Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Regulations

12 CFR Part 370 Recordkeeping for Timely Deposit Insurance Determination

The “Recordkeeping for Timely Deposit Insurance Determination” rule (12 CFR Part 370 of the FDIC’s Rules and Regulations) requires each insured depository institution that has two million or more deposit accounts (a “Covered Institution” as defined in § 370.2(c) of the rule) to (1) configure its information technology system to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity, which would be used by the FDIC to make deposit insurance determinations in the event of the institution’s failure, and (2) maintain complete and accurate information needed by the FDIC to determine deposit insurance coverage with respect to each deposit account, except as otherwise provided.

For more information pertaining to the rule, see Federal Register notice Part 370 - Recordkeeping for Timely Deposit Insurance Determination. For questions regarding part 370, please contact the FDIC at Part370@FDIC.gov.

Compliance Review Manual

The Compliance Review Manual includes general guidelines for FDIC testing, as well as compliance documentation modules to be used by FDIC staff in scoping and performing the review.

Information Technology Functional Guide Version 3.0

The Information Technology Functional Guide (ITFG) was developed to assist the information technology teams of the Covered Institutions in implementing systems for 12 C.F.R. part 370 (“Part 370”). This 3.0 version incorporates updates to reflect amendments to Part 370 and Part 330, Part 330 simplification amendments to the deposit insurance rules that will take effect on April 2024, and feedback from Covered Institutions on the draft ITFG version 2.1 issued on September 2018.

Guidelines for Relief

The Guidelines for Relief describe the procedures for CIs to follow when submitting requests for relief from aspects of Part 370.

Federal Register Notices of FDIC Responses to Exception Requests

The FDIC published the following exception request notices in the Federal Register, which a covered institution may rely upon by following the procedures set forth in part 370.8(b)(3).

  • Relief granted for Additional Time to Integrate Information Technology Systems that Contain the Requisite Information to Calculate Deposit Insurance Coverage Amounts for Official Items – Federal Register Document 2021-28143 effective December 20, 2021, as published December 28, 2021.
  • Relief granted for Certain Deposits Reflected on Loan Systems for Which the Covered Institutions Are Not Capable of Completing Deposit Insurance Calculation Process Because Additional Time Is Required for System Upgrades or Conversions – Federal Register Document 2021-20160 effective September 14, 2021, as published September 17, 2021.
  • Relief granted for Mortgage Servicing Accounts for Which the Covered Institution’s System of Record Cannot Calculate Principal and Interest at an Account Level at a Given Point in Time - Federal Register Document 2021-02781 effective February 4, 2021, as published February 11, 2021.
  • Relief granted for: 1) Certain Formal Revocable and Irrevocable Trust Accounts With Transactional Features for Which the Covered Institution Must Maintain a Unique Identifier for a Grantor in its Deposit Account Records; 2) Certain Deposit Accounts for Which the Covered Institution’s Information Technology System Is Not Capable of Completing Deposit Insurance Calculation Process Because Additional Time is Required for Data Cleanup to Assign an Ownership, Right and Capacity Code and for Related System Updates; 3) A Limited Number of Internal (Work-in-Process) Deposit Accounts for Which the Covered Institution’s Information Technology System Is Not Capable of Completing Deposit Insurance Calculation Process Within 24 Hours of Failure; and, 4) A Limited Number of Deposit Accounts for Which the Covered Institution’s Trust Department Acts in an Agency or Fiduciary Capacity - Federal Register Document 2021-02782 effective February 3, 2021, as published February 11, 2021.
  • Relief granted for: 1) Certain Deposit Accounts for Sole Proprietorships That the Covered Institution’s Information Technology Systems Misclassify With an Incorrect Ownership, Right and Capacity Code; and, 2) A Limited Number of Joint Accounts for which the Covered Institution Has Not Confirmed “Qualifying Joint Account” Status for Deposit Insurance Purposes Pursuant to 12 CFR Section 330.9 - Federal Register Document 2020–16899 effective July 28, 2020, as published August 4, 2020.
  • Relief granted for: 1) Certain Deposit Accounts for Which the Covered Institution’s Information Technology System Is Not Capable of Completing Deposit Insurance Calculation Process Because Additional Time Is Required for Data Clean Up, System Updates, and Customer Outreach; and, 2) Certain Internal Accounts That Require an Additional 24 Hours Post Failure for the Covered Institution To Obtain Beneficial Ownership Information From Internal Business Lines Necessary To Make a Deposit Insurance Determination - Federal Register Document 2020–11987 effective May 28, 2020, as published June 3, 2020.
  • Relief granted for: 1) Government Deposit Accounts for Which the Covered Institution Does Not have the Requisite Information Regarding the Official Custodian; 2) Informal Revocable Trust Accounts for Which the Covered Institution Needs Additional Time to Integrate Beneficiary Information; and, 3) Deposits Held in Connection With Low Balance, Short-Term Prepaid Cards - Federal Register Document 2019–27626 effective November 26, 2019, as published December 23, 2019.

Frequently Asked Questions

The following frequently asked questions and answers are intended to help covered institutions interpret the Part 370 requirements. They were prepared by, and represent the views of, the staff of the Federal Deposit Insurance Corporation (the “FDIC”). They are not rules, regulations, or statements of the FDIC, and do not have the approval or disapproval of the Board of Directors of the FDIC. They are not legally binding on covered institutions or the FDIC. The staff may update these questions and answers periodically based on the experience gained in the implementation of Part 370 by various covered institutions.

Last Updated: July 18, 2023