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Each depositor insured to at least $250,000 per insured bank



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FDIC Federal Register Citations

March 8, 2006

MEMORANDUM TO: Public Comment File

FROM: James A. Marino
Project Manager
Division of Resolutions and Receiverships, FDIC

SUBJECT: Meeting with Bank of America

On December 13, 2005 the FDIC published in the Federal Register the Large-Bank Deposit Insurance Determination Modernization Proposal advance notice of proposed rulemaking (ANPR). This ANPR lists three options for comment and solicits other ideas that would allow the FDIC to facilitate an insurance determination in the event of a large-bank failure.

FDIC staff met with Bank of America representatives in Charlotte, North Carolina on February 28, 2006 to discuss the ANPR options. Bank of America participants included staff from regulatory compliance, legal and deposit operations. FDIC participants included Division of Resolutions and Receiverships staff who have worked on various aspects of the ANPR and the FDIC’s dedicated examiner. Two representatives from the Office of the Comptroller of the Currency also attended.

The first half of the meeting consisted of an FDIC presentation on the details of the bank resolution process. This presentation was requested by Bank of America staff to better understand the process and allow more effective participate in the discussions. The remainder of the meeting was directed at helping FDIC staff better understand the nature of Bank of America’s deposit operations and issues relating to the potential implementation of the ANPR options. Bank of America staff shared informal views on the ANPR and indicated that the bank would likely provide formal comment through written comment letters submitted separately or through a trade organization.





Last Updated 03/08/2006 Regs@fdic.gov

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