On 3/11/20, the FDIC extended the public comment period for its Request for Information (RFI) on potential ways to modernize the FDIC's sign and advertising rules. The rules, which were last updated in 2006 are being re-evaluated 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 also sought input on how to address potential misrepresentations by nonbanks about deposit insurance.
In addition to modernizing these sign and advertising requirements, the FDIC requested information about how technological or other solutions could be leveraged to help consumers better distinguish FDIC-insured banks and savings associations from entities that are not insured by the FDIC (nonbanks), particularly across web and digital channels.
Those wishing to comment may now submit comments through April 20, 2020.
The full FDIC release can be found here.
