Bankowość · 04/08/2020

FDIC Grants Time-Limited Exceptions for Recordkeeping and IT System Requirements for Deposit Accounts

The FDIC has granted time-limited exceptions to certain institutions for recordkeeping and IT system requirements related to deposit accounts for sole proprietorships and joint accounts. The exceptions, which last up to 18 months for sole proprietorships and 12 months for joint accounts, apply to accounts misclassified by the institution's systems, and are intended to help the institution comply with the FDIC's recordkeeping rule.