FDIC Advertising Updates
In case you missed it, the FDIC released a Final Rule to update its advertising requirements which is a culmination of many changes within the industry since the Rule was last updated. For example, the way people conduct transactions today is very different than even just a few years ago; likewise, financial institution product offerings are much different, etc.
The Rule lays out specific requirements for signs inside an institution; introduces new digital signs for online/mobile banking; and lays out specific requirements for ATMs and/or ITMs, etc. The Rule also requires signs to designate where non-deposit products, that are not FDIC-insured, are being offered or accessed. In short, the FDIC wants to make sure individuals know whether or not they are dealing with products that are protected by FDIC insurance.
This Rule goes into effect on April 1, 2024, with a mandatory compliance date of January 1, 2025.
Published
2024/03/08
David Dickinson
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.