Tenn. Comp. R. & Regs. 0180-09-01-.05

Current through October 22, 2024

Section 0180-09-01-.05 - BROKERED DEPOSITS

(1) For the purpose of this rule the term "deposit broker" means any person engaged in the business of:

(a) placing or facilitating the placement of funds of third parties with insured financial institutions, or

(b) placing funds with insured financial institutions for the purpose of selling interests in the deposits to third parties.

(2) From and after the effective date of this rule, a state-chartered credit union which invests credit union funds in a certificate of deposit in an insured financial institution shall hold such certificate of deposit in the name of the credit union. In no event shall such certificate of deposit held by the depository financial institution be in the name of a deposit broker.

Tenn. Comp. R. & Regs. 0180-09-01-.05

Original rule filed October 28, 1985; effective January 14, 1986.R

Authority: T.C.A. §§ 45-4-501(3) and 45-4-1001.