FDIC Aims To Nix Coverage For US Banks' Foreign Deposits

Law360, New York (February 12, 2013, 3:52 PM EST) -- The Federal Deposit Insurance Corp. on Tuesday proposed a rule exempting deposits made at U.S. banks' foreign branches from its deposit insurance coverage, in response to new U.K. rules requiring American financial institutions to make deposits made in the U.K. payable in the U.S. and the U.K.

Deposits made at U.S. banks' foreign branches would not be eligible for deposit insurance coverage under a rule the Federal Deposit Insurance Corp. proposed Tuesday in an effort to clarify the effects of new U.K. bank deposit rules on...
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