Recordkeeping for Timely Deposit Insurance Determination

When a bank fails, the FDIC must provide depositors insured funds ‘‘as soon as possible’’ after failure while also resolving the failed bank in the least costly manner. The 12 CFR Part 370 facilitates prompt payment of FDIC-insured deposits when large insured depository institutions fail. The rule requires insured depository institutions that have two million or more deposit accounts ("covered institutions"), to maintain complete and accurate data on each depositor’s ownership interest by right and capacity for all of the covered institution’s deposit accounts. The covered institutions are required to develop the capability to calculate the insured and uninsured amounts for each deposit owner, by ownership right and capacity, for all deposit accounts. This data would be used by the FDIC to make timely deposit insurance determinations in the event of a covered insured depository institution’s failure.

The latest form for Recordkeeping for Timely Deposit Insurance Determination expires 2022-12-31 and can be found here.

Implementation - Lowest Complexity

Federal Enterprise Architecture: Economic Development - Financial Sector Oversight