FDIC proposes updates to rules on sharing confidential bank data and handling public records reque
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The Federal Deposit Insurance Corporation has proposed a major rewrite of its regulations governing how it shares information. The current rules, which have not seen significant changes in about 30 years, are being updated to reflect modern banking practices and reduce administrative confusion.
Why it matters: The FDIC states that the old rules created unnecessary burdens and inconsistent results for banks trying to share information with partners like auditors or technology vendors. By streamlining these procedures, the agency aims to reduce paperwork for insured depository institutions while maintaining protections for sensitive commercial data.
Who it affects
- Insured depository institutions (banks and savings associations)
This is a proposed rule from the Federal Deposit Insurance Corporation published in the Federal Register; you should check the original document for full legal text before relying on it.
Agency: Federal Deposit Insurance Corporation
Source: Federal Register — read the official document