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ICBA and other groups sent a letter to the FDIC regarding its Oct. 2nd Notice of Proposed Rulemaking on Recordkeeping for Custodial Accounts, which would establish new recordkeeping requirements for “custodial deposit accounts with transactional features” at insured depository institutions, requesting a 60-day extension of the comment period.
The groups noted that they appreciate the FDIC’s work to address the opportunities and risks posed by bank/fintech relationships, but the timing of this comment period overlaps with other proposed rule comment periods and requests for information—and concerns similar subject matter.