FDIC Proposes Rescinding Large Bank Recordkeeping Rule
The board moved to update reporting standards for institutions managing over two million deposit accounts.
Updated on Oct. 30, 2026 in Banking
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The FDIC Board has approved a notice of proposed rulemaking to rescind the part 370 recordkeeping rule for large banks. The proposal aims to streamline compliance burdens while ensuring the agency maintains its capacity to calculate deposit insurance accurately.
Why it matters
The change is designed to refine recordkeeping and reporting obligations for the nation's largest financial institutions. By transitioning these requirements to section 360.9, the FDIC seeks to balance regulatory efficiency with the necessary oversight of insured deposits.
The proposed rule impacts all insured depository institutions that manage at least two million deposit accounts. The agency has established a 60-day window for public comments following the proposal's official publication in the Federal Register.
The players
FDIC Board
The Federal Deposit Insurance Corporation Board of Directors governs the independent agency tasked with maintaining stability and public confidence in the nation's financial system.
The details
The proposal removes the existing requirement for large institutions to maintain dedicated deposit insurance calculation systems. Instead, it seeks to amend 12 CFR 360.9 to cover the same set of institutions previously managed under part 370.
Timeline
The FDIC Board approved the notice of proposed rulemaking on October 30, 2026.
The public comment period remains open for 60 days following publication in the Federal Register.
Market Dynamics
This proposal reflects a broader effort to modernize financial regulations by aligning oversight requirements with the evolving landscape of banking technology. It follows a pattern of regulatory recalibration designed to maintain supervisory capabilities while reducing redundant administrative burdens.
The move signifies a shift in how large financial institutions manage their internal reporting, which may eventually lower compliance costs for major banking entities. Retail investors should watch for how these regulatory updates affect the long-term operational efficiency and risk profiles of their banking holdings.
The takeaway
This rulemaking indicates a significant transition in how the federal government monitors the largest banks in the United States. Stakeholders should monitor upcoming developments in the Federal Register to understand how these changes might shift institutional reporting procedures.
What happens next
The public comment period for this proposal will close 60 days after its upcoming publication in the Federal Register.
Further reading
For more context on current financial sector oversight, visit the Banking section.
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Should federal regulators reduce the amount of data banks must report regarding customer deposits?
