The Clearing House Association (TCH) joined the ABA and CBA in filing a comment letter on the FDIC’s deposit insurance determination ANPR originally issued in April. The ANPR asks whether the FDIC should require banks with a large number of deposit accounts (covered banks) to (i) enhance their recordkeeping to provide the FDIC with better information about each depositor’s ownership interest in different accounts and (ii) be able to calculate insured and uninsured amounts for each depositor at the end of each business day. As a general matter, the letter asserts that covered banks will ultimately be prepared to meet the FDIC’s policy objectives as set forth in the ANPR provided the FDIC (i) allows sufficient development and implementation time, (ii) provides details of how insurance determination computations are to be performed, and (iii) works closely with each covered bank throughout the process.
You Might Also Be Interested In...
Fed Account Access BPI Statement on FTX Implosion and Risks of Crypto Firms Obtaining Fed Account Access
More Posts by This Author
Bank Capital and Stress Testing BPI Response to Federal Reserve Vice Chair Barr’s Statements on Bank Capital Requirements
Supervision & Enforcement FDIC’s Proposed Changes to Supervisory Appeals System Fall Short of Progress
Supervision & Enforcement BPI and Trade Coalition Comment on FDIC Guidelines for Appeals of Material Supervisory Determinations