The agency has identified a number of issues that should be addressed to modernize the regulations to reflect changes in securities activities since the regulations were issued and the role of other Federal agencies that supervise securities transactions. Specifically, the FDIC is interested in whether third-party transactions should be excluded and, if so, how. The FDIC is also interested in comments on the need for disclosure of the source of remuneration and, if necessary, when that disclosure should be made. As banks have become more heavily involved in executing securities transactions for their customers, the FDIC has become aware of practical problems relating to the timely disclosure of the source and amount of the bank's remuneration. Comments on that advance notice of proposed rulemaking will be due 30 days after publication in the Federal Register.
Bankers can look forward to many more announcements in the weeks and months ahead.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 12,000 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.