Has anyone noticed that some bank websites now display the FDIC logo with a disclaimer saying, “FDIC-Insured - Backed by the full faith and credit of the U.S. Government” at the top of their pages? Examples include:
Is this a new requirement?
Has anyone noticed that some bank websites now display the FDIC logo with a disclaimer saying, “FDIC-Insured - Backed by the full faith and credit of the U.S. Government” at the top of their pages? Examples include:
Is this a new requirement?
Yes, it’s a new requirement to standardize how the FDIC information is displayed.
Yes, this is a requirement. FDIC-insured banks have always been required to display deposit insurance information, but recent updates now mandate that it be more prominently displayed on websites and apps. This change likely came in response to customer concerns after events like the SVB collapse and the growing use of mobile banking.
Here’s more information from the FDIC:
Yes, the FDIC introduced new guidelines to ensure deposit insurance information is clearly displayed. This is also meant to clarify that non-bank fintechs like Chime are not banks and do not have direct FDIC insurance. While their partner banks might be insured, this rule aims to prevent confusion, especially after issues like the Synapse bankruptcy.
Hopefully, this will make it easier for people to differentiate between banks and fintechs.
This has been planned for a while but only recently became mandatory. Financial institutions are gradually implementing it, though some are delaying because it’s not always easy or visually appealing to integrate.
@Jai
Delays might also be because it takes resources to implement, and there’s always a chance the guidelines could change as the compliance deadline gets closer. That’s one of the challenges of being in a heavily regulated industry.
@Jai
I don’t think it looks bad at all. The examples OP shared blend in well while still making the FDIC information clear. With the rise of fintechs and crypto, this seems like a smart move.
I’ve even seen this on AmEx’s Canadian site.
This might be because some people have been spreading misinformation about the FDIC.
Dolph said:
This might be because some people have been spreading misinformation about the FDIC.
I don’t think that’s the reason.