On May 20, the Federal Deposit Insurance Corporation (FDIC) extended the comment period for proposed recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts. The proposed recordkeeping requirements, “which are designed to facilitate rapid payment of insured deposits to customers if large institutions were to fail,” were published in theFederal Register on February 26 with a 90-day comment period. All comments must now be received on or before June 25.

To assist commenters, the FDIC has published a report prepared for the agency on the estimated cost of compliance. The proposed rule would apply to insured depository institutions with at least 2 million deposit accounts. While the FDIC stated that it “is not proposing or considering making these requirements applicable to smaller institutions, including community banks,” several community banks with large scale deposit bases will be affected under the proposal.

The FDIC’s press release is available here.

The FDIC’s report is available here.