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For Release

WASHINGTON – �౦��Ϸ���� (�౦��Ϸ����) today announced a 45-day extension to the public comment period for proposed changes to its regulations relating to the �౦��Ϸ����’s official sign, the �౦��Ϸ����’s official advertising statement, misrepresentations of deposit insurance coverage, and misuse of the �౦��Ϸ����’s name or logo. Comments must be received by the �౦��Ϸ���� no later than April 7, 2023.

On December 13, 2022, the �౦��Ϸ���� announced a Notice of Proposed Rulemaking (NPR) to modernize part 328 of its regulations and provided for a 60-day comment period following formal publication in the (87 FR 78017), which occurred on December 21, 2022. After receiving requests to extend the comment period, the �౦��Ϸ���� determined that a 45–day extension of the comment period is appropriate and will provide additional opportunity for the public to prepare comments and address the matters raised by the NPR.

The proposed regulation would modernize the rules governing the use of the official �౦��Ϸ���� sign and insured depository institutions’ (IDIs’) advertising statements to reflect how depositors do business with IDIs today, including through digital and mobile channels. The proposed rule also would clarify the �౦��Ϸ����’s regulations regarding misrepresentations of �౦��Ϸ���� deposit insurance coverage by addressing specific scenarios where consumers may be misled about whether their funds are protected by deposit insurance. The changes would enable consumers to better understand when they are doing business with an IDI and when their funds are covered by the �౦��Ϸ����’s deposit insurance.