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Can you summarize OHRC Section 1109.03?
State Banks - Powers > Federal deposit insurance corporation and federal reserve requirements.
Short Summary
According to the Ohio Revised Code, banks operating in the state must have their deposit accounts insured by the federal deposit insurance corporation, unless they are restricted to soliciting or accepting only trust funds. Compliance with the reserve requirements of the Federal Reserve Act of 1913 is also mandatory for all banks in the state. Additionally, banks have the option to become members of the federal reserve system and federal home loan banks, subject to federal law and the respective acts governing these institutions. Banks may also purchase and hold stock in a federal home loan bank beyond the required membership amount, provided it aligns with the bank’s financial condition and prudent banking practice.
Whom does it apply to?
Banks doing business in the state of Ohio
What does it govern?
Federal deposit insurance corporation and federal reserve requirements
What are exemptions?
Banks that are not permitted to solicit or accept deposits other than trust funds
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Ohio