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FDIC Proposes New Recordkeeping Rule for Banks

The Federal Deposit Insurance Corporation (FDIC) has proposed a new rule aimed at ensuring banks maintain detailed records for customer accounts opened through partnerships with fintech companies.

• The rule would require banks to keep records of account ownership and daily balances attributed to each owner.
• This is in response to the failure of fintech firm Synapse, which left over 100,000 customers unable to access their funds.
• Fintech apps often pool customer funds into a single bank account, relying on the fintech or a third party to maintain transaction records and ownership details.

Risks of Inadequate Recordkeeping

The lack of adequate recordkeeping by nonbank entities exposed customers to the risk of being unable to access their funds in the event of a failure.

• This is what happened with the Synapse collapse, impacting customers of apps like Yotta and Juno.
• Customers were unable to access their funds held in "for benefit of" accounts due to incomplete records.
• Customers were misled into believing their funds were FDIC-insured and safe due to representations made about placement in FDIC-member banks.

Benefits of Enhanced Recordkeeping

Maintaining better records would allow the FDIC to quickly pay depositors in the event of a bank failure by satisfying conditions for "pass-through insurance."

• While FDIC insurance doesn't cover fintech provider failures, enhanced records would help bankruptcy courts determine who is owed what.
• The rule aims to prevent situations where customers are locked out of their accounts due to inadequate records.

Implementation and Comment Period

If approved by the FDIC board, the proposed rule will be published in the Federal Register for a 60-day public comment period.

Scrutiny on Bank Mergers

Separately, the FDIC also released a statement on its policy for bank mergers, which would increase scrutiny of the impacts of consolidation, especially for deals creating banks with over $100 billion in assets.

• This comes amid criticism from industry analysts who argue that consolidation would create more robust competitors for megabanks like JPMorgan Chase.