Exemptions from deposit insurance requirement.

CFR · 2024-01-01 · US · Title 12

(a) (1) Individuals who are not citizens or residents of the United States at the time of the initial deposit; (2) Individuals who: (i) Are not citizens of the United States; (ii) Are residents of the United States; and (iii) Are employed by a foreign bank, foreign business, foreign government, or recognized international organization; (3) Persons (including immediate family members of natural persons) to whom the branch or foreign bank (including any affiliate thereof) has extended credit or provided other nondeposit banking services within the past twelve months or has entered into a written agreement to provide such services within the next twelve months; (4) Foreign businesses, large United States businesses, and persons from whom an Edge or agreement corporation may accept deposits under 12 CFR 211.6(a)(1); (5) Any governmental unit, including the United States government, any state government, any foreign government and any political subdivision or agency of any of the foregoing, and recognized international organizations; (6) Persons who are depositing funds in connection with the issuance of a financial instrument by the branch for the transmission of funds or the transmission of such funds by any electronic means; and (7) Any other depositor, but only if: (i) The branch's average deposits under this paragraph (a)(7) do not exceed one percent of the branch's average total deposits, as calculated under paragraph (a)(7)(ii) if this section ( (ii) For purposes of calcula

official document · source cfr-2024 · id 12:§ 347.215