The Federal Deposit Insurance Corporation (FDIC) Board of Directors recently approved a proposed rule that would amend regulations governing the display of the FDIC official digital sign and nondeposit signage.
The 2023 Final Rule established sign requirements for physical banking premises, ATMs, digital deposit-taking channels, and other banking devices. The new signage requirements were intended to better align with how depositors conduct business and to help inform consumers when their funds are FDIC-insured. The requirements also were intended to more clearly distinguish deposit products from nondeposit products.
The proposed changes would revise the requirements adopted in 2023 to simplify the requirements for banks’ display of the FDIC official digital sign and nondeposit signage on digital deposit-taking channels, such as bank websites and mobile applications.
“The FDIC believes the proposed amendments would advance the FDIC’s policy objectives of helping customers to better understand when they are doing business with an [insured depository institution (IDI)] and when their funds are FDIC-insured,” the agency said in its Notice of Proposed Rulemaking.
Comments on the proposed rule will close 60 days after publication in the Federal Register.