Webinar on FDIC official signs and advertising, etc.

The FDIC has sent email notices announcing that it will host four seminars in 2024 (the first on May 30, from 2:00 to 3:30 pm ET) on the final rule governing use of Official Signs and Advertising Statement, Misrepresentations of Insured Status, and Misuse of FDIC’s Name or Logo for bank staff, bank officers, and other stakeholders. The first seminar will be held via Microsoft (MS) Teams on May 30, 2024. The dates for the remaining three seminars will be announced at a later date.

The sessions will offer a broad overview of the final rule that amended Part 328 of the FDIC’s regulations. The FDIC amended its regulations governing use of the official FDIC sign and advertisement statements to reflect how depositors do business with banks today, including through digital and mobile channels. The rule also clarified the FDIC’s regulations on misrepresentations of deposit insurance coverage. The final rule is intended to help consumers understand when they are interacting with an FDIC-insured bank and when their funds are protected by the FDIC’s deposit insurance coverage.

The rule became effective on April 1, 2024, and has a compliance date of January 1, 2025. The sessions are ideal for bank employees and other Part 328 stakeholders looking for further information and guidance on the new final rule.

During the presentation on the final rule, FDIC staff will cover:

• Requirements for all FDIC-insured institutions’ use of FDIC official signs. This includes a new FDIC official digital sign for bank websites, apps, and ATMs, as well as updates to the advertising statement.
• Clarifications on the prohibitions against misrepresentations of deposit insurance coverage and misuse of the FDIC’s name and logo, which apply to any person, including banks and non-bank entities.

During the seminar, FDIC staff will also discuss some of the questions that have been raised by bankers, trade associations, technology companies, vendors, and others.