Banking and Finance Law Daily FDIC requests information on signage, advertising changes
Thursday, February 20, 2020

FDIC requests information on signage, advertising changes

By Charles A. Menke, J.D.

The agency said that as banks adjust their business models to innovate and remain competitive, it is looking to collect comments from the public regarding efforts to align FDIC signage and advertising policies with how banks currently offer products and accept deposits, and how consumers transact business with banks.

The Federal Deposit Insurance Corporation has issued a notice and request for comment seeking public input on the potential modernization of its sign and advertising rules related to deposit insurance (12 CFR Part 328) to reflect the continued evolution of banking practices since the FDIC last significantly updated the rules in 2006 (FIL-12-2020). Comments are due by March 19, 2020.

"The way banks operate today and the way people use those banks is changing, and so must we," FDIC Chair Jelena McWilliams said. "To keep pace with the marketplace, we are exploring new signage and advertising requirements for the FDIC logo."

The FDIC said that it was issuing the request to align policy objectives and maintain pace with the way in which banks offer deposit products and services and how consumers connect with banks, including through developing technology. The FDIC also requested input on how to address potential misrepresentations by nonbanks regarding deposit insurance, as well as how technological or other solutions can be leveraged to help consumers better distinguish FDIC-insured banks and savings associations from non-insured entities, particularly across internet and digital transmissions.

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