FDIC and Fiduciary Account Holders with Beneficial Owners
About Rule 370
Recordkeeping for Timely Deposit Insurance Determination, commonly known as Rule 370, is a regulation issued by the FDIC that requires each insured depository institution, including Fifth Third Bank, to complete various steps and gather information to better determine deposit insurance coverage. Rule 370 goes into effect on April 1, 2021.
What is the FDIC?
The Federal Deposit Insurance Corporation, or FDIC, is a U.S. federal agency that insures deposits against losses when a bank fails. The FDIC insures deposits at Fifth Third Bank. However, the FDIC has other priorities aside from deposit insurance. The FDIC promulgates rules and oversees activities at many banks.