WASHINGTON – In a shocking move, the Federal Deposit Insurance Corporation (FDIC) has been caught with its hand in the till, extending the comment period on its Request for Information (RFI) on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits.
The FDIC’s dirty secret? They’re seeking information on the characteristics that affect the stability and franchise value of different types of deposits and 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.
But what’s really going on here? Is the FDIC trying to cover its tracks and hide its own misdeeds? The extension of the comment period will allow the public additional time to consider the request, prepare comments, and address the questions posed by the FDIC. But will it be enough to uncover the truth?
The FDIC issued the RFI back in 2024, and the original comment period was set to expire on October 20, 2024. But in a last-minute move, the agency extended the deadline until December 6, 2024. This raises more questions than answers. What are they trying to hide? And why are they extending the comment period at the last minute?
The FDIC’s actions have raised eyebrows in the financial community, with many calling for greater transparency and accountability. ‘This is a clear case of the FDIC trying to sweep its own problems under the rug,’ said one financial expert. ‘By extending the comment period, they’re giving themselves more time to cover their tracks and avoid scrutiny.’
The FDIC has come under fire in recent years for its handling of deposit insurance coverage and its failure to provide accurate and transparent data to the public. This latest move has only added fuel to the fire. As one senator noted, ‘The FDIC’s actions are a clear example of the agency’s lack of transparency and accountability. We need to get to the bottom of this and hold them accountable.’
The Federal Register Notice and Request for Information on Deposits can be found on the FDIC’s website. The public is encouraged to review the documents and submit comments by the new deadline of December 6, 2024.
Contact:
Brian Sullivan, FDIC, (202) 412-1436
Last Updated: October 8, 2024
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Key Facts
- Agency: FDIC
- Category: White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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