The Federal Deposit Insurance Corporation Board of Directors on Friday approved a notice of proposed rulemaking that would rescind the agency’s recordkeeping rule for insured depository institutions with 2 million or more deposit accounts.
The FDIC said the proposal would amend a separate rule, the Large-Bank Deposit Insurance Determination Modernization rule, so that it would generally apply to institutions now subject to the recordkeeping rule. The agency said both rules are intended to help it determine deposit insurance if a bank with a large number of deposit accounts fails.
The recordkeeping rule the board proposed to rescind is known as part 370. It applies to insured depository institutions with 2 million or more deposit accounts. The modernization rule the proposal would amend is set out in the agency’s regulations as section 360.9.
Under the proposal, institutions subject to the recordkeeping rule would be relieved of the requirement to build and maintain deposit insurance calculation systems. The FDIC said the changes would better align the recordkeeping and reporting burdens and benefits for those firms. The agency said the changes would do so without materially impeding its ability to calculate deposit insurance.
The proposal would not impose new requirements or additional burdens on insured depository institutions currently covered by the modernization rule, the FDIC said. The agency did not say how many institutions the recordkeeping rule covers.
Comments on the proposal are due 60 days after the date of publication in the Federal Register. The FDIC did not say when the notice will be published, or when any change would take effect.
Friday’s action approves a proposal for public comment. It does not by itself end the recordkeeping rule. According to the FDIC, the proposal would rescind that rule and amend the modernization rule.
The announcement was issued in Washington on Oct. 30, 2026.