The Federal Deposit Insurance Corporation is requesting information from stakeholders and interested parties on how the FDIC can improve its communication methods in a transparent and efficient manner while also minimizing the regulatory burden for supervised financial institutions. Seeking to make its communications with insured depository institutions “more effective, streamlined, and clear,” the FDIC’s Request for Information (RFI) poses three sets of questions—on the topics of efficiency, content, and ease of access—to elicit comments from the public. According to the FDIC’s Oct. 5, 2018, Federal Register notice, comments on the agency’s RFI must be received by Dec. 4, 2018.
FDIC Chairman Jelena McWilliams remarked that providing pertinent information to depositors, consumers, bankers, and other stakeholders “is vital for them to better understand the agency’s policies, procedures and regulations.” At the same time, the amount of information the FDIC disseminates “can create burdensome challenges for insured depository institutions, especially community banks,” McWilliams stated. The FDIC also has issued a Financial Institution Letter outlining the nature and scope of the agency’s RFI on its communication and transparency.
RFI queries. The RFI sketches the FDIC’s many and varied forms of communication with the financial services industry, consumers, and the public. To generate and shape responses to its RFI, the FDIC sets forth “Suggested Topics for Commenters” in a question format. For instance, the FDIC asks:
- How effective are the FDIC’s current forms of communication? Which methods are the most effective, and which are the least effective?
- Are there other methods of communication that the FDIC should consider using in the future?
- Is FDIC information readily available and easy to find? If not, how can the FDIC make it easier to receive and find information?
- How appropriate is the current timing and frequency of various FDIC communications?
- Should the FDIC’s Financial Institution Letters (FILs) be organized by date, topic, applicable regulation, or institution size?
- Should the FDIC distinguish between FILs that communicate regulations and policy from FILs that may be purely informational?
- How can the FDIC improve its website?
- Which types of communication are best suited for informing insured depository institutions about new policies, laws, and regulations?
- Which types of communication are best suited for informing insured depository institutions about educational materials, news, and other updates?
