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GAO-17-328R 1 (2016-12-28)

handle is hein.gao/gaobadsyy0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328684 December 28, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Federal Deposit Insurance Corporation: Recordkeeping for Timely Deposit Insurance Determination Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Deposit Insurance Corporation (FDIC) entitled Recordkeeping for Timely Deposit Insurance Determination (RIN: 3064-AE33). We received the rule on December 16, 2016. It was published in the Federal Register as a final rule on December 5, 2016, with an effective date of April 1,2017. 81 Fed. Reg. 87,734. The final rule requires each insured depository institution that has two million or more deposit accounts to (1) configure its information technology system to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity, which would be used by FDIC to make deposit insurance determinations in the event of the institution's failure, and (2) maintain complete and accurate information needed by FDIC to determine deposit insurance coverage with respect to each deposit account, except as otherwise provided. FDIC states that it is adopting this final rule to facilitate prompt payment of FDIC-insured deposits when large insured depository institutions fail. Enclosed is our assessment of FDIC's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that FDIC complied with the applicable requirements. GAO-17-328R

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