Description:
FDIC Insurance matters! This has especially proven true between the failure of some prominent banks and the rise of “wannabies” that deceptively claim to offer FDIC Insurance to their customers.
How can something that has been around for over 90 years still be so relevant? Fear. The astonishing failures of SVB and Signature Bank made numerous bank customers worried about their money. Many banks had customers asking if their money was safe with the bank, and some withdrew it all in fear.
At the same time, customers increasingly deposit their money digitally. It is easy to deposit a check or transfer funds via online banking or smartphone, and many people never step foot into a physical bank – thereby never seeing the prominent gold and black signage for FDIC Insurance.
PLUS! Non-banks are entering the market and competing for deposit dollars. Some fraudulently say deposits are insured when they aren’t.
This has created a strange brew of confusion and uncertainty – the worst thing for a safe and sound banking system. In response, the FDIC acted, creating new requirements that take effect in 2025.
Community Banker, you are in the right position to inform and reassure your customers about FDIC Insurance. How? With proper signage, and by listening to their concerns and providing clear, reliable answers. You can assure them with accurate facts & figures specific to their situation. To do this, you must have knowledge and confidence in how FDIC Insurance works, and how to find the right amount of coverage for any given customer. You also need to know about the deceptive claims being made in the marketplace, so that you differentiate yourself as an institution of trust and confidence to your customers.
The FDIC has modernized its Official Signs and Advertising requirements to more fully address deposits made in the modern age – i.e. at ATMs, ITMs (Interactive Teller Machines), online banking, and mobile apps. In addition, the FDIC is cracking down on entities that deceptively misrepresent deposit insurance. Learn all the details and how it WILL affect your bank!
Now is the time to dust off your understanding of all things related to FDIC Insurance.
Learn:
- The big picture, in a world of digital bank runs, digital deposits, and digital imposters
- What FDIC Insurance covers
- What it does NOT apply cover
- Breaking down what these $250,000 coverage criteria fully mean:
- “Per depositor”
- “Per insured bank”
- “Per ownership category”
- Structuring: it’s a good thing! How that $250,000 coverage can be purposefully set up to achieve millions in coverage for consumer depositors
- How to use the EDIE tool, with examples
- Invaluable: Completing this tool with a customer and handing them an FDIC printout with coverage for their unique situation
- NEW in 2025!! FDIC requirements with effective dates of 1/1/2025 and 5/1/2025
- Mandatory signage for insured deposits
- Mandatory signage for non-deposit products
- How advertising signage fits ins
- NEW! Mandatory policy and procedure requirements
Reminder: The registration fee includes live attendance AND a playback recording of the session, available once the session concludes.
Presenters:
Rebekah Leonard, CRCM
Rebekah Leonard is the owner and founder of Elucidate, LLC, a compliance consulting and training company based in Bozeman, Montana. Rebekah has been in the finance and banking industry since 1995, with experience including customer service, teller, bank operations, loan review, loan officer, branch manager, BSA, security officer, and compliance. In 2001 she became her bank’s compliance officer, rising in 2015 to the level of Senior Vice President of Compliance and CRA, helping the bank grow from $300MM in assets to over $1B at its acquisition. She has successfully navigated through five FDIC Compliance Exams, and most recently has worked specifically and deeply in lending compliance as a specialist in the field. Rebekah has a bachelor’s degree in Organizational Leadership from Chapman University (Magna cum Laude), attended the American Bankers Association National Compliance School in 2003, and is a Certified Regulatory Compliance Manager since 2006.
March 5, 2025