WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors has approved a request for information (RFI) that will leave no stone unturned in the world of high-stakes finance. In a move that promises to shed light on the darkest corners of the banking world, the FDIC is seeking public comments on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits.
The FDIC is on the hunt for information on the characteristics that affect the stability and franchise value of different types of deposits. And they’re not just looking for any old information – they want the good stuff. The RFI seeks to uncover whether more detailed or more frequent reporting on these characteristics or types of deposits could enhance offsite risk and liquidity monitoring; inform analysis of the benefits and costs associated with additional deposit insurance coverage for certain types of deposits; improve risk sensitivity of deposit insurance pricing; and provide analysts and the general public with accurate and transparent data.
In a statement, FDIC Chairman Martin J. Gruenberg said, “The request for information seeks more granular information on the composition and characteristics of uninsured deposits, which directly contributed to the failures of the large regional banks in 2023.” It’s clear that the FDIC is on a mission to get to the bottom of what went wrong and how to prevent it from happening again.
So, who’s eligible to comment on this RFI? Anyone and everyone, it seems. The FDIC is encouraging comments from all interested parties, including but not limited to insured depository institutions, depositors and financial consumers, businesses that utilize various types of payroll and payment accounts, consumer groups, researchers, trade associations, and other members of the financial services industry.
The clock is ticking – public comments are due within 60 days of publication in the Federal Register. Will the FDIC get the answers they’re looking for? Only time will tell, but one thing is for sure – this RFI is a major development in the world of financial crimes and we’ll be keeping a close eye on it.
Stay tuned for further updates on this developing story and don’t miss a beat – follow Grimy Times for all the latest news and insights on financial crimes and more.
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