The Federal Deposit Insurance Corporation (FDIC) Board of Directors has approved a notice of proposed rulemaking to strengthen recordkeeping for bank deposits received from third-party, non-bank companies such as Synapse , which accept deposits on behalf of consumers and businesses.

Under the proposed rule, FDIC-insured banks holding certain custodial accounts would be required to ensure accurate account records are maintained to determine individual fund owners, including daily account reconciliation.

The proposed regulatory change aims to address risks related to third-party banking arrangements, protect depositors, and promote public confidence in insured deposits. It also seeks to strengthen compliance with anti-money laundering and counter-terrorism financing laws.