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Can you summarize 12 CFR Part 370?
REGULATIONS AND STATEMENTS OF GENERAL POLICY > RECORDKEEPING FOR TIMELY DEPOSIT INSURANCE DETERMINATION
Short Summary
These legal documents pertain to the recordkeeping requirements for covered institutions to ensure timely determination of deposit insurance. The covered institutions are required to implement information technology systems and recordkeeping capabilities to calculate the amount of deposit insurance coverage available for each deposit account in the event of failure. The regulations define various terms and apply to insured depository institutions with 2 million or more deposit accounts or those that voluntarily comply with the requirements. The documents specify different compliance dates based on the institution’s status and establish the requirements for recordkeeping and deposit insurance coverage summary reports. There are no specific exemptions or penalties mentioned in these documents.
Whom does it apply to?
Covered institutions
What does it govern?
Recordkeeping requirements for timely deposit insurance determination
What are exemptions?
No exemptions or penalties are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
U.S. Federal Government