1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 16 - FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831f-1 - Deposit broker notification and recordkeeping
View MetadataPublication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 16 - FEDERAL DEPOSIT INSURANCE CORPORATION Sec. 1831f-1 - Deposit broker notification and recordkeeping |
Contains | section 1831f-1 |
Date | 1994 |
Laws in Effect as of Date | January 4, 1995 |
Positive Law | No |
Disposition | standard |
Source Credit | Sept. 21, 1950, ch. 967, §2[29A], as added Dec. 19, 1991, Pub. L. 102-242, title III, §301(b), 105 Stat. 2344. |
Statutes at Large Reference | 105 Stat. 2344 |
Public Law References | Public Law 102-242 |
§1831f–1. Deposit broker notification and recordkeeping (a) Notification (1) In general
A deposit broker, as defined in section 1831f(g) of this title, shall not solicit or place any deposit with an insured depository institution, unless such deposit broker has provided the Corporation with written notice that it is a deposit broker.
(2) Termination of deposit broker statusWhen a deposit broker referred to in paragraph (1) ceases to act as a deposit broker it shall provide the Corporation with a written notice that it is no longer acting as a deposit broker.
(3) Form and contentThe notices required by paragraphs (1) and (2) shall be in such form and contain such information concerning the deposit solicitation and placement activities of a deposit broker as the Corporation may prescribe as necessary or appropriate to carry out the purposes of this subsection.
(b) RecordsThe Corporation may prescribe regulations requiring each deposit broker that has filed a notice under subsection (a)(1) of this section to maintain separate records relating to the total amounts and maturities of the deposits placed by such broker for each insured depository institution during specified time periods. Such regulations shall specify the format in which and the period for which such records shall be preserved, as well as the time period within which the deposit broker shall furnish to the Corporation copies of such records (or designated portions thereof) as the Corporation may request.
(c) Periodic reports (1) In generalThe Corporation may prescribe regulations requiring each deposit broker that has filed a notice under subsection (a)(1) of this section to file with the Corporation separate quarterly reports relating to the total amounts and maturities of the deposits placed by such broker for each depository institution during the applicable quarter. Such regulations shall specify the form and content of such reports, as well as the applicable reporting period.
(2) Designated agentThe Corporation may designate another entity as its agent for the purpose of receiving and maintaining reports under this subsection. If the Corporation designates such an agent the Corporation may, through its agent, prescribe and collect an appropriate quarterly fee from each deposit broker that filed reports with the agent during the applicable quarter, in an amount sufficient to defray the Corporation's cost of retaining the agent and to reflect the proportionate amount of the deposits placed with insured depository institutions by each broker during the applicable quarter.
(Sept. 21, 1950, ch. 967, §2[29A], as added Dec. 19, 1991, Pub. L. 102–242, title III, §301(b), 105 Stat. 2344.)
RegulationsCorporation to promulgate final regulations to carry out this section not later than 150 days after Dec. 19, 1991, to become effective not later than 180 days after Dec. 19, 1991, except that such regulations not to apply to any specific time deposit made before Dec. 19, 1991, until the stated maturity of the time deposit, see section 301(d) of Pub. L. 102–242, set out as a note under section 1831f of this title.
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