The proposed rule would apply to insured depository institutions with more than 2 million deposit accounts. Under the proposal, these institutions would generally be required to maintain complete and accurate data on each depositor. Further, the institutions would be required to ensure that their information technology systems are capable of calculating the amount of insured money for each depositor within 24 hours of a failure.
FDIC Chairman Martin J. Gruenberg said:
Timely access to insured deposits is critical to maintaining public confidence in the banking system. This proposal would bolster the FDIC's ability to provide depositors at banks with a large number of deposit accounts the same rapid access to their insured funds in the case of a failure as the FDIC does in smaller resolutions.
The FDIC is not proposing or considering making these requirements applicable to smaller institutions, including community banks.