FDIC extends comment period for new bank recordkeeping rules

The US Federal Deposit Insurance Corporation has extended the public comment period for a proposed rule about how banks keep records for certain customer accounts. This gives banks and other interested parties more time to review the proposal and submit their feedback.

This document is a small procedural step, not a substantive change. It simply gives banks more time to respond to a proposed rule. The underlying rule, if adopted, would require banks to keep better records for custodial accounts, which could affect how quickly customers get their insured money back if a bank fails.