FDIC Rule Clarifies Deposit Business Requirements for Banks

Summary

The Federal Deposit Insurance Corporation (FDIC) has issued a final rule to clarify the meaning of 'engaged in the business of receiving deposits other than trust funds' under the Federal Deposit Insurance Act, requiring banks to maintain a minimum of $500,000 in non-trust deposit accounts to qualify for this designation.

Original source language: Federal Register — Federal Deposit Insurance CorporationOpen original release →

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