Another notice will soon have to be sent to your sweep account customers.  Now the FDIC wants you to tell them where they stand if your institution fails!

 

I am sorry to say, this is not a joke.  In a final rule published February 2, 2009, the FDIC mandated another set of insurance coverage-related disclosures that must be issued in connection with sweep accounts.  The sweep notice provisions of the final rule are effective on July 1, 2009, with notices required to be provided for the first time within sixty days of that date.  To make things interesting, again, you have not been provided with any model language to use for this addtional round of disclosures.

 

The link below will take you to the Federal Register document.