Federal government"s Minority Bank Deposit Program for qualifying financial institutions
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Federal government"s Minority Bank Deposit Program for qualifying financial institutions

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Published by Dept. of the Treasury in Washington, D.C .
Written in English

Subjects:

  • Federal aid to minority business enterprises -- United States,
  • Minority business enterprises -- United States,
  • Bank deposits -- United States

Book details:

Edition Notes

ContributionsUnited States. Dept. of the Treasury
The Physical Object
Pagination[8] p. ;
ID Numbers
Open LibraryOL14940687M

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The minority institution must certify minority ownership with the Department of the Treasury and appear on Treasury’s Roster of Financial Institutions Participating in the Federal Government’s Minority Bank Deposit Program.   Minority Depository Institutions. The Board of Governors of the Federal Reserve System (Federal Reserve Board), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (the Agencies), are responsible for implementing numerous provisions outlined in section of the Financial Institutions Reform, Recovery, and .   The Federal Deposit Insurance Corporation protects consumers against loss if their bank or thrift institution fails. Not all institutions are insured by the FDIC. Eligible bank accounts are.   Next, the proposed bank must obtain approval for deposit insurance from the Federal Deposit Insurance Corporation (FDIC). Additional approvals are required from the Federal Reserve if, at formation, a company would control the new bank and/or a state-chartered bank would become a member of the Federal Reserve.

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government.   The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (), the Federal Deposit Insurance Corporation (), the National Credit Union Administration (), the Office of the Comptroller of the Currency (), and the Consumer Financial.   The Green Book is a comprehensive guide for financial institutions that receive ACH payments from and send payments (i.e. collections) to the federal government. Most federal payments are made through ACH with very few exceptions. Federal government ACH transactions continue to be subject to the same rules as private industry ACH payments. A national bank is a financial institution chartered and regulated by the Office of the Comptroller of the Currency. National Banks typically have the words "national" or "national association" in their titles, or the letters "N.A." or "NT&SA" in their names.

  A “minority” is defined as any “Black American, Asian American, Hispanic American, or Native American” as defined in Section of the Financial Institutions Reform, Recovery, and Enforcement Act of You can access sources of data relevant to self-certifying as a minority depository institution at: U.S Census (opens new window). Federal Reserve Banks (FRBs)—Fiscal agents of the Federal Government that serve specific geographical areas and act as custodians of collateral pledged to Government agencies. Financial Institution—A bank, savings and loan, credit union, or other such entity as defined under 31 CFR The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit FDIC is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings banks.   Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as: Keep records of cash purchases of negotiable instruments, File reports of cash transactions exceeding $10, (daily aggregate amount), and.