FDIC Ruling Demands Quick Calculation of Deposit Insurance Coverage

In accordance with a Federal Deposit Insurance Corp. (FDIC) final rule effective April 1, 2017, 38 U.S. banks are now required to develop a calculation model to quickly determine deposit insurance coverage. While the FDIC is allowing these banks three years from the effective date to comply, the complexity of the tasks required means that the banks must begin the process today – especially because CEOs or COOs personally must certify compliance at the end of implementation.