Loading...

New FDIC Signage Requirements and FDIC Insurance Review: How Much of My Deposits are Covered?

The FDIC has finally issued their final rule regarding modernizing the FDIC signage requirements at physical, as well as digital, locations where insured deposits may be received. The new signage must be in place by the beginning of 2025. Do you understand all the new requirements, and are the changes in place?

OnDemand
Recorded Thursday,
December 19th, 2024
Presented by Carl Pry
2h total length
2.5 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Risk Management/Legal
  • Bank Legal Counsel
  • Board Member
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Risk Manager
  • Senior Management
  • Training Manager
  • Trainer

Save on annual training costs with our Webinar Subscription Service and share webinars across your entire organization.

Become a subscriber

Learn about upcoming events, webinars and discounts.

Sign Up For Email Notifications

There are distinct requirements for your institution’s home page, as well as where deposits may be received digitally, such as on your website or app. The rule also incorporates provisions regarding Nondeposit Investment Products (or NDIP) that date back to 1995. It must be very clear which types of deposits are insured and which ones are not. We’ll go into detail, and provide examples, of how these new displays must look.

Plus, the events of last year are in our rearview mirror, but customers are increasingly asking whether their deposits are covered by FDIC insurance. Should they move their money to another institution? What happens if there is a failure?

It’s a common misconception that $250,000 in each account is covered; this is reported in the press repeatedly. It’s also a misnomer that each customer has $250,000 of coverage in each institution. So, what is the right answer?

FDIC deposit insurance is calculated by account ownership category, which is defined by FDIC regulations. There are separate categories for individual accounts, joint accounts, and others. Plus, the trust rules will be changing in a few years.

We’ll also go through the FDIC deposit insurance regulations in detail and provide examples, so that customers’ questions can be answered accurately, and they can make appropriate decisions for their situations. These rules impact how accounts are established as well as how they are maintained.

This is a webinar appropriate not only for compliance professionals, but also front-line staff that respond to the many questions customers have about the safety and security of their deposit funds. We’ll provide many examples to see how this all works, and also provide valuable resources so that insurance amounts can be calculated, and the rules detailed.

What You'll Learn

  • New FDIC signage requirement, including digital displays
  • Incorporation of the requirements for non-insured products
  • Displays on your institution’s homepage and apps
  • Interplay between the signage requirement and the official advertising statement
  • What types of accounts are covered by the FDIC rules and which are not?
  • Determining the Standard Minimum Deposit Insurance Amount (SMDIA)
  • General principles: coverage by account ownership category, including examples
  • Determining account ownership
  • Death of the account owner
  • Single accounts, joint accounts, trusts – differing rules
  • Trust accounts – revocable and irrevocable, formal and informal
  • Retirement account coverage
  • Other account types: business, government, and others

Who Should Attend

This webinar is appropriate for anyone in the institution that needs to know the ins and outs of FDIC deposit insurance, including frontline staff that need to respond to customer inquiries. This also includes deposit and operations professionals, new account representatives, call center personnel, compliance officers, auditors, risk management personnel, legal, and anyone else in a position to need to understand how to accurately convey the requirements to customers or others in the institution.


Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves as the Chair of the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.


Continuing Education Credit Information

New FDIC Signage Requirements and FDIC Insurance Review: How Much of My Deposits are Covered? has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.