March 12, 2020 / Source: FDIC

Press Releases

FDIC Extends Comment Period on Modernizing Agency's Signage & Advertising Requirements

FOR IMMEDIATE RELEASE
March 11, 2020

Media contact:
Brian Sullivan
(202) 898-6534
[email protected]

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today extended the public comment period for its Request for Information (RFI) on potential ways to modernize the FDIC's sign and advertising rules, last updated in 2006. Interested parties responding to FDIC's RFI may now submit comments through April 20, 2020. Read FDIC's notice.

On February 26, 2020, the FDIC published a notice in the Federal Register seeking input regarding potential changes to its sign and advertising rules 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.

An extension of the comment period will allow interested parties additional time to analyze the issues and to prepare comments to address the questions posed by the FDIC. Therefore, the FDIC is extending the end of the comment period for the RFI from March 19, 2020 to April 20, 2020.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,177 as of December 31, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-26-2020