The Federal Deposit Insurance Corporation (FDIC) has extended by 45 days the public comment period for proposed changes to regulations regarding the FDIC’s official sign and its official advertising statement.
The agency also indicated the extension applies to public comments related to FDIC misrepresentations of deposit insurance coverage and misuse of its name or logo.
According to the FDIC, public comments must be received by the agency no later than April 7, 2023. On Dec. 13, 2022, the FDIC announced a Notice of Proposed Rulemaking (NPR) to modernize part 328 of its regulations and provided for a 60-day comment period after formal publication in the Federal Register that occurred on Dec. 21, 2022.
After receiving requests to extend the comment period, the FDIC determined a 45-day extension of the comment period was appropriate and provided additional opportunity for the public to prepare comments, authorities indicated.
The proposed guidance seeks to modernize rules addressing the use of the official FDIC sign and insured depository institutions’ (IDIs’) advertising statements to reflect how depositors presently do business with IDIs, according to the FDIC, and clarify the agency’s regulations regarding misrepresentations of FDIC deposit insurance coverage by outlining specific scenarios where consumers may be misled about whether their funds are protected by deposit insurance.
Per the FDIC, the proposed revisions would enable consumers to better understand when they are doing business with an IDI and when their funds are covered by FDIC deposit insurance.