Being Engaged in the Business of Receiving Deposits Other Than Trust Funds

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Under section 5 of the Federal Deposit Insurance Act, an applicant for deposit insurance must be "engaged in the business of receiving deposits other than trust funds". This requirement was interpreted in General Counsel Opinion No. 12, which was published by the FDIC in March of 2000. The FDIC is proposing to replace General Counsel Opinion No. 12 with a regulation. The purpose of promulgating a regulation would be to clarify the requirement that an insured depository institution be "engaged in the business of receiving deposits other than trust funds". Under the proposed regulation, this requirement would be satisfied by the continuous maintenance of one or more non-trust deposit accounts in the aggregate amount of $500,000.