Final action on the federal bank deposit insurer’s 2023 operating budget and, among other things, changes in the agency’s guidelines for appeals of material supervisory determinations are slated for Tuesday’s open board meeting.
The Federal Deposit Insurance Corp. (FDIC) Board is set to begin its open meeting Tuesday at 10 a.m. eastern. In its meeting notice, it said it was making the meeting available for public viewing online only, out of an abundance of caution “related to current and potential coronavirus developments.”
All agenda items, except approval of a previous set of board meeting minutes and a summary of delegated actions taken, are on the board’s discussion agenda for tomorrow’s meeting. They are:
- Memorandum and resolution re: Proposed 2023 FDIC Operating Budget.
- Memorandum and resolution re: Notice of Proposed Rulemaking on FDIC Official Sign and Advertising Rule and a Rule Relating to False Advertising, Misrepresentations, and Misuse of the FDIC’s Name and Logo.
- Memorandum and resolution re: Amendments to the Guidelines for Appeals of Material Supervisory Determinations.
The FDIC last issued a request for information under its official sign and advertising rule in April 2021 following a pause related to the COVID-19 pandemic. In its RFI, it said it was seeking input as it sought “to align the policy objectives of its rules with how today’s banks and savings associations offer deposit products and services and how consumers connect with banks and savings associations, including through evolving channels.” It specifically invited input on how technological or other solutions could be used to help consumers better distinguish FDIC-insured banks and savings associations from entities that are not insured by the FDIC, particularly across web and digital channels.
Regarding the agency’s false advertising rule, the agency issued a final rule that took effect just this July 22 detailing how it intended to respond to the misuse of the agency’s name or logo, and false representations that a product is federally insured.
Proposed amendments to the agency’s revised guidelines for appeals of material supervisory determinations were issued for comment this October. The agency proposed to expand and clarify the role of the FDIC ombudsman and to require that materials considered by the Supervision Appeals Review Committee be shared with both parties to the appeal and would allow insured depository institutions to request a stay of a material supervisory determination while an appeal is pending.