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Can you summarize MOCS 20 CSR 1140-6.090?
Interpretive Rulings > Securing Private Deposits
Short Summary
This rule, filed under the Missouri Code of State Regulations, pertains to banks and addresses the issue of securing private deposits. The rule states that banks are not authorized to pledge assets to secure or collateralize deposits other than deposits of public moneys held by or for the benefit of a public officer or a political subdivision. The lack of authorization or direction concerning private deposits indicates that banks lack the power to pledge securities for such deposits. The rule also highlights that national banks are similarly prohibited from pledging securities to support the deposits of private individuals or enterprises. The rule is based on various sections of the RSMo 1986 and was originally filed in 1987. It aims to provide an interpretation of law that has long been followed by the Division of Finance.
Whom does it apply to?
Banks
What does it govern?
Securing private deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri