"US Banking System Faces Unresolved Risk of Uninsured Deposits"
TL;DR
The FDIC has noticed that some insured depository institutions (IDIs) are not accurately reporting estimated uninsured deposits in their Call Reports. Some institutions are incorrectly reducing the reported amount by considering collateralized uninsured deposits, while others are excluding intercompany deposit balances of subsidiaries. The FDIC emphasizes that collateralization and intercompany deposits should not affect the portion of a deposit covered by federal deposit insurance. IDIs are urged to amend their Call Reports to ensure accuracy and comply with reporting requirements.
Topics:businessfinance#call-report#fdic#finance#insured-depository-institutions#reporting-requirements#uninsured-deposits
- FIL-37-2023: Estimated Uninsured Deposits Reporting Expectations FDIC
- US bank deposit data questioned amid tensions over SVB bailout Financial Times
- US FDIC calls on banks to fix 'inaccurate' financial statements Reuters.com
- Uninsured depositors remain a ticking time bomb for the U.S. banking system Fortune
- Bank of America, Huntington National Stand Out for Large Reductions in Uninsured Deposits The Wall Street Journal
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