Deadline Extended for Comments on New FDIC Signage and Advertising Rules

The comment deadline for an FDIC Advance Notice of Proposed Rulemaking soliciting feedback on a proposal to (i) modernize sign and advertising requirements to account for digital banking and (ii) clarify regulations regarding the advertisement of deposit insurance coverage was extended to April 7, 2023.

As previously covered, the proposal would amend FDIC Rule 328 ("Advertisement of Membership, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo") to apply to Insured Depository Institutions ("IDIs") that are required to display the FDIC's symbol and a statement as to the availability of deposit insurance, including online banks. IDIs that offer both insured and non-insured deposit products at the same location would be required to separate the physical locations where those transactions take place, and have signage clearly indicating the portions of the branch where insured and where non-insured products are offered.