Annual summary of deposits (SOD) surveys will be due July 31, the federal insurer of bank deposits said Friday – noting that, after that date, no extensions will be granted for submitting the data.
The Federal Deposit Insurance Corp. (FDIC) said the annual survey, which is required by all FDIC-insured institutions, including insured U.S. branches of foreign banks, collects data for branch office deposits as of June 30 this year. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt, the agency said.
By June 30, banks should review their current branch office information, and submit any changes through the agency’s FDICconnect (FCX), the secure Internet portal for FDIC-insured institutions to conduct business and exchange information with the agency.
Beginning July 1, banks may begin submitting their SOD survey, and must complete their submissions by the end of the month (July 31), with no extensions granted.
Other key points about the SOD submissions released by the FDIC include:
- The description for the Home Banking service level (13) has been expanded to include mobile applications (mobile apps). Refer to Section 7 of the SOD instructions.
- No later than Sept. 30, 2024, SOD survey results will be published on the FDIC’s SOD Deposit Market Share website.
- The FDIC’s SOD Deposit Market Share website will be discontinued by the end of 2024, and will be replaced by a new and improved SOD application that is available for preview now, the agency said. Refer to Section 1G of the SOD instructions for more information.
- Institutions must either complete the survey directly in the Central Data Repository (CDR), or use vendor software to prepare and submit their survey responses to the CDR. Software vendors available to assist with the SOD filing are listed under “Filing Procedures” within this FIL.
- Consistent with the prior year, password requirements have been implemented for the CDR. Refer to Section 5C of the SOD instructions.
- Reporting instructions are available on the FDIC’s Summary of Deposits website. Refer to Section 5I of the SOD instructions for amending SOD surveys after initial submission.