5.6 Alternative Recordkeeping

As per FDIC Part 370, an IDI may not be required to maintain all information needed by the FDIC to calculate the entire amount of deposit insurance available to each depositor with respect to certain types of deposit accounts. For this reason, IDIs are subjected to Alternative Recordkeeping requirements that apply to certain types of accounts such as brokered deposits.

For such accounts, data in a granular form with additional attributes such as ORC, contingent/non contingent interest etc., is taken as a download. These records then go through Insurance calculation and Insurance allocation along with the bank’s own deposits.

If data required for insurance computation is missing, then the record will be marked as Pending similar to that of bank’s own deposits. The Pending reason code will be among those segregated for Alternative Recordkeeping which are prefixed with ‘AR’.