Last week, IBAT filed a comment letter on the Federal Deposit Insurance Corporation’s (FDIC) proposed rule entitled Recordkeeping for Custodial Accounts.
The proposed rule would require banks to maintain records identifying the ultimate end users, their balances and other information for custodial accounts with transaction-style features.
In IBAT’s comment letter, it pointed out that while IBAT agrees in principle with the proposed rule, it also agreed with Vice Chair Travis Hill, who issued a statement that raised serious concerns with the rule as proposed and suggested it should be revised before it is finalized. “We encourage the FDIC to do it right the first time,” said IBAT President and CEO Christopher Williston.
