On August 16, the FDIC released a series of Q&As to provide clarifying information to stakeholders’ compliance with the FDIC’s recent amendments to its rule governing FDIC official sign and advertising requirements, including false advertising or misrepresenting FDIC coverage (codified as part 328 of FDIC regulations). The FDIC created the Q&As by collecting the most frequently asked questions received from covered stakeholders including banks, trade associations, technology companies and vendors.
The final rule, which was issued in December 2023 and became effective April 1, modernizes regulations related to the use of the FDIC sign, associated advertising statements, and false advertising and misrepresentations regarding an entity’s deposit insurance coverage (NPRM covered by InfoBytes here). Although the final rule became final on April 1, the final rule provided an extended the compliance date to January 1, 2025, to provide financial institutions sufficient time to update processes to comply with the rule.
The FDIC’s Q&As cover such topics like the placement and display of official signage, requirements for advertising statements across various platforms and financial products, and the availability of technical assistance resources for regulated entities to aid compliance. The FDIC noted that additional resources like slides from banker webinars are available to assist stakeholders with implementation.
