Search Results for keywords:"deposit insurance"

The Federal Deposit Insurance Corporation (FDIC) has announced that it is granting temporary relief to certain financial institutions. These institutions, which manage mortgage servicing accounts, are being given until March 31, 2022, to meet specific technology and recordkeeping requirements necessary for calculating deposit insurance. This relief period is intended to allow these institutions more time to improve their systems and processing capabilities. The FDIC will continue to monitor the situation and may change or withdraw the relief if needed.

The Federal Deposit Insurance Corporation (FDIC) granted temporary exceptions to certain banks from specific recordkeeping and information technology requirements. These exceptions are intended to help banks address challenges such as data cleanup, system updates, and assigning appropriate account codes needed to determine deposit insurance coverage quickly. These exceptions apply to various account types, including trust accounts and internal work-in-process accounts, and allow banks additional time to implement necessary changes. Banks must provide progress reports and ensure they can calculate deposit insurance accurately in case of failures, subject to ongoing FDIC review.