how banks and savings associations are transforming their business models to take deposits via physical branches, digital, and mobile banking channels,” the FDIC said in the release.
When the agency released its RFI initially nearly two months ago, it announced a comment period of 30 days (to March 19). However, as that comment deadline neared that month, the agency extended it for another 30 days (ending on Monday). At the time, the agency said the extension of the comment period would allow “interested parties additional time to analyze the issues and to prepare comments to address the questions posed by the FDIC.”
The agency did not offer any indication on when (or if) it would resume the effort to modernize its sign and advertising rules. The agency has also been seeking views on how to address potential misrepresentations by nonbanks about deposit insurance.