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Sweep Account Disclosure Requirements Frequently Asked Questions

July 6, 2009

Summary

On January 27, 2009, the FDIC finalized its rule "Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure" (see FIL-9-2009). In addition to establishing practices for determining deposit and other account balances at a failed depository institution, the rule includes disclosure requirements for certain sweep accounts, effective July 1, 2009. In response to industry questions regarding the sweep account disclosure requirements, the FDIC has prepared the attached list of Frequently Asked Questions (FAQs).

Highlights

The FAQs cover the following general categories of questions:

  • The types of sweep accounts covered by the disclosure requirements, as well as those that are excluded.
  • The type and nature of disclosures required by the rule.
  • The frequency of required sweep account disclosures.
  • The principles used by the FDIC to determine how swept funds will be treated in the event of failure.
  • The requirements for a properly structured repo sweep.

Distribution

All Insured Depository Institutions

Suggested Routing:

Chief Executive Officer
Chief Operating Officer
Regulatory Compliance Officer

Related Topics:

Deposit Insurance Coverage
12 C.F.R. Part 330
Transaction Account Guarantee Program
12 C.F.R. Part 370

FIL-39-2009

Attachment(s)

FAQs

Contact(s)

James Marino, (202) 898-7151
Joseph A. DiNuzzo, (202) 898-7349

Last Updated: July 6, 2009