FDIC Proposes to Rescind Large Bank Recordkeeping Rule

The proposed rule change affects large banks with two million-plus accounts, potentially streamlining deposit data requirements.

Updated on Oct. 30, 2026 in Banking

Isometric editorial illustration of geometric blocks representing institutional data and streamlined infrastructure, reflecting a regulatory shift in bank recordkeeping. — The FDIC has proposed rescinding the Part 370 recordkeeping rule, aiming to simplify complex deposit insurance reporting for large financial institutions. AI Illustration. Upload story photo >

Live Poll

Should federal regulators reduce the amount of data banks must report regarding customer deposits?

The FDIC has approved a proposal to rescind the Part 370 recordkeeping rule, which currently mandates that large banks maintain complex systems to calculate deposit insurance coverage. This shift impacts insured depository institutions with two million or more deposit accounts and aims to streamline reporting requirements.

Why it matters

The proposal seeks to reduce administrative burdens for large financial institutions while maintaining the agency's ability to calculate deposit insurance accurately. For customers at these major banks, the change aims to simplify recordkeeping standards without altering the core protections provided by federal insurance coverage.

The proposal affects insured depository institutions that manage at least two million deposit accounts. The FDIC is currently accepting public feedback for 60 days to evaluate the shift in recordkeeping requirements.

The players

FDIC

The federal agency that provides deposit insurance to bank customers and regulates depository institutions to ensure financial stability.

The details

Currently, Part 370 requires large banks to keep specialized systems capable of calculating insured amounts for every deposit account. The FDIC's proposed rule would replace this with an amendment to 12 CFR 360.9, which would apply to the same set of large institutions but remove the specific mandate for maintaining these calculation systems. The agency intends to simplify compliance while ensuring it retains the necessary data to manage deposit insurance determinations during bank failures.

The FDIC Board approved the notice of proposed rulemaking on October 30, 2026.
The deadline for public comments is 60 days following publication in the Federal Register.

Money Landscape

This proposal represents a shift in the regulatory environment for the nation's largest banks regarding how they store and report deposit data. It follows a period of strict recordkeeping oversight intended to ensure the FDIC can quickly manage claims in the event of a bank failure.

For most banking customers, this regulatory change will not alter the daily utility or security of their deposit accounts. If you have questions about your specific bank's insurance coverage, you should contact a qualified financial professional to review your account protections.

The takeaway

The FDIC is moving to streamline data requirements for large banks to reduce operational costs without sacrificing insurance oversight. Interested stakeholders should watch the Federal Register for the official publication date to begin the 60-day window for public comment.