U.S. regulator wants better deposit data from big banks

The largest U.S. and foreign banks would need to keep track of deposits better under a plan launched by the Federal Deposit Insurance Corporation on Tuesday, as many lenders have grown and become more complex. It said the FDIC "has often found inconsistent and missing data" in the current records, which the banks need to provide because of an earlier rule that was issued in 2008. The FDIC's role is to step in when a bank is in trouble and it then has to decide rapidly which clients get their money back because they fall under the deposit guarantee scheme, a crucial measure to retain trust in the system. Smaller community banks, which have garnered substantial support in Congress, were exempt from the rule.

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