FDIC Part 370 Rule: Recordkeeping for Timely Deposit Insurance Determination

In April 2017, FDIC introduced the “Recordkeeping for Timely Deposit Insurance Determination” rule (Part 370) requiring insured institutions with more than two million deposit accounts to configure their systems to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity by April 2020. For compliance with the Part 370 rule, including: An articulation of the Rules set and timeline A review of…