Summary: |
The FDIC Board of Directors (Board)
has issued a proposed rule amending the FDIC's regulations to reflect a provision in
the Dodd-Frank Wall Street Reform and Consumer Protection Act (the DFA) repealing
the statutory prohibition against the payment of interest on demand deposits,
effective July 21, 2011. The proposed rule applies to all insured state-chartered,
nonmember banks. The FDIC welcomes comment on the proposed rule through May 16,
2011.
Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter applies to all insured state-chartered, nonmember banks including community banks. The proposed transfer of the definition of "interest" to the FDIC's deposit insurance regulations applies to all insured institutions. |
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Additional Related Topics:
- Interest On Deposits
- 12 C.F.R. Part 329
- Deposit Insurance Coverage
- 12 C.F.R. Part 330