11 Feb FDIC Grants Exception Requests Pursuant to Part 370 Recordkeeping
The FDIC’s grants of exception relief were effective as of November 26, 2019.
The FDIC has granted three exception requests pursuant to the FDIC’s rule entitled “Recordkeeping for Timely Deposit Insurance Determination,” codified at 12 CFR part 370 (part 370). Part 370 generally requires covered institutions to implement the information technology system and recordkeeping capabilities needed to quickly calculate the amount of deposit insurance coverage available for each deposit account in the event of failure. Pursuant to section 370.8(b)(1), one or more covered institutions may submit a request in the form of a letter to the FDIC for an exception from one or more of the requirements of part 370 if circumstances exist that would make it impracticable or overly burdensome to meet those requirements. Click HERE to read more.