That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022.
The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions."
A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm.
Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries.
“Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.
Persons:
Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies
Organizations:
U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson
Locations:
Bengaluru, Washington