Details

  • Service: Advisory, Risk Consulting, Financial Risk Management
  • Date: 9/23/2013

September 16, 2013 The Washington Report 

FDIC Finalizes Rule Clarifying Deposits in Foreign Branches of U.S. Banks are not FDIC-Insured
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The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule on September 10, 2013 that is intended to clarify that deposits in branches of U.S. banks located outside of the United States are not insured by the FDIC’s Deposit Insurance Fund, even if they are also payable at an office within the United States (“dual payability”) or can be deposits for purposes of the national depositor preference statute enacted in 1993.