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Can you summarize 12 CFR Part 330?
REGULATIONS AND STATEMENTS OF GENERAL POLICY > DEPOSIT INSURANCE COVERAGE
Short Summary
This set of legal documents, part of the Code of Federal Regulations, provides regulations and statements of general policy related to deposit insurance coverage provided by the Federal Deposit Insurance Corporation (FDIC). It governs the ownership rights and capacities in which deposit accounts are maintained at insured depository institutions. The documents define various terms such as ‘Act’, ‘Corporation’, ‘Deposit’, ‘Deposit account records’, ‘FDIC’, ‘Insured branch’, ‘Insured deposit’, ‘Insured depository institution’, ‘Interest’, ‘Natural person’, ‘Non-contingent trust interest’, ‘Sole proprietorship’, ‘Standard maximum deposit insurance amount’, ‘Trust estate’, ‘Trust funds’, and ‘Trust interest’. The documents clarify that deposits maintained in the same right and capacity shall be added together and insured accordingly, while deposits maintained in different rights and capacities shall be insured separately. They also address the insurance coverage of deposits in insured branches of foreign banks and deposits payable outside of the United States. The documents further explain that international banking facility time deposits and bank investment contracts are not considered insured deposits. The determination of deposit insurance coverage is based on the deposit account records of the insured depository institution and the provisions outlined in these documents.
Whom does it apply to?
Insured depository institutions, including foreign banks with insured branches, and beneficiaries of trust funds held by insured depository institutions
What does it govern?
Deposit insurance coverage
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government