On Jan. 18, FDIC final rule re use of official FDIC signage, advertising.
FDIC published final rule regarding official signs and advertising requirements, false advertising, misrepresentation of insured status, misuse of the FDIC's name or logo.
Follows Dec. 2023 adoption of amendments to 12 CFR 328 to modernize, #156005.
FDIC generally finalized the rule as proposed, with some changes and clarifications.
Final Rule Provisions
Modernized and amended rules governing the display of the official sign in branches.
To apply the rules to Insured depository institutions (IDI) physical premises with different layouts and designs where consumers have access to/transact with deposits.
Established and required the display of the FDIC official digital sign on bank websites, mobile applications, certain IDI Automated teller machines (ATMs), other like devices.
Required use of disclosures differentiating deposits, non-deposits across all channels.
Clarified rules re misrepresentations of deposit insurance coverage by addressing specific scenarios where information provided to consumers may be misleading.
Amended definition of non-deposit product to include crypto, address safe deposit box.
IDIs to establish and maintain written policies and procedures addressing compliance.
Rule is intended to enable consumers to better understand when they are conducting business with an IDI and when funds are protected by the FDIC's deposit insurance.
Effectiveness
Amendments made in rule effective Apr. 1, 2024; compliance required by Jan. 1, 2025.
Extended compliance date intended to provide sufficient time for financial institutions.
Aug. 2024 FDIC FAQs
On Aug. 16, 2024, FDIC published a series of FAQs related to the final rule governing official signs and advertising requirements, false advertising, or misuse of FDIC's name
Provide clarifying information on the final rule in the implementation of part 328.
Covers key implementation topics that include, the placement and display of the official digital sign and non-deposit sign, use of the advertising statement on websites.
Also statements to be used on mobile apps, ATMs, and social media, and information on technical assistance support, such as where to obtain the downloadable digital sign.
Oct. 2024 FDIC Compliance Extension
On Oct. 17, 2024, FDIC extended compliance date for final rule to May 1, 2025.
Compliance date extended at Oct. 17 board meeting; provided federal registernotice.
Extension applies only to portion of final rule designed to modernize the rules governing use of official FDIC signs and advertising statements, Part 328, Subpart A.
Applies to provisions requiring use of the FDIC official sign, official digital sign, other signs differentiating deposits and non-deposit products across all banking channels.
Including physical premises, automated teller machines (ATMs) and digital channels.
Also establishment, maintenance of written policies, procedures to comply to Part 328.
Compliance date on misrepresenting deposit ins coverage, subp. B, still Jan. 1, 2025.
Oct. 2024 FDIC Fed Reg Extension
On Oct. 22, 2024, FDIC published final rule on delay of compliance, in federal register.
Dec. 2024 FDIC Updated FAQ
On Dec. 2, 2024, FDIC provided updated FAQs related to the final rule governing official signs and advertising requirements, false advertising, or misuse of FDIC's name
FAQs provide answers to a collection of frequently asked questions relating to part 328
Covers use of the digital sign and placement of the official sign in bank branches.
