United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2013_register executive 2013-09-13 article Rules and Regulations D09002ee1c7fb0098 D09002ee1c7fb0197 United States Federal Deposit Insurance Corporation originator org United States Government Agency or Subagency The FDIC is adopting a final rule ("Final Rule") that amends its deposit insurance regulations with respect to deposits in foreign branches of U.S. insured depository institutions ("IDI" or "U.S. bank"). The Final Rule clarifies that deposits in branches of U.S. banks located outside the United States are not FDIC-insured deposits. This would be the case even if they are also payable at an office within the United States ("dual payability"). As discussed further below, a pending proposal by the United Kingdom's Prudential Regulation Authority ("U.K. PRA"), formerly known as the Financial Services Authority, has made it more likely that large U.S. banks will change their U.K. foreign branch deposit agreements to make their U.K. deposits payable both in the United Kingdom and the United States. This action has the potential to expose the Deposit Insurance Fund ("DIF") to expanded deposit insurance liability and create operational complexities if these types of deposits were treated as insured. The purpose of the Final Rule is to protect the DIF against the liability that it would otherwise face as a potential global deposit insurer, preserve confidence in the FDIC deposit insurance system, and ensure that the FDIC can effectively carry out its critical deposit insurance functions. 78 FR 56583 https://www.govinfo.gov/app/details/FR-2013-09-13/2013-22340 2013-22340 fr13se13-1 RIN 3064-AE00 6714-01-P https://www.govinfo.gov/app/details/FR-2013-09-13/2013-22340 https://www.govinfo.gov/content/pkg/FR-2013-09-13/html/2013-22340.htm https://www.govinfo.gov/content/pkg/FR-2013-09-13/pdf/2013-22340.pdf Bank Deposit Insurance Banks Banking Reporting and Recordkeeping Requirements Savings and Loan Associations Trusts and Trustees 7 p. 56583 56589 78 FR 56583 Title 12 Part 330 12 CFR Part 330 RIN 3064-AE00 Deposit Insurance Regulations; Definition of Insured Deposit; Federal Register Vol. 78, Issue RULE 2013-22340 FEDERAL DEPOSIT INSURANCE CORPORATION 2013-10-15 6714-01-P 2013-22340 Final rule.

The FDIC is adopting a final rule ("Final Rule") that amends its deposit insurance regulations with respect to deposits in foreign branches of U.S. insured depository institutions ("IDI" or "U.S. bank"). The Final Rule clarifies that deposits in branches of U.S. banks located outside the United States are not FDIC-insured deposits. This would be the case even if they are also payable at an office within the United States ("dual payability"). As discussed further below, a pending proposal by the United Kingdom's Prudential Regulation Authority ("U.K. PRA"), formerly known as the Financial Services Authority, has made it more likely that large U.S. banks will change their U.K. foreign branch deposit agreements to make their U.K. deposits payable both in the United Kingdom and the United States. This action has the potential to expose the Deposit Insurance Fund ("DIF") to expanded deposit insurance liability and create operational complexities if these types of deposits were treated as insured. The purpose of the Final Rule is to protect the DIF against the liability that it would otherwise face as a potential global deposit insurer, preserve confidence in the FDIC deposit insurance system, and ensure that the FDIC can effectively carry out its critical deposit insurance functions.

The effective date of the Final Rule is October 15, 2013. F. Angus Tarpley III, Supervisory Counsel, Legal Division, (202) 898-6646; Catherine Ribnick, Counsel, Legal Division, (202) 898-6803; Matthew Green, Associate Director, Division of Insurance and Research, (202) 898-3670. Bank Deposit Insurance Banks Banking Reporting and Recordkeeping Requirements Savings and Loan Associations Trusts and Trustees Deposit Insurance: Definition of Insured Deposit , Vol. 78, no. 178 Office of the Federal Register, National Archives and Records Administration 2013-09-13 continuing daily deposited born digital 237 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2013-09-13 P0b002ee1862455f7 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr13se13 https://www.govinfo.gov/app/details/FR-2013-09-13 https://www.govinfo.gov/content/pkg/FR-2013-09-13/pdf/FR-2013-09-13.pdf https://www.govinfo.gov/content/pkg/FR-2013-09-13/xml/FR-2013-09-13.xml fdlp 56583 56810 DGPO 2013-09-13 2024-06-03 FR-2013-09-13 machine generated eng FR FR-2013-09-13 78 178