Proposed Rule2024-27097
Recordkeeping for Custodial Accounts; Extension of Comment Period
Primary source
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Published
November 20, 2024
Effective
October 2, 2024
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
On October 2, 2024, the FDIC published in the Federal Register a proposed rule that would strengthen FDIC-insured depository institutions' (IDI) recordkeeping for custodial deposit accounts with transactional features and preserve beneficial owners' and depositors' entitlement to the protections afforded by Federal deposit insurance. The proposed rule provided for a 60-day comment period, which closes on December 2, 2024. The FDIC has determined that an extension of the comment period until January 16, 2025, is appropriate. This action will allow interested parties additional time to analyze the proposal and prepare comments.
Full Text
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<title>Federal Register, Volume 89 Issue 224 (Wednesday, November 20, 2024)</title>
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[Federal Register Volume 89, Number 224 (Wednesday, November 20, 2024)]
[Proposed Rules]
[Page 91586]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-27097]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 /
Proposed Rules
[[Page 91586]]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 375
RIN 3064-AG07
Recordkeeping for Custodial Accounts; Extension of Comment Period
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of proposed rulemaking; extension of comment period.
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SUMMARY: On October 2, 2024, the FDIC published in the Federal Register
a proposed rule that would strengthen FDIC-insured depository
institutions' (IDI) recordkeeping for custodial deposit accounts with
transactional features and preserve beneficial owners' and depositors'
entitlement to the protections afforded by Federal deposit insurance.
The proposed rule provided for a 60-day comment period, which closes on
December 2, 2024. The FDIC has determined that an extension of the
comment period until January 16, 2025, is appropriate. This action will
allow interested parties additional time to analyze the proposal and
prepare comments.
DATES: The comment period for the proposed rule that published at 89 FR
80135 (October 2, 2024) is extended. Comments must be received on or
before January 16, 2025.
ADDRESSES: You may submit comments on this document using any of the
following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>. Follow the instructions for
submitting comments on the agency website.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#583b3735353d362c2b181e1c111b763f372e"><span class="__cf_email__" data-cfemail="adcec2c0c0c8c3d9deedebe9e4ee83cac2db">[email protected]</span></a>. Include RIN 3064-AG07 in the
subject line of the message.
<bullet> Mail: James P. Sheesley, Assistant Executive Secretary,
Attention: Comments--RIN 3064-AG07, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
<bullet> Hand Delivery: Comments may be hand delivered to the guard
station at the rear of the 550 17th Street NW Building (located on F
Street) on business days between 7 a.m. and 5 p.m.
<bullet> Public Inspection: Comments received, including any
personal information provided, may be posted without change to <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
Commenters should submit only information that the commenter wishes to
make available publicly. The FDIC may review, redact, or refrain from
posting all or any portion of any comment that it may deem to be
inappropriate for publication, such as irrelevant or obscene material.
The FDIC may post only a single representative example of identical or
substantially identical comments, and in such cases will generally
identify the number of identical or substantially identical comments
represented by the posted example. All comments that have been
redacted, as well as those that have not been posted, that contain
comments on the merits of the notice will be retained in the public
comment file and will be considered as required under all applicable
laws. All comments may be accessible under the Freedom of Information
Act.
FOR FURTHER INFORMATION CONTACT: Division of Resolutions and
Receiverships: Shivali Nangia, Assistant Director, 972-761-2945,
<a href="/cdn-cgi/l/email-protection#50031e313e37393110161419137e373f26"><span class="__cf_email__" data-cfemail="05564b646b626c644543414c462b626a73">[email protected]</span></a>; Cathy K. Davis, Chief, Claims, 972-761-2336,
<a href="/cdn-cgi/l/email-protection#6122250017081221272528224f060e17"><span class="__cf_email__" data-cfemail="46050227302f350600020f0568212930">[email protected]</span></a>. Division of Depositor and Consumer Protection: Luke H.
Brown, Associate Director, Supervisory Policy, 202-898-3842,
<a href="/cdn-cgi/l/email-protection#19556c5b6b766e77595f5d505a377e766f"><span class="__cf_email__" data-cfemail="6a261f2818051d042a2c2e2329440d051c">[email protected]</span></a>; Meron Wondwosen, Assistant Director, Supervisory
Policy, 202-898-7211, <a href="/cdn-cgi/l/email-protection#39745c6e56575d4e564a5c57797f7d707a175e564f"><span class="__cf_email__" data-cfemail="135e76447c7d77647c60767d5355575a503d747c65">[email protected]</span></a>; Edward J. Hof, Senior
Policy Analyst, 202-898-7213, <a href="/cdn-cgi/l/email-protection#cd88a9ba85a2ab8d8b89848ee3aaa2bb"><span class="__cf_email__" data-cfemail="c88dacbf80a7ae888e8c818be6afa7be">[email protected]</span></a>. Legal Division: Vivek V.
Khare, Senior Counsel, 202-898-6847, <a href="/cdn-cgi/l/email-protection#6335280b0211062325272a204d040c15"><span class="__cf_email__" data-cfemail="ce9885a6afbcab8e888a878de0a9a1b8">[email protected]</span></a>; James S. Watts,
Counsel, 202-898-6678, <a href="/cdn-cgi/l/email-protection#521805332626211214161b117c353d24"><span class="__cf_email__" data-cfemail="0e44596f7a7a7d4e484a474d20696178">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: On October 2, 2024, the FDIC published in
the Federal Register (89 FR 80135) a document proposing requirements to
strengthen IDI recordkeeping for custodial deposit accounts with
transactional features. The proposed rule stated that the comment
period would close on December 2, 2024. The FDIC has received requests
to extend the comment period. After reviewing the requests, the agency
finds it appropriate to grant the requests and extend the comment
period by an additional 45 days. An extension of the comment period
will provide additional opportunity for the public to prepare comments
to address the matters raised by the proposed rule. Therefore, the FDIC
is extending the comment period for the recordkeeping-related proposed
rule from December 2, 2024, to January 16, 2025.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 15, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-27097 Filed 11-19-24; 8:45 am]
BILLING CODE 6714-01-P
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