WASHINGTON–The FDIC said it is again seeking the public’s input on potential modernization of its sign and advertising requirements to “better reflect how banks and savings associations operate and how consumers use banking services.”
On Feb. 19, 2020, the agency originally published a notice in the Federal Register soliciting public input regarding potential changes to its official sign and advertising rules.
“However, given the challenges associated with the COVID-19 pandemic, the agency temporarily postponed this effort on April 16, 2020,” the FDIC said.
Now, the FDIC said as banks continue to innovate, it is renewing its effort to revise and clarify its official sign and advertising rules related to FDIC deposit insurance.
“Given the significant changes in the banking sector since these rules were last significantly updated in 2006, the FDIC is considering how it might modernize them in a manner that better reflects today’s market dynamics,” the agency said.
The agency added it is also exploring ways to reduce consumer confusion and to support the banking industry’s efforts to understand and apply these rules.
Specific Input Sought
“Importantly, the FDIC is also soliciting information on methods to prevent situations where consumers may have difficulty determining whether they are dealing with an FDIC-insured depository institution,” the FDIC said. “Specifically, the agency is pursuing information about how technological or other solutions may help consumers distinguish FDIC-insured banks and savings association from non-bank entities, particularly those operating across digital and mobile channels.”
The comment period will close on May 24.