Author: Andrew Howard
On October 17, 2024, the FDIC published a press release to inform financial institutions of an extension of the January 1, 2025, compliance date with the new Part 328 advertising rule. This extension moves the mandatory compliance date for subpart A of Part 328 to May 1, 2025. Subpart A of the new rule, which was approved in December of 2023, applies to provisions requiring the use of the FDIC official sign, official digital sign and other signs differentiating deposit and non-deposit products across all banking channels, including physical premises, ATMs and digital channels. Subpart A of the new rule also covers the establishment and maintenance of written policies and procedures to achieve compliance with this new rule. After receiving feedback from banks and industry participants, the FDIC understands that additional time to implement these new requirements would be beneficial. The time extension provided will only apply to subpart A of Part 328. Subpart B, the section which governs misrepresentations of deposit insurance coverage, will continue to have a mandatory compliance date of January 1, 2025.
Press Release
Part 328 Questions & Answers
Part 328 Final Rule
On October 17, 2024, the FDIC published a press release to inform financial institutions of an extension of the January 1, 2025, compliance date with the new Part 328 advertising rule. This extension moves the mandatory compliance date for subpart A of Part 328 to May 1, 2025. Subpart A of the new rule, which was approved in December of 2023, applies to provisions requiring the use of the FDIC official sign, official digital sign and other signs differentiating deposit and non-deposit products across all banking channels, including physical premises, ATMs and digital channels. Subpart A of the new rule also covers the establishment and maintenance of written policies and procedures to achieve compliance with this new rule. After receiving feedback from banks and industry participants, the FDIC understands that additional time to implement these new requirements would be beneficial. The time extension provided will only apply to subpart A of Part 328. Subpart B, the section which governs misrepresentations of deposit insurance coverage, will continue to have a mandatory compliance date of January 1, 2025.
Press Release
Part 328 Questions & Answers
Part 328 Final Rule
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