FDIC proposes rescinding part 370 recordkeeping rule for large banks
The FDIC board has approved a notice of proposed rulemaking that would rescind part 370, the recordkeeping rule covering insured depository institutions with two million or more deposit accounts, and extend the section 360.9 framework to those firms instead. This affects the small group of the largest US banks subject to part 370's deposit insurance determination requirements.
- The FDIC board approved the notice of proposed rulemaking on October 30, 2026.
- The proposal would rescind part 370, which applies to insured depository institutions with two million or more deposit accounts.
- Section 360.9 would be amended to generally apply to institutions currently subject to part 370.
- The FDIC states the change would relieve covered institutions from building and maintaining deposit insurance calculation systems.
- Comments on the proposal are due 60 days after the date of publication in the Federal Register.