Federally insured banks have a four-month reprieve from modernized federal deposit insurance official signage requirements under action taken Thursday by the Federal Deposit Insurance Corp. (FDIC).
The FDIC Board voted during its open meeting to delay the compliance deadline for the provisions from Jan. 1, 2025, to May 1, 2025. The delayed deadline applies only to the changes adopted last December to Part 328, subpart A of the agency’s rules and regulations. The agency said Thursday’s delay should give institutions more time to get new processes and systems in place to support compliance with subpart A. This applies to provisions requiring:
- the use of the FDIC official sign, official digital sign, and other signs differentiating deposits and non-deposit products across all banking channels, including physical premises, automated teller machines (ATMs) and digital channels, and
- the establishment and maintenance of written policies and procedures to achieve compliance with Part 328.
The FDIC official sign on federal deposit insurance coverage has been black and gold since the 1930s, but the rule adopted in December establishes a new black and navy blue FDIC official digital sign. Banks will be required to display this new sign near the name of the bank on all bank websites and mobile applications, and on certain automated teller machines, it said. The final rule also modernizes requirements for display of the FDIC official sign in bank branches and other physical premises, it said, to account for evolving designs of bank branches and other physical bank locations where customers make deposits.
The Jan. 1, 2025, compliance date regarding subpart B is unchanged. Subpart B prohibits any person from misusing the name or logo of the FDIC, engaging in false advertising, and making knowing misrepresentations about deposit insurance.
The agency also issued a Financial Institution Letter (FIL) on Thursday’s board action.