h interim distributions in between) has been a matter of years, rather than months. We remain optimistic that the FDIC will provide further clarifying information in the near future.* * *The sudden closure of SVB and the appointment of the FDIC as receiver is a rapidly developing situation, and this FAQ may be updated periodically as new information becomes available or the mechanics of the receivership position are clarified.These FAQs are for general informational purposes only and do not and are not intended to constitute legal advice. Readers should contact their attorney to obtain advice with respect to any particular legal matter. No reader should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein — and your interpretation of it — is applicable or appropriate to your particular situation.Endnotes 12 U.S.C. § 1811 et seq. 12 U.S.C. § 1821(d)(4)(B)(i). 12 U.S.C. § 1821(d)(10)(B). 12 U.S.C. § 1821(d)(11). 12 U.S.C. § 1821(d)(3)(B)(i). See Federal Reserve Bank of Chicago, “U.S. Corporate and Bank Insolvency Regimes: An Economic Comparison and Evaluation,” at page 17.[View source.]

by broker-dealers, as well as processes designed to ensure that both parties to a transfer of traditional securities agree to the terms of the transfer”).See SEC Staff Accounting Bulletin No. 121 (April 11, 2022), available at https://www.sec.gov/oca/staff-accounting-bulletin-121 (providing interpretive guidance for reporting entities that engage in activities in which they have an obligation to safeguard customers’ crypto assets. SAB 121 requires a reporting entity that performs crypto asset custodial activities, whether directly or through an agent acting on its behalf, to record a liability with a corresponding asset, among other requirement). A “qualified custodian” is defined in the custody rule as “a bank as defined in section 202(a)(2) of the Advisers Act or a savings association as defined in section 3(b)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)(1)) that has deposits insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12 U.S.C. 1811),” and “bank” is defined in section 202(a)(2) to include “…(C) any other banking institution, savings association, as defined in section 1462(4) of title 12, or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks or savings associations, and which is not operated for the purpose of evading the provisions of this subchapter […]”.See Division of Investment Management Staff in Consultation with FinHub Staff Statement, “NAL on Custody of Digital Assets and Qualified Custodian Status,” November 9, 2020, available at https://www.sec.gov/news/public-statement/statement-im-finhub-wyoming-nal-custody-digital-assets. The Investment Ad

See also, https://www.fdic.gov/news/news/financial/2020/fil20036.html.4 The federal banking statutes—particularly the Federal Deposit Insurance Act , 12 U.S.C. § 1811 et seq. (the “FDI Act”), contain overlapping (and redundant) enforcement and penalty provisions; however the provisions discussed in this Alert are well understood and provide the Banking Regulators with more than sufficient authority to remedy capital and other bank operational deficiencies.5 Section 38 of the FDI Act.

[xii] Policy Statement at 3.[xiii] Manual Supplement at 10; see also Appendix B: Financial Inclusion Commitment Guidance.[xiv]See 12 U.S.C. § 222, which provides that: “Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [12 U.S.C. §§ 1811 et seq.], and failure to do so shall subject such bank to the penalty provided by section 501a of this title.” While Section 222 is a provision of the Federal Reserve Act, neither the OCC nor Treasury in its endorsement of a new special purpose charter has addressed the last clause of Section 222 regarding member banks being deemed an insured bank under the Federal Deposit Insurance Act.

↩ 5. 12 U.S.C. 1811 et seq. 6.

Timetable Interested parties have until October 24, 2016 to submit comments on the proposal, with the proposed rule likely to become final after consideration and resolution of those comments. In the interim, banks and institutions that will be covered by the proposed rule are well-advised to ensure that their existing AML program meets the requirements that the rule would add, or begin work to design and implement a compliant program.1 31 U.S.C. § 5312(a)(2).2 12 U.S.C. § 1811 et seq.3 31 U.S.C. § 5312(a)(2).4 31 C.F.R. § 1010.205.

The FDIC only insures deposit accounts at FDIC member banks. 12 U.S.C. 1811 outlines the requirements a bank must meet to become FDIC-insured. To determine whether a particular bank is FDIC-insured, however, investors can search for FDIC member banks in their area directly through the FDIC.Second, an account must also be a deposit account in order to be protected by the FDIC.