As you likely know, the FDIC released a Final Rule to update its signage and advertising requirements. While there are many changes within the Final Rule that will impact financial institutions one interesting aspect is that it requires insured institutions to have written policies and procedures to help ensure compliance with the requirements. Policies and procedures are to be risk-based…and must include, as appropriate, provisions related to monitoring and evaluating activities of persons that provide deposit-related services to the insured depository institution or offer the insured depository institution’s deposit-related products or services to other parties. The FDIC also notes that it would be “prudent” for these policies and procedures to reflect on how third parties that may provide marketing services are kept informed of the requirements.
Jerod gives a quick overview of the changes in the video as well as the effective and mandatory compliance dates.
Published
2024/04/09
