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Can you summarize MTAR 2.59.101?
Banks > BANKS - RESERVE REQUIREMENTS
Short Summary
This document governs the reserve requirements for banks. In order to act as a reserve bank, a bank must have unimpaired paid-up capital and surplus of at least $1,000,000. The bank also needs to receive written approval from the department. Approved reserve banks must maintain a reserve in the amount required by Federal Reserve Board regulations, as well as an additional reserve balance equal to at least 10% of bank deposits. The reserve can be held in the form(s) and manner(s) established by Federal Reserve Board regulations or deposited in a federal home loan bank in the district where the bank is located.
Whom does it apply to?
Banks
What does it govern?
Reserve requirements for banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Montana