FDIC Issues Financial Institution Letter Concerning Definition of Insured Deposit Proposed Rulemaking

The FDIC published in the Federal Register a Notice of Proposed Rulemaking (NPR) to clarify that deposits in foreign branches of U.S. banks are not eligible for deposit insurance, although they may qualify as deposits for the purpose of national depositor preference.

Comments Due: April 22, 2013.

Click here to view FDIC letter in full (links externally to FDIC website).
Related News Item: FDIC Approves Proposed Rule on the Definition of Insured Deposit at Foreign Branches of U.S. Banks - Rule Would Clarify That These Deposits Are Not Insured by the FDIC (with Cammarn Comment).